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- BENQI proudly announced the launch of Avalanche Rush’s second phase.
- BENQI received $4M additional AVAX incentives.
The public already knows about BENQI and Avalanche’s Avalanche Rush — a joint liquidity mining program. It is also important to note that the said program had a massive successful launch. Today, as Avalanche Rush ensues, BENQI announced its second phase launch.
Commenting on this, BENQI’s Co-founder and CEO, Dan Mgbor stated:
[We are] excited to launch Phase 2 of our Avalanche Rush initiative. As BENQI’s supplied assets approach the $2.9 billion mark, we’d like to thank the community for their continued support. This phase of our Rush program will be rewarding the amazing Avalanche and BENQI community.
In detail, the first launch of Avalanche Rush, which was worth $6 million, brought positive results to the entire Avalanche ecosystem as well as BENQI’s lending market. Of note, the protocol garnered over $2.8 billion supplied value, $1 billion in borrows, and approximately 14,000 users.
As for the second launch, BENQI received $4 million additional AVAX incentives. The majority of this will be applied to the QI and AVAX markets. This will further bring the total Rush allocation to $10 million. Notably, the next phase of BENQI’s Avalanche Rush initiative is slated to last for 45 days.
Furthermore, the team also expressed their appreciation to their supporters saying,
[We] would like to take this opportunity to express our gratitude towards our supporters in the BENQI and Avalanche community, as well as the continued support of the Avalanche Foundation. With plenty of improvements, the launch of the Safety Module and BENQI’s Liquid Staking solution coming up later this quarter, we look forward to the continued growth of the protocol and the community.
To know more about BENQI, please click here.