Altcoin builds on 60% avalanche surges after sudden Crypto Exchange Binance listing

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Small-cap altcoin flies high after gaining backing from global crypto exchange Binance.

The BENQI liquidity protocol was built on Avalanche, and its native QI token allows holders to earn rewards and participate in the governance of the project.

Binance says of the lending and borrowing protocol,

“BENQI is a decentralized non-depositary liquidity market protocol on Avalanche. It scales DeFi [decentralized finance] with a range of yield-generating products.

The platform offers a lending and borrowing market, with the development of Liquid Staking. Users can borrow and lend tokens, participate in network governance and staking.

Recognizing the need for a liquidity market and the unblocking of liquidity, BENQI launched the first loan and borrowing market on Avalanche.

News of the coin’s listing triggered a 60% increase in the price of the asset – from $ 0.17 to $ 0.26.

The value of QI has since stood at $ 0.21 at the time of writing.

According to the BENQI website, users can earn interest in a number of cryptocurrencies, including Avalanche (AVAX), Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), Chainlink (LINK), and Tether (USDT). ).

The project has several notable strategic investors such as Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. In April, a $ 6 million funding round was led by Ascensive Assets.

Binance says that QI will be available to trade with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and USDT.

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Featured Image: Shutterstock / Art Furnace / Vladimir Sazonov

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