### What is BENQI?

BENQI is a decentralised, non-custodial liquidity market and liquid staking protocol built on the Avalanche blockchain. It facilitates users in lending, borrowing, and earning interest using their digital assets.

### How does BENQI work?

BENQI works by operating on the Avalanche blockchain, employing a Proof-of-Stake (PoS) consensus mechanism known as Snowman++. It utilises smart contracts to offer its DeFi services, including lending, borrowing, and staking. Notably, BENQI's liquid staking protocol allows users to tokenize staked AVAX into sAVAX, maintaining liquidity while earning staking rewards.

### What are the potential use cases for BENQI?

Potential use cases for BENQI include:

- **Decentralised Lending and Borrowing**: Offers platforms for lending, borrowing, and earning interest within its ecosystem.
- **Liquid Staking**: Enables users to tokenize staked AVAX, allowing its use within DeFi applications while maintaining liquidity.
- **DeFi Ecosystem and Governance**: Supports a range of DeFi applications and governance functionalities through its QI token.
- **Validator and Subnet Deployment**: Provides simplified deployment solutions for validators and subnets with minimal upfront costs.

### What is the history of BENQI?

BENQI was founded by JD Gagnon, Hannu Kuusi, and Alexander Szul and launched in March 2021. Initially focused on high-yield savings accounts, it expanded to include decentralized exchange and lending platforms. Over time, BENQI integrated further into the Avalanche ecosystem and introduced liquid staking, evolving its technology and expanding its market presence.

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