BENQI is an algorithmic liquidity market protocol on the Avalanche blockchain network. Additionally, it announces the release of a $4 million second phase. Of course, for its ongoing Avalanche Rush incentive program.
Notably, the second phase of the initiative will be on for 45 days according to press release.
Avalanche Rush and Top DeFi Like BENQI
The Avalanche Rush is a $180 million liquidity mining incentive program. More so, it plans to team up with some of the best DeFi protocols to the AVAX network. Additionally, It targets to strengthen the new and existing DeFi traders. For instance, with multiple easy-to-use, fast, and cost-effective applications.
More so, The Avalanche Rush incentive is ready to function for months. Notably, it’s kick starting with top DeFi projects such as Curve, Aave, and BENQI.
The PR notes that the first phase of BENQI’s Rush incentive worth about $6 million. BENQI’s lending market and the Avalanche ecosystem sees massive growth afterwards. Moreover, The project has a record high of $2.8 billion in supply value. This represents more than $1 billion in borrows. Of course, and a user base of about 14,000 total users.
The BENQI team goes on to express gratitude to its supporters on both platform communities.
Dan Mgbor, the co-founder of BENQI notes…
“Excited to launch Phase 2 of our Avalanche Rush initiative…” “…As BENQI’s supplied assets approach the $2.9 billion mark,..” “…we’d like to thank the community for their continued support.” “This phase of our Rush program will be rewarding the amazing Avalanche and BENQI community.”
Interconnecting DeFi’s Like BENQI and Institutional Networks
Moving further, the launch of the second phase brings BENQI an additional $4 million AVAX incentives. Also, the protocol’s total Rush allocation is currently at $10 million.
Conclusively, The project notes how its program is to interconnect DeFi and institutional networks. It also reveals plans to roll out other solution programs.
Lastly, BENQI wants to release its Liquid Staking solution and Safety Module. The target is definitely before the year runs out in order to maintain the growth of the protocol and the community.