BENQI, a non-custodial liquidity market protocol that allows users to lend, borrow and earn interest using their cryptocurrencies, has just announced it has launched the second phase of the protocol's ongoing Avalanche Rush initiative, according to the press release shared with iHodl.
The project claims that the previous phase, actually the first one, is worth around $6 million and has been completed with great success both for the Avalanche ecosystem broadly and BENQI’s lending market in particular.
According to the numbers made public by the protocol, it has garnered a peak of $2.8B in supplied value, over $1 billion in borrows and almost 14,000 total users.
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This phase has involved, among other things, $4 million in additional AVAX incentives, and the majority will be applied to the QI and AVAX markets, resulting in the total Rush allocation to date hitting $10 million.
BENQI plans the next phase of the initiative to last for 45 days.
It must be noted that BENQI has taken the opportunity to say thanks to all its supporters and unveil that with the launch of the Safety Module and BENQI’s Liquid Staking solution, which is coming up later this quarter, the project expects the growth of the protocol and the community to continue.
BENQI co-founder Dan Mgbor said about the launch:
"Excited to launch Phase 2 of our Avalanche Rush initiative. As BENQI's supplied assets approach the $2.9 billion mark, we'd like to thank the community for their continued support. This phase of our Rush program will be rewarding the amazing Avalanche and BENQI community."