What is BENQI?

BENQI is a non-custodial liquidity market protocol. It allows users to lend, borrow, and earn interest using their crypto. It aims to alleviate the issues facing the DeFi scene as we know it today, namely the high network fees and congestion.

It has created a platform to provide its Liquidity Market Protocol that is both highly scalable and decentralized. BENQI is ultimately helping to democratize access to decentralized finance products through the power of blockchain and the lending and borrowing of cryptocurrencies.

How does BENQI work?

The protocol works by enabling users to deposit their assets, which will then be added to a pool that can be borrowed by others. Users who provide liquidity to the protocol are able to earn a passive income, while those who borrow can do so in an over-collateralized manner.

The funds on BENQI are administered by smart contracts. Meanwhile, in the beginning, governance of BENQI will be led by the founding team of the project, but will eventually be delegated to a DAO run by the community using QI tokens.

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Who created BENQI?

A team of seven members helped bring the BENQI project to life:

JD Gagnon ‌was a co-founder of Rome Blockchain Labs, Inc - an incubator and software development firm - as well as CSO of Etheralabs, Inc.

Hannu Kuusi previously co-founded Rome Blockchain Labs, Inc alongside JD, having more than 20 years experience in the ICT field. He has been involved with crypto since the early days of BTC.

Alexander Szul ‌was another of the co-founders of Rome Blockchain Labs, Inc, developing Velox, and managing the development of the BENQI liquidity market platform.

Dan Mgbor is experienced in operations management involving blockchain, holding a BEng in Electronic & Computer Engineering as well as a MSc in Business Analytics & Management Science.

Jason Tuang has been a crypto advocate since 2016, previously working at one of the big 4 accounting firms. He is a DeFi specialist , bringing his financial knowledge to the blockchain space.

Hansen Niu is another crypto advocate who specializes in corporate strategy. For education, he earned a BEng in Chemical & Process Engineering on top of an MBA .

Dexter Lee participated in early DeFi movements. He founded a small enterprise which was sold in 2020. He got a BEng in Civil Engineering

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What is the QI token?

QI is the native asset on Avalanche and is used primarily for voting on proposals for the protocol. There will be no token circulation prior to its listing on KuCoin.

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The token distribution is as follows:

Liquidity Mining Program: 45%

Token Sale: 25%

Treasury: 15%

Team: 10%

Exchange Liquidity: 5%

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What is the QI token used for?

The QI token is needed in order to vote on proposals for the BENQI protocol. These come in the form of BENQI Improvement Proposals (BIPs) which only holders of the token can ultimately vote on.

QI will also be needed to initiate proposals, meaning users who want to actively suggest a new development for the project will need to hold the tokens too.

BENQI is looking to take a bite out of a lucrative market. DeFi and the possibilities it presents to users of all kinds anywhere in the world is still in its early stages. Mass adoption is not quite there yet, though platforms like this are helping pave the way there.

As it progresses towards being DAO led, the community will gain further control of the platform and shape it to their needs. With no tokens currently in circulation until the KuCoin listing on August 19th, now is a good time for users to get their hands on QI tokens and not only gain the ability to make proposals and vote on them, but also earn a passive income. \n

in this part I want to analysis the QI in the optimism network.

as you see I compare the number of transaction that related to QI and top 3 token that have the most transaction number in optimism network, so as you see low than 1 percent of the transaction related to the QI.

and this show that transaction number of the QI not interested to the total network, but at the end I want to analysis the total block and see their impact on each other.

for the better understanding I want to show that by this low percent of the transaction that impact on optimism network it can impact as a total view or not,

for see this action follow me.

lets do it.

for start the analysis I want to check the transaction number as you see by the May 2022 transaction number started to increase and this action continue up to Oct 2022 and after that this action (transaction) decrease.

and as you see the Oct is the largest transaction number of the QI and after this part I want to analysis this action with total network so for the better conclusion lets start this action.

in the previous part I analysis the QI graph in the transaction block,

as you see in the previous part I said that by the time transaction number increase and we see that this action not have the greatest impact on the total network.

but as you see by the time total networks transaction number increase with low level, and we can say that it can may because of the QI but as you see this impact are too low.

so in this part we see that QI have low impact on the increasing the transaction number in the total network.

after this part it is time to check the impact of the QI on total network in the user number part.

lets start,

as you know in the previous part I say that transaction number by the time increase and this action impact on the total network and I say that in this part I want to analysis the user number of the QI,

as you see like transaction number user number increase and as you see the total network user number is stable and have just low range movement,

so we can say that user number have no impact on the total network, but as you see by the increase of the transaction number user number increase.

so after this part for increasing the analysis of the QI I want to check the fee amount of the QI and impact of that on the total network,

so follow us

as I said in the previous part, I want to check the fee amount.

as you see fee amount in the OPTIMISM network (except Jul ) have the same fee amount but in the QI as you see this action is difference.

so what are their ?

as you know by the time transaction number increase and in the fee part you see them again but in the first of the Jun that transaction number were low and the fee amount in more that required level so it show that however in the end of the year fee amount are large but this is because of the large transaction number, but in the Jun you see that with low transaction fee amount is more. and I think this action is the more important part in this action.

so for the better analysis lets check the gas amount .

as i said before in this part I want to analysis the gas amount.

as you see total anatomy of the gas is difference from the fee amount , you see that by the time gas amount increase in the total network, and we see that again by follow the total network QI gas amount increase.

and the important part is in the 11 Jun because as you see in this day both of the network and QI have increase in the gas amount, and if you attention to the fee amount graph you see that near this date fee amount in the total network fee amount decrease, so we can say that gas amount and fee amount have totally difference, and as you see I explain them.

so as a conclusion I can say that in the gas amount QI and total network has impact on each other.

so lets analysis the event type of the QI and compare the important part of them.

as you see in this part I want to analysis the event type.

as you know in the most of the token the large number of the transaction relate to the transfer amount , and as you know in this token, this action happen again and this percent of the transfer is too more than other.

for example as a average the total percentage of the transfer is a number near 60 but as you see in this token this number is more than 90 percent.

in the last pats I want to find the withdraw and deposit amount of the QI and find impact on the total network.

you know that QIs withdraw and deposit amount is low than 1 % with together, but this action is more important that other.

lets start

as you see in the total network deposit amount up to Jun were stable and after this time this amount increase in the total network,

but in the QI as you see have not the same range and has the movement in the time but as a total view we can say that in the Jun and Aug the deposit amount reach to their max level, and in this part deposit of the total network decrease,

and in the other time again not have the same result for example after Aug total networks deposit be same but as you see the QI deposit number decrease as a total view.

so we can say that in the deposit amount QI and total network by the more than 70 % have opposed reaction to each other.

lets analysis the opposed form of deposit(withdraw).

conclusion

in this dashboard I analysis the user number and transaction number and so on

and we get some result that they are:

• QI transaction number in the top 3 most transaction number is low than 1 %.
• transaction number of the QI by the time increase.
• QI have low impact on the increasing the transaction number in the total network.
• user number of the QI and total network have no impact to each other.
• user number is related to transaction number in the QI network.
• in the fee amount we see that QI and total network have impact on each other but the important thing is that in the Jun when transaction number is in the low amount fee amount is more than average.
• both of the QI and total network in the gas graph have the same reaction.
• like most of the token in the event type the most transaction related to transfer amount.
• in the deposit amount QI and total network by the more than 70 % have opposed reaction to each other.
• in the withdraw part QI and total network have no impact on each other.

thank because of your attention.

as you see in the total network by the time amount of withdraw increase and this action is not seen in the QI but we can say that QI in the both deposit and withdraw have same reaction to the market.

as a conclusion we can say that in the withdraw part QI and total network have no impact on each other.

dashboard

in this dashboard I want to analysis the impact of the QI on total network,

and I want to analysis the

• transaction number
• event type
• withdraw amount
• deposit amount
• user number
• fee amount
• gas amount

please follow me up to end.