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Algorithmic liquidity market protocol BENQI has entered into a partnership with open-source platform Avalanche Foundation to celebrate the launch of the BENQI protocol, according to the press release shared with iHodl.

The celebration, which will take place next August 19 and will also honor the next phase of growth within Avalanche’s DeFi ecosystem, will involve the allocation of $3M as liquidity incentives for BENQI users.

The company has announced this is not the only incentive program it plans to implement.

The AVAX, the project's native token, will be distributed as rewards among those users lending and borrowing AVAX, ETH, LINK, wBTC, USDT and DAI on the protocol with BENQI.

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BENQI has recently completed a $6M fundraising round in which have participated, among others, Avalanche Foundation, Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and the Spartan Group.

Avalanche’s decentralized finance ecosystem has so far attracted more than $233M in total value locked (TVL).

While a lot of decentralized exchanges, specifically automated market makers (AMM), deployed on Avalanche mainnet during the first phase of development of the protocol, it is expected that the next phase will focus on the expansion upon a wide range of high-performance financial primitives, like money markets.

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