BENQI, an algorithmic liquidity market protocol that is bridging decentralized finance (DeFi) and institutional networks starting with the launch of BENQI on the Avalanche C-Chain, has raised more than $1 billion in total value locked (TLV) just a few days after its launch on Avalanche.
The market protocol was launched on August 19, and just 5 days after it has already attracted over $1 billion. This is a milestone if we take into account the fact that it took Aave over 8 months to raise $1B.
We should consider that the $1B TVL milestone comes following the cooperation between BENQI and the Avalanche Foundation, which have launched a joint liquidity mining program aimed at celebrating the launch of the BENQI protocol. As part of it, $3M of AVAX, Avalanche’s native token, will be allocated as liquidity incentives for BENQI users, while additional incentive programs will be hold in the future.
BENQI co-founder JD Gagnon said about the achievement:
“This has been an incredible week for the team and we are overwhelmed by the amount of support our partners and the Avalanche community has shown us leading up to this. The Avalanche Rush initiative coupled with the new Avalanche Bridge has proved to be a major catalyst for the rush of liquidity to not only BENQI, but the rest of the Avalanche DeFi ecosystem. A big thank you to everyone involved! We’re currently optimizing the protocol, and have plans to collaborate with projects going cross-chain to Avalanche as part of the Avalanche Rush initiative.”