BENQI is a non-custodial algorithmic liquidity market protocol built on Avalanche.
It allows depositors to provide liquidity to the protocol and earn passive income, while borrowers are able to borrow in an over-collateralized manner similar to how Aave, Compound and Cream works.
Using BenQI
Head over to BenQI and connect Metamask to the Avalanche network by following this guide.
Then, you need to deposit your preferred asset accepted by the protocol.
BenQI supports a variety of collateral from bridged ETH, BTC and LINK to AVAX, the native token of the Avalanche blockchain.
You will be able to earn interest based on the asset’s market demand for borrowing. For example, current yields are up to 33% for USDT deposits.
Depositing assets
Click on the Markets tab on the left menu.
Select the type of asset from the drop box menu and click Supply.
Enter the desired amount to deposit and click Deposit. Wait for the transaction to confirm.
There are no minimum or maximum deposit amounts. Once deposited, you will earn interest on your deposited assets with an interest rate that algorithmically adjusts based on market conditions.
Disclaimer :-
Double check the company you are investing in as well before you put any kind of money into it.