An algorithmic liquidity market and liquid staking protocol on Avalanche — lend, borrow, and stake digital assets without giving up custody.
Open AppInterest rates on the BENQI platform adjust in real time based on pool utilization. You earn or pay rates that reflect actual on-chain supply and demand — not a number set by a committee.
Stake AVAX and receive sAVAX immediately. That token is composable — take it to Uniswap, use it as collateral, or hold it while rewards accumulate at roughly 5% APY.
Running an Avalanche validator normally requires 2,000 AVAX. The Ignite program changes that. Users stake QI tokens to cover part of the hardware and bonding cost, opening the door to more participants.
The team behind BENQI published audit reports from independent security firms. All smart contract code is verifiable on-chain. No hidden admin keys.
Use MetaMask or any WalletConnect-compatible wallet set to Avalanche C-Chain (chain ID 43114). The connection takes under ten seconds.
The dashboard presents four clear paths: Lending & Borrowing, Liquid Staking, Ignite, and Node Voting. Pick the one that fits your goal. You can explore all four from a single account.
To lend: approve the asset and deposit. To stake: send AVAX and receive sAVAX at the current exchange rate. Both operations confirm on-chain in one transaction, similar to how Uniswap v3 handles single-sided liquidity.
The BENQI's protocol dashboard shows your supply APY, borrow APY, health factor, and sAVAX balance in one view. Set personal alerts if your health factor approaches 1.0.
There is no lock-up on supplied assets beyond the constraint of active borrows. Redeem sAVAX back to AVAX whenever the redemption queue clears — usually within the same day.
See full technical documentation on ERC-20 token standards and check the knowledge base for in-depth guides.
Rates update every block based on utilization. High demand pushes borrowing rates up; low demand brings them down. No manual intervention needed.
Deposit AVAX, receive sAVAX. The token's exchange rate vs AVAX rises over time as staking rewards accrue. Currently tracking ~5.03% APY on the Avalanche network.
The protocol subsidizes validator node setup using QI. This mechanism lowers the capital barrier to becoming an Avalanche validator from a prohibitive amount to something reachable.
QI holders earn Miles by participating in governance. Miles can then be voted toward specific validators, directing liquid staking delegations and earning AVAX rewards.
The lending market supports AVAX, sAVAX, USDC, USDT, and other approved assets. Each asset has its own collateral factor set by governance, not by the core team unilaterally.
A lightweight swap feature inside the BENQI app handles common token conversions without routing users to an external DEX. Useful for small rebalances. Built with Hardhat for local testing.
sAVAX and other BENQI tokens are accepted by third-party protocols on Avalanche. The info page lists current integration partners and API access details.
Figures are approximate and reflect publicly available on-chain data. See Wikipedia — Decentralized Finance for broader DeFi context. Explore the knowledge section for protocol-specific metrics.
BENQI is an algorithmic liquidity market and liquid staking protocol built on Avalanche. It lets users lend assets for yield, borrow against collateral, and stake AVAX for sAVAX — all without relying on a centralized custodian.
Connect a wallet to Avalanche C-Chain, go to the Lending & Borrowing section, pick an asset, and click Supply. The protocol immediately starts crediting interest to your balance. No minimum deposit.
sAVAX is the liquid staking receipt token you receive when depositing AVAX into the BENQI's staking contract. Its exchange rate against AVAX grows continuously as validator rewards arrive on-chain.
The protocol has passed multiple independent security audits. Reports are public. The team addressed all critical and high-severity findings before mainnet deployment, and no admin key can drain user funds unilaterally.
First supply collateral — say, AVAX or sAVAX. Then open the Borrow tab, choose a stablecoin or other listed asset, enter an amount below your credit limit, and confirm. Watch your health factor stay above 1.0.
The BENQI platform runs on Avalanche C-Chain (chain ID 43114). The team has discussed EVM-compatible expansion — including Base — but no additional deployments are finalized as of the most recent governance vote.
Absolutely. Start by supplying a single stablecoin to the lending pool and observing how interest accrues. That is a low-risk entry point. Borrowing and staking can come later once you feel comfortable with the dashboard.
Staking through the protocol returns sAVAX, which you control in your own wallet. A centralized service holds your AVAX for you. With sAVAX you can simultaneously earn staking yield and use the token as collateral on other DeFi platforms.
QI is the governance token of BENQI. It gives holders voting power over protocol parameters — interest rate models, collateral factors, supported assets. QI is also staked in the Ignite program to subsidize validator costs.
Users stake QI tokens into Ignite. The protocol uses the staked QI value as partial collateral toward an Avalanche validator's bonding requirement, effectively reducing the AVAX a would-be validator must provide themselves.
The protocol's dashboard displays the live rate — currently around 5.03% APY. This figure moves with Avalanche validator rewards and total AVAX staked through BENQI. Check the dashboard before making staking decisions.
If your collateral ratio drops below the liquidation threshold, a liquidator can repay part of your debt and receive a portion of your collateral at a discount. Keep your health factor comfortably above 1.0 to avoid this.
Rates are purely algorithmic. The contract reads the current ratio of borrowed assets to total supplied assets — utilization — and maps that ratio to a rate curve. Higher utilization means higher borrowing rates, incentivizing fresh supply.