BENQI unveils new user interface and strengthens its DeFi position on Avalanche

On April 8, BENQI launched a new user interface (UI) with improvements in speed and design. This update aims to simplify access to the platform's core features, including liquid staking, lending, and the IGNITE module.

BENQI is a decentralized finance (DeFi) platform built on the Avalanche network. It offers liquid staking, lending services, and tools for deploying validators, aiming to make decentralized financial products more accessible.

Main Products of BENQI

1. BENQI Liquid Staking

Allows users to stake AVAX and receive sAVAX, a token that represents staked AVAX. This token can be used across other DeFi applications within the Avalanche ecosystem, maintaining liquidity while earning staking rewards.

2. BENQI Markets

Provides a marketplace to lend and borrow digital assets. Users can deposit assets to earn interest or request overcollateralized loans. There are two types of markets:

• Core Markets: For highly liquid assets such as AVAX and USDC.
• Avalanche Ecosystem Markets: Include a broader range of assets, such as smaller-cap tokens and tokenized real-world assets, with specific risk management mechanisms.

3. Ignite

Simplifies the deployment of validators and subnets on Avalanche without requiring advanced technical knowledge or significant initial capital. It offers two options:

• Pay-As-You-Go (PAYG): Allows users to run a validator by paying a weekly fee, without the need for upfront AVAX.
• Stake: Requires staking QI to cover operational costs and earn rewards, with no need to manage technical aspects.

4. Node Voting

A governance system where holders of BENQI Miles can vote to delegate AVAX to specific validators. 35% of staked AVAX is allocated based on these votes, while the remaining 65% is randomly distributed among eligible validators.

Conclusion

The ongoing development of BENQI highlights its commitment to innovation and long-term utility. By integrating diverse financial tools and governance mechanisms, the platform contributes to building a more robust and user-centered DeFi ecosystem within Avalanche.