Highlights

• As a decentralised non-custodial liquidity market protocol, BENQI crypto users to lend, borrow, or earn interest using their digital assets.

• BENQI became the 25th project of Binance Launchpool on November 16.

• According to CoinMarketCap, the QI is trading at US $0.195550 with a 24-hour trading volume of US $180,964,347.

On 25 August, when BENQI (QI) set a new DeFi milestone of exceeding US$1 billion in total value locked (TVL) in just five days, experts had dubbed it as the most promising DeFi token in the cryptocurrency market. As a decentralised non-custodial liquidity market protocol, BENQI crypto allows the users to lend, borrow, or earn interest using their digital assets. It aims to become a cross-chain hub, connecting multiple blockchain networks through the Avalanche subnets.

Will Binance Launchpool entry help QI token attract investors?

So, the moment it became the 25th project of Binance Launchpool on November 16, it was expected that the QI crypto would move on to the next level. It showed immediate results when the news of the coin's listing triggered a 60% rally in the price as it traded from US$ 0.17 to US$0.26 before finally stabilising at US $0.19 on Tuesday.

Why is QI unique?

With the Binance Launchpool listing, the users will now be able to stake their BNB, AVAX, and BUSD into separate pools. The users can borrow, lend and earn rewards through staking. The QI users can stake in liquidity pools on DEXes in return for providing liquidity, and they will be rewarded with QI and other tokens. 

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BENQI lets the DeFi users move seamlessly from one network to another without any hurdles and at low network fees. It also allows the users to gain control of their strategies, and developers too have the option to create transferable revenue tokens. 

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How is QI faring? 

BENQI is governed by its native token QI on CoinMarketCap. According to CoinMarketCap, the QI is trading at US $0.195550 with a 24-hour trading volume of US $180,964,347. Even though the investors would have wanted the rally to continue for a while, but it fizzled out. At present, QI is down by 15.17%, with a live market cap of US $63,689,062.

Conclusion 

BENQI is a promising token, considering its offerings. It has managed to create an impact in very little time, and the Binance Launchpool listing will definitely go a long way in strengthening investors' confidence. However, it's too new in the market, and the investors would like to adopt a wait-and-watch approach going forward to see how the market reacts to Binance's listing.