BENQI (QI) Price Jumps 28% On Launch Day, Will Be Pump or Dump?

Highlights

BENQI (QI) trading volumes skyrocket by a staggering 800% in last 24 hours.
Liquid staking protocol BENQI brings high-speed transactions to the Avalanche ecosystem.

Within just a few hours of launching, BENQI’s native token QI has registered 28% gains. As of press time, the BENQI (QI) price is trading at $0.02452 with a market cap of $108 million. furthermore, the daily trading volume for the BENQI token has shot up by 800% to more than $102 million.

What Is BENQI?

BENQI stands as a decentralized liquidity market and liquid staking protocol, residing on the Avalanche smart contract network known for its high-speed transactions. This platform enables users to lend, borrow, or earn interest using their digital assets. Additionally, its Liquid Staking protocol addresses capital efficiency concerns by allowing users to unlock their staked AVAX for utilization across Decentralized Finance protocols.

Liquid staking features on BENQI have amassed a total of more than $292 million in assets, with this trend showing continuous growth. As per information available on its website, BENQI boasts a user base of over 100,000 individuals worldwide

BENQI chose to built atop the Avalanche platform due to several factors, including its decentralized network boasting high scalability, low fees, and seamless compatibility with widely-used plugin wallets.

BENQI differentiates itself from other DeFi protocols by offering a refuge for DeFi participants navigating congested and centralized networks. With minimal obstacles and low network fees, users can effortlessly transfer and deploy their dormant assets on BENQI. Leveraging Avalanche, BENQI also ensures users seamless and cost-effective access to decentralized financial services, empowering them to refine their strategies.

The platform extends developers the opportunity to craft financial products using the protocol and governance tokens. Moreover, BENQI endeavors to alleviate Ethereum network congestion by furnishing users with a more economical and expedient alternative. Members can also extract liquidity from the shared market, engage in borrowing from the liquidity pool, and obtain transparent insights into interest rates.

QI Price Action

The BENQI (QI) price has given a strong breakout above the resistance of $0.0184037958714474 rallying an additional 40% in the past few hours. However, it’s facing a strong rejection at $0.028.

Currently, the data availability is very low to decide any future course of action. If any selling pressure comes, it could be the case of another pump and dump in the market.

On the contrary, a strong price action can also boost Avalanche’s native cryptocurrency AVAX, which has been under consolidation recently.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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