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Benqi Finance, a decentralized non-custodial market protocol, advocated that it raised a total of $6 million in a strategic funding round. The funding round was led by Ascensive Assets and was accompanied by Arrington XRP Capital, Dragonfly Capital, Mechanism Capital, TRGC, Woodstock Fund, and Spartan Group. Other backers were Ava Labs, Morningstar Ventures, GBV Capital, Moon Inc, Genblock Capital, Rarestone Capital, and leading liquidity provider Skynet Trading.
Benqi Finance declared in late March that it aims to bridge DeFi and institutional networks. It intends to accomplish this by introducing algorithmic liquidity markets while employing the high throughput Avalanche blockchain. Benqi Finance cited the drawbacks of Ethereum as the fundamental reason behind choosing Avalanche. Nevertheless, aside from the blockchain network’s choice, there isn’t much factor that separates Benqi from other liquidity-based DeFi protocols. There are few technical aspects on what the protocol is attempting to achieve. Still, the capability of lending, borrowing, and earning interest with crypto assets seems to be the main focus.
Benqi Finance Will Conduct its BENQI Public Sale on April 28
Furthermore, Avalanche is the fundamental point as it proclaims to process almost 4500 transactions per second and instantly confirm transactions. Several automated market makers (AMMs) have shifted towards Avalanche, such as SushiSwap, which ported to the platform on March 16. The blog post also added that there would be a BENQI public sale on April 28. It will be conducted on Tokensoft and followed by a mainnet launch in May. The blog post elucidates that via BENQI, Avalanche users will be capable of earning interest on their assets, getting credit via over-collateralized loans, and earning QI governance tokens as rewards offering liquidity on the protocol and Pangolin.
Pangolin is a community-driven decentralized exchange for Avalanche and Ethereum assets with the fast settlement, low transaction fees, and a democratic distribution–powered by Avalanche. The native token for Avalanche has surged over 13% on the day to $40, according to CoinGecko. Moreover, AVAX has been increasing over the past week, making 32%. Nevertheless, it has yet to surpass its February 11 ATH (all-time high) of $55. There are 128.5 million AVAX tokens in circulation, providing it with a market cap of $5 billion.