What’s BENQI?BENQI is a decentralized non-custodial liquidity market protocol built on the high-speed Avalanche smart contract network. The protocol allows users to lend, borrow, or earn interest using their digital assets. BENQI Unique Features Send and receive interest: Users deposit tokens into the BenQi platform and then receive interest. Get a loan Before borrowing, users are required to deposit any property as collateral. Then, go to the “Borrow” section and click “Borrow” to borrow the property. Set the desired amount to be borrowed based on the user’s available deposit to be used as collateral for the loan.
The ratio of collateral to loan value is shown in the health factor. In a liquidation, up to 50% of a borrower’s debt is repaid, and that value plus a liquidation fee is taken from pre-existing collateral. Administration: The protocol will begin with centralized governance from the founding team, with the final decentralization of the protocol to be officially reconciled during implementation. QI tokens will be required to first put forward, then vote on proposals (BenQi Improvement Proposals) that will affect the key [economic, security and development] parameters of the protocol: Interest model. The addition of assets meets the risk requirements of the protocol. The collateral and liquidation parameters. Change the liquidity program and adjust incentives based on market conditions. Improve Smart Contract or governance process