Trading BENQI token is haram!
BENQI (QI) is a decentralized lending and borrowing protocol launched in 2021, built on the Avalanche blockchain according to CoinMarketCap ([invalid URL removed]). Here’s a look at its functionalities:
- DeFi Lending and Borrowing: BENQI allows users to deposit crypto assets to earn interest or borrow cryptocurrencies against their holdings.
- Leveraged Yield Farming: Users can leverage borrowed crypto to amplify their returns in yield farming opportunities on Avalanche.
- Native Token (QI): QI is the governance token of the BENQI protocol. Holders can stake QI to earn rewards and participate in voting on protocol proposals.
- Integration with Avalanche: Built on Avalanche, BENQI benefits from the fast transaction speeds and scalability of the Avalanche network.
- Focus on the Avalanche DeFi Ecosystem: BENQI positions itself as a key player in the DeFi ecosystem on Avalanche, offering lending, borrowing, and yield farming opportunities for users.