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Avalanche and BENQI Work on $3M Liquidity Mining Program

Avalanche and BENQI Work on $3M Liquidity Mining Program
  • The Avalanche Foundation and BENQI are coming together for a liquidity mining program.
  • $3 million AVAX will be allocated as liquidity incentives for BENQI users.
  • The next phase of Avalanche will focus on expanding money markets.

The Avalanche Foundation is collaborating with BENQI, an algorithmic liquidity market protocol, for a joint liquidity mining program. The event will celebrate the launch of the BENQI protocol on August 19 and the next phase of growth within Avalanche’s DeFi ecosystem.

Avalanche will allocate $3 million of AVAX, its native token, as liquidity incentives for BENQI users. Other than this, additional incentive programs will follow soon. The AVAX will be offered as a reward to users who are borrowing and lending crypto on the protocol with BENQI.

Before this, BENQI successfully closed a $6 million fundraising round backed by the Avalanche Foundation, Mechanism Capital, Dragonfly Capital, Arrington XRP Capital, & the Spartan Group.

Avalanche’s DeFi ecosystem has gathered over $233 million in total value locked up until now. Other than this, Pangolin, the leading automated market maker on Avalanche has seen $1.3 billion in total trading volume since its launch earlier this year. Now, with its focus on expanding high-performance financial primitives like money markets, it will launch its next phase.

This will include the launch of the Avalanche Bridge which will support quick, secure, and low-cost asset transfers between Avalanche and Ethereum networks. For this, BENQI and other select projects are leading the charge, with many more DApps expected to launch on Avalanche soon.

Quoting JD Gagnon, Co-Founder of BENQI, “Decentralized finance (DeFi) is primed to take off on Avalanche with the arrival of another cornerstone DeFi functionality. BENQI is joining a rapidly growing ecosystem of DeFi users, assets, and applications on Avalanche, and we expect users and developers to leverage BENQI to expand the utility of their assets.”

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.