What is BENQI Currency? In this article on shetcoiner site, we want to examine all the issues related to this currency; so stay with us until the end of this article.
What is BENQI Currency?
BENQI is a decentralized market protocol based on Avalanche. This protocol allows users to lend, borrow and make a profit with their digital assets without any problems. Depositors who provide liquidity to the protocol may earn passive income, while borrowers may borrow too much as collateral. Decentralized financial conditions or DeFi have grown significantly in the last 2 years. Since most DeFi activity is currently performed on Ethereum, the network has begun to experience congestion problems, leading to high network costs. This is an important barrier for old and new users with less capital to justify participating in DeFi.
BENQI aims to alleviate these problems by providing a liquidity market protocol on a very broad and decentralized platform. Focusing on accessibility, easy to use and low fees, BENQI provides access to decentralized financial products by offering unlicensed loans and borrowings where all users can use them.
What made BENQI different?
BENQI decentralized network has grown significantly in the last 2 years. Since most DeFi activity is currently performed on Ethereum, the network has begun to experience congestion problems, leading to high network costs. This has proven to be a significant barrier for old and new users with less capital to justify participating in DeFi. Then, with the expansion of the world of crypto currencies, the way is opened for BENQI.
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In this article on shetcoiner site, we have thoroughly examined the issue of BENQI and considered it from different aspects.
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