BENQI, an algorithmic liquidity market protocol which was launched last August 19 on Avalanche and that is collaborating with the Avalanche Foundation with a joint liquidity mining program, already has more than $1 billion in Total Value Locked (TVL).
According to the statistics shared on the project's site, BENQI has a total of $1,025,129,347.82 after launching last Thursday, which shows the interest of users in the project.
While BENQI was rolled out on Avalanche just 5 days ago, it has received a warm welcome, since it has managed to hit over $1B in TVL in a very short period of time.
Just as a comparison, Aave took around 8 months to reach that number when it launched.
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As part of the launch of the joint liquidity mining program, $3M of AVAX will be allocated as liquidity incentives for BENQI users.
According to the company, there will be more incentive programs coming in the near future.
The AVAX will be offered as rewards to those users who lend and borrow AVAX, ETH, LINK, wBTC, USDT, and DAI on the protocol with BENQI.