Binance launched BENQI token’s ICO today – Defi market wrap
Binance announced today that it is launching BENQI (QI) token on its Launchpool. It is the exchange’s 25th project. Customers will be able to farm QI tokens over 30 days by staking their AVAX, BNB, and BUSD into separate pools. The farming will start on November 16, 2021.
The total supply of QI tokens is 7,200,000,000. However, only 631,000,000 (8.76%) will circulate at the first stage. The company plans to sell 22,000,000 QI during the initial coin offering. Meanwhile, Binance opened trading for QI/BNB, QI/BTC, QI/USDT, and QI/BUSD trading pairs.
BENQI is a non-custodial liquidity market protocol. The team has built it on the Avalanche blockchain. This protocol enables customers to effortlessly borrow, lend, and earn interest with their crypto assets. Borrowers will be able to borrow in an over-collateralized manner, while depositors provide liquidity to the protocol will earn passive income.
Why should users buy BENQI?
Decentralized Finance has grown rapidly in the last two years. However, most of Defi’s activity is conducted on Ethereum currently. Thus, the network has started to experience serious problems, including exorbitantly high network fees. Both old and new users acknowledge that high fees create a significant barrier for those who have smaller capital. As a result, many potential users avoid Defi instead of investing in it.
BENQI plans to alleviate these problems with its solutions. The company will provide a Liquidity Market Protocol on a decentralized, highly scalable platform. The team will focus on approachability, low fees, and ease of use. In addition, it will provide permissionless lending and borrowing to democratize access to decentralized financial products. Thanks to these measures, users will be able to instantly borrow from a liquidity market and use their supplied assets as collateral. They will also supply to and withdraw liquidity from a shared liquidity market without any delays.
How can customers use the protocol?
The users will need to deposit their preferred asset to use this protocol. After that, they will be able to earn interest. The team will determine the latter’s amount according to the asset’s market demand for borrowing. In addition, customers can use deposited assets as collateral if they want to borrow other assets.
The company plans to add more token pools as the platform grows. The core team will decide the additions to the protocol initially. However, as the protocol’s governance transitions into a Decentralized Autonomous Organization (DAO), the community will approve additional pools based on votes and proposals, using the QI governance token.
BENQI will distribute tokenized yield-bearing tokens to depositors and lenders. The QI token holders will be able to withdraw funds from the pool on-demand when required. They can also transfer and trade the tokens like any other crypto asset on Avalanche.
While this project has strong potential, the team still cautions that no protocol within the blockchain space is entirely risk-free. Typically, the risks related to the protocol may include Liquidation risks and Smart Contract risks. Despite that, the team has taken all the necessary steps to minimize these risks as much as possible. The company has undergone audits. It is also keeping the protocol public and open-sourced.
What about BENQI token?
QI token is a native asset on Avalanche. It oversees the entire ecosystem of the BENQI. Users need this token if they want to vote and decide on the outcome of proposals about the platform. As part of the DAO, QI token holders will be able to initiate proposals and vote on various issues that will determine the direction of the protocol.
Furthermore, the team designed the token distribution in such a way to ensure that actively engaging market participants will receive QI tokens. But BENQI will distribute the majority of the tokens through the Liquidity Mining program.
According to the team, the protocol will undergo progressive decentralization over time. QI token holders and governance structures both on-chain and off-chain will eventually govern it. Furthermore, customers will need to own the QI token to firstly bring forth, then vote on, proposals that would affect key parameters such as economics, development, and security of the protocol.
What about the NuNet’s ICO?
NuNet is launching its native utility token on November 17, 2021. 100,000,000 NTX will be available for purchase for the price of $0.020000 per token. That is only 10% of the total supply, though. The company aims to raise $2,000,000 with the sale, and it will accept WETH and USDT in exchange for NTXs.
According to NuNet team, the global computing ecosystem is fragmented and oligopolistic currently. The large infrastructure providers dominate, with computational resources at the edge of networks remaining underutilized. To change that, this project offers an interoperability framework. It will enable the efficient distribution of diverse computational processes across the massive network of IoT infrastructures, individually owned hardware devices, and data centers. The platform will connect different marketplaces for computing resources. It will also provide easy access and a uniform ecosystem powered by a decentralized economy of cryptocurrency incentives.
In addition, NuNet will integrate the world’s computing, data, and storage resources into one meta-marketplace. The team plans to do that with the help of a powerful and evolving API, along with specialized network operations agents and multi-token micropayment adaptors. Moreover, it will power the economy of decentralized computing marketplaces by leveraging advances in micropayment ecosystems.
NuNet will also allow anybody to monetize, utilize, and share the value of their storage, algorithms, computing capacities, data, code, machine intelligence, and human creativity.
Tempus will start its ICO sale tomorrow
Tempus is a future fixed-rate protocol and yield tokenization built on the Ethereum network. It has three different use cases, and each of them offers a unique value proposition. Thanks to this project, customers will be able to fix future yields by using any supported Yield Bearing Token.
The platform will also provide liquidity for its users. So, the latter will earn additional swap fees by simply depositing any supported Yield Bearing Token. And they will be able to speculate on the rate of future yield of any such tokens.
The company will launch the TEMP token’s ICO on November 16, 2021. In fact, 70,000,000 TEMP will be available for the price of $0.510000.