BENQI (QI) is a decentralized finance (DeFi) protocol built on the Avalanche blockchain. It offers two main protocols: BENQI Liquid Staking (BLS) and BENQI Liquidity Market (BLM). BLS tokenizes staked AVAX, allowing users to utilize the yield-bearing asset within DeFi applications. BLM enables users to lend, borrow, and earn interest on their crypto assets. The QI token serves as the native governance and utility token, overseeing protocol improvements and changes through the BENQI DAO.
BENQI (QI) is a cryptocurrency token used primarily for governance and utility within the BENQI ecosystem. Here are the key ways it is utilized:
Governance- Voting: QI token holders can vote on proposals for the BENQI protocol, known as BENQI Improvement Proposals (BIPs), which shape the direction of the project.
- Initiating Proposals: Users must hold QI tokens to initiate new proposals for the protocol.
- Liquidity Mining: QI tokens are distributed through a liquidity mining program, incentivizing users to provide liquidity to the protocol.
- Staking: QI tokens can be staked on BENQI Liquid Staking (BLS) to receive veQI, a utility token that enables additional AVAX staking delegations to high-performing Avalanche validators.
Overall, the QI token plays a crucial role in both governing the BENQI protocol and facilitating various utility functions within the ecosystem.
To store BENQI (QI) tokens, you can use several wallet options. Here are a few:
- Trezor One: You can store QI tokens on the Trezor One wallet, which supports the Avax-C chain.
- Coin98 Wallet: Coin98 Wallet allows you to store QI tokens by following these steps: open the wallet, click "Receive" on the home screen, and search for the QI token.
- Benqi Wallet: You can also choose a Benqi wallet specifically designed for storing and managing QI tokens.
These wallets provide a secure and convenient way to manage your BENQI tokens.
To buy BENQI (QI) tokens, follow these steps:
Choose an Exchange:
- Coinbase: Create an account, add a payment method, and search for BENQI to purchase.
- Kriptomat: Sign up, verify your account, add funds, and select BENQI to buy.
- Binance: Register, verify your identification, and choose a payment method to buy BENQI.
- KuCoin: Create an account, deposit funds, and purchase BENQI (available for non-USA residents).
- WazirX: Sign up, deposit funds, and buy BENQI (available for non-USA residents).
Verify Your Account:
- Coinbase: Verify your ID and proof of address if required.
- Kriptomat: Verify your email, phone number, and identity.
- Binance: Verify your identification before using the platform.
Add Funds:
- Coinbase: Use a bank account, debit card, or wire transfer.
- Kriptomat: Use a bank deposit or credit card.
- Binance: Use a credit card, debit card, bank deposit, or third-party payment channels.
Purchase BENQI:
- Coinbase: Enter the amount you want to spend, preview the transaction, and confirm your purchase.
- Kriptomat: Enter the amount, preview the transaction, and confirm your purchase.
- Binance: Select BENQI, enter the amount, and confirm your purchase.
Store or Use Your BENQI:
- Coinbase: Store your BENQI in your Coinbase account or transfer it to a personal wallet.
- Kriptomat: Store your BENQI in your Kriptomat account or transfer it to a personal wallet.
- Binance: Store your BENQI in your Binance account, trade it for other cryptocurrencies, or stake it for passive income.
Remember to always follow the specific instructions for the exchange you choose and be aware of any fees and market risks associated with purchasing and holding cryptocurrencies.
