BENQI goes online and joins the Avalanche Rush reward program | Mining Tutorial
By providing or borrowing assets in BENQI, you can participate in the Avalanche Rush program and earn mining rewards. Let’s take a look at how it works.
Now is a great time to earn mining rewards! According to the planning of the mining reward program Avalanche Rush, the liquidity market protocol BENQI has been officially launched on Avalanche. Avalanche Rush aims to provide simple, fast and cost-effective applications for DeFi newcomers and veterans. As the liquidity market protocol BENQI is officially launched on Avalanche, you can earn AVAX rewards by providing or borrowing AVAX, ETH, wBTC, USDT or DAI on BENQI. The specific operations are as follows:
Step 1: Open app.benqi.fi
Step 2: Follow the steps below to connect your MetaMask to the Avalanche network
Log in to MetaMask -> click the drop-down menu Networks -> select Custom RPC
Set according to the following parameters:
Network Name: Avalanche Mainnet (C-Chain)
New RPC URL: https://api.avax.network/ext/bc/C/rpc
ChainID: 43114
Symbol: AVAX
Explorer: https://cchain.explorer.avax.network
Step 3: Deposit Assets
Click on the MARKETS tab on the menu and select "Supply".
Select an asset type from the drop-down menu in the Supply panel.
Enter the amount you wish to deposit and click "Deposit".
After the transaction is confirmed, the deposited assets will be registered immediately and start earning interest.
There will be QI tokens deposited into your wallet, representing your assets to the BENQI protocol.
Step 4: Earn Rewards
After depositing assets, you will continue to earn income (interest), and the specific income will be adjusted by the algorithm according to market conditions. Each asset has its market supply and demand and corresponding APY (annualized), and APY may change at any time.
Before depositing assets, you need to understand these concepts:
QI tokens: QI tokens are used to represent the balance of assets provided by users for the BENQI protocol. After the user provides assets to BENQI, there will be QI tokens deposited into the wallet. QI tokens will be continuously accrued based on the type of assets provided by users and their interest rates.
AVAX: AVAX is the native token of Avalanche. AVAX has a fixed upper limit of circulation and is a scarce asset that is used to pay for various services, guarantee platform security through pledge, and serve as the basic account unit between Avalanche subnets.
APY: APY, the annualized percentage yield, refers to the annual effective rate of return including interest reinvestment.
YouTube video tutorial:
How to deposit assets into BENQI
How to borrow assets in BENQI
How to connect Metamask wallet to BENQI
How to connect Metamask wallet to Avalanche
About BENQI
BENQI is built on the highly scalable Avalanche network, designed to connect decentralized finance (DeFi) and institutional networks, and is now available on the Avalanche C-chain. Avalanche users can use assets to earn interest income through BENQI, obtain credit lines through over-collateralized loans, and earn QI governance token rewards by providing liquidity on the BENQI protocol and pangolins. For more information on the BENQI project, visit: benqi.fi.
About Avalanche
Avalanche protocol is the most developer-friendly, customizable high-performance public chain. Transactions on the Avalanche protocol chain are completed the fastest and have the largest number of validators, which can ensure the security of all PoS protocol activities. The Avalanche protocol has the characteristics of extreme speed, low cost and green environmental protection. If applications that support smart contracts want to surpass their opponents, they can gain superior competitiveness by deploying on the Avalanche protocol. unbelievable? Try out the application on the Avalanche protocol now.
Visit the official website of Avalanche: https://avax.network
Learn more about ecological projects: https://twitter.com/AVATAR_AVAX
Official WeChat account: avalancheavax
