English
Nederlands
Français
Deutsch
Italiano
Русский
Español
简体中文
हिन्दी
日本語
Benqi, the biggest dApp in the Avalanche (AVAX) ecosystem, is doing well as its Total Value Locked (TVL) rises. The BI token surged to a high of $0.0374, its highest point since March 2022. It has soared by more than 450% from the lowest point this year, giving it a market cap of over $114.2 million.
Benqi is a leading player in the Avalanche network that provides two crucial services: liquid staking and markets. Liquid staking is a platform that enables users to stake their AVAX tokens and earn a return. Unlike the traditional approach of staking, users can withdraw their tokens at any time. Benqi has over $274 million in assets.
Its markets solution enables users to lend, borrow, and earn a return on their investment. Data shows that the platform has over $305 million in supply assets and more than $67 million in borrowed assets.
Benqi has also introduced validator tools for the Avalanche network. In a statement, the company said that it will enable people to rent a Subnet and become a validator in the network.
The ignite’s solution introduced a Pay as You Go validation to solve the barriers to entry in validation. An Avalanche validator costs about $60,00, which is unaffordable to most people.
1/ An #Avalanche validator currently costs $60,000.
But what if you could rent a Subnet?
Introducing Ignite’s Pay As You Go validation – run a validator for only 4 $AVAX per week – Now LIVE on mainnet 👇🧵 pic.twitter.com/TyD8j2jhnR
— BENQI🔺 (@BenqiFinance) December 7, 2023
In all, Benqi’s total value locked has bounced back in the past few days and now it stands at over $538 million, the highest point since March 2022. It bottomed below $500 million earlier this year.
This rally is mostly because of the Avalanche pricesurge, which has pushed it to over $36. In AVAX terms, the TVL has actually slipped a bit to 15 million from the year-to-date high of over 18 million.Benqi’s revenues have also risen in the past few months. In October, the platform had over $65k in fees followed by $107k in November. In December alone, these fees have risen to $44k. If the trend continues, there is a likelihood that this revenue will be higher than in December.
The post Benqi total value locked spikes as BI and Avalanche tokens surge appeared first on Invezz
Read the full article here
