AVAX is coming up with another important cooperation2 min read
If you watch DeFi altcoins closely, you must have noticed a huge shot of the AVAX coin. Behind everything is an important foundation that brought Avalanche’s cooperation with the credit decentralized protocol BENQI.
AVAX is growing thanks to cooperation with BENQI
The extreme price increase surprised many investors. Just for comparison, in one week this project was able to attract more investors than, for example, AAVE in a period of 8 months.
What news has this collaboration brought? The developers are working hard, especially on the liquidity mining project. For this project, AVAX users will be provided with $ 3 million in incentive liquidity. Anyone who exchanges an ETH, WBTC, LINK, USDT or DAI for an AVAX token will receive part of this reward.
The cooperation also brings with it a relatively large amount of funds in the amount of 6 million USD. This money comes from the Avalanche Foundation, Dragonfly Capital, Arrington XRP and many more.
Statement by John Wu, President of Ava Labs:
“BENQI is launching at a crucial moment for Avalanche users and the wider DeFi ecosystem. Its technology adds the missing piece to the puzzle. This will make the Avalanche network even more attractive to users who are price-dependent on competing networks. ”
What is Avalanche and what is BENQI?
Avalanche is an open-source platform that allows creation and subsequent execution dapps, or other blockchains. It is basically a highly scalable ecosystem that transmits 4500 tps. As a result, he is able to work with global finance. The AVAX token is used to pay transaction fees as well as secure the network via staking.
BENQI is decentralized credit protocol which works on the Avalanche network. This protocol allows users to obtain interest on loans and credits from over-secured loans.