It’s worth noting that it took DeFi lending platform Aave (AAVE) 8 months to reach the billion-dollar mark.
As explained by its creators, BENQI is an algorithmic liquidity market protocol.This Decentralized Platform has attracted $1B since its launch on August 19, 2021.
This development came shortly after a collaboration was announced with the Avalanche Foundation.
BENQI and the Avalanche Foundation will take part in a joint liquidity mining program to celebrate the launch of the BENQI protocol.
They’re both looking forward to the next phase of growth within Avalanche’s decentralized finance ecosystem.
As mentioned in the announcement, $3 million in AVAX tokens will be set aside as liquidity incentives for BENQI users. Along with various other incentive programs to be announced soon.
The AVAX token will be given as a reward to users who are lending and borrowing various DeFi tokens. The rewards invclude AVAX, ETH, LINK, wBTC, USDT, and DAI on the protocol with BENQI.
AVAX is the native token of Avalanche.
It’s a “hard-capped” and “scarce” asset that’s used to cover platform usage fees, secure the platform via staking, and offer a unit of account between the different subnets launched on Avalanche.
BENQI Has Acquired Substantial Funding
BENQI recently finalized a $6 million investment round that’s reportedly backed by the Avalanche Foundation, Mechanism Capital, Dragonfly Capital, Arrington XRP Capital, and the Spartan Group.
The next phase will mainly focus on expanding upon high-performance financial primitives, such as money markets.
With the introduction of the Avalanche Bridge, a secure bridging architecture that uses Intel SGX to enable fast, secure, and cheap asset transfers between the Avalanche and Ethereum blockchains, BENQI and other select initiatives are expected to lead the charge, with various other dApps set to go live on Avalanche.
JD Gagnon, Co-Founder at BENQI, said that this has been a great week for the team and they’re quite pleased with the amount of supporting their partners and the Avalanche community have shown them leading up to this milestone.
Gagnon added: “The Avalanche Rush initiative coupled with the new Avalanche Bridge has proved to be a major catalyst for the rush of liquidity to not only BENQI, but the rest of the Avalanche DeFi ecosystem.
A big thank you to everyone involved! We’re currently optimizing the protocol, and have plans to collaborate with projects going cross-chain to Avalanche as part of the Avalanche Rush initiative.”
Avalanche Is Attractive to Users Being “Priced Out” of Other Networks
John Wu, President of Ava Labs, a team supporting development on Avalanche, noted that BENQI has been introduced at a pivotal moment for Avalanche users and the wider DeFi space.
Wu also mentioned that its technology “adds a missing piece to the puzzle, and will make Avalanche even more attractive to users being priced out of other networks.”
He further noted that this is “an exciting step in a broader community initiative to bring more assets and liquidity onto the platform.”
As explained by its developers, BENQI has been implemented on Avalanche’s “highly scalable” network. It aims to bridge DeFi and institutional networks, starting with the launch of BENQI on the Avalanche C-Chain.
Through BENQI, Avalanche users will get a chance to generate substantial interest on their assets, acquire credit via over-collateralized loans and be able to earn QI governance tokens as rewards for offering liquidity on the protocol and Pangolin.
Notably, Avalanche has become one of the most widely-used open-source platforms for building decentralized applications and enterprise blockchain deployments through an interoperable and scalable ecosystem.
Avalanche is a decentralized, smart contracts-enabled platform built specifically for the scale of global finance, with “near-instant” transaction finality. Ethereum developers are able to deploy solutions on Avalanche as Solidity works “out-of-the-box.”
New Avalanche Bridge Offering Improved UX
Recently, the new Avalanche Bridge was unveiled. It offers an improved user experience when compared to previous versions and effectively replaces the Avalanche-Ethereum Bridge that was introduced in February of this year.
The Avalanche Bridge is around 5x cheaper than the older Avalanche-Ethereum Bridge.
It has been implemented using Intel SGX Enclave technology, which is considered a significant breakthrough in secure computing that aims to support all operations in a closed, tamper-proof environment.
The Avalanche Bridge has been developed with a number of factors in mind, such as enhanced audit capability, security, affordable costs, fast transaction times, the option for users to view transaction status whenever they want, multi-chain functionality, among several other features.
Emin Gün Sirer, Founder and CEO of Ava Labs, has stated:
“The new Avalanche Bridge is a leap forward in bridging technology, but most importantly, it is a dramatic improvement in experience for users and developers across the Avalanche community.
It will be a growth engine for the next phase of growth on Avalanche, and set a new standard for secure and efficient cross-chain interoperability.”
Is Avalanche In Surreptitiously Working To Flip Ethereum’s Utility Dominance?
The crypto town has been ardently tarrying for bright and sunny days to prevail. That could counter the burdening dark clouds that have been hovering over the industry. While traders gripe over the slashing prices of digital assets. The underlying blockchain continues to ascend stoutly, unflinching by market trends.
Avalanche is one of the prominent smart contracts platforms, which has been flourishing in space. The blockchain has been thriving with numerous adoptions and collaborations. The applications based out of Avalanche continue to prosper at an appreciable pace.
Avalanche Evolving To Be The Ethereum Killer?
According to sources, the MELT staking pool goes live on Defrost Finance. The users can stake MELT to get more MELT and H20. The interest automatically compounds to 107% a year. Users also get access to governance, while incurring no impermanent loss.
Platypus De-Fi will be launching an “Initial DEX Offering” (IDO) worth $1,000,000 on the Avalanche app. Registration for which commences from the 9th of December, 2021. While the sale is scheduled for the 13th of December 2021.
Moreover, the Avalanche ecosystem has been on a constant rise lately. The top 3 gainers for the last 24-hours as on the previous day are LF with gains of 241.5%. TEMPO with gains of 43.1%, and ALEPH at 12.9%. In addition, Hurricane Swap, the first cross-chain liquidity DEX on Avalanche, is now listed on Hotbit news.
AVAX at the time of writing is trading at $90.46 while scripting red gains of 6.1%. The market cap of the digital asset is currently hovering at about $21,975,393,566. While the volume of trades for 24-hours is at $866,271,760. The digital coin has been trading in the frequency from $88.06 to $96.29. The ATH of $144.96 is now short by 37.8%, which was last claimed about 17 days ago.
Collectively, Avalanche has been the go-to smart contracts platform for users looking forward to lower transaction costs and faster transactions. Netizens are expecting a spike in gas fees of smart contract chains like Avalanche and Solana in near future. However, the ecosystem of Avalanche seems promising with its flourishing protocol.
AVAX Price Analysis: The Coin Price Has Discounted 35% In This Correction Phase; Is This a Fair Value For AVAX?
The AVAX token is trying to stabilize its price from the remarkable rally it initiated in august with a correction phase. Currently, the price is plunged to the crucial support of the $0.5 Fibonacci retracement level, which has the potential to continue the bulls rally.
Key technical points:
- The dynamic support 20-day EMA is flipped to the possible resistance level
- The intraday trading volume in the AVAX token is $1.37 Billion, indicating a 14.15%.
The last time when we covered an article on AVAX/USD, The token price rally gave $146 as its New All-Time High on the technical chart. After a robust rejection from this new resistance, the token initiated a retracement phase, where he has lost 25% over the last two weeks. The token is currently sunk to 0.5 Fibonacci retracement level and indicates a high demand pressure through numerous lower price candles.
The crucial EMA levels(20, 50, 100, and 200) sustain a bullish mood for this token since its price is trading higher than the trend defining 100 AND 200 Ema. However, the dynamic support of the November rally 20 EMA is flipped to resistance.
The Relative Strength Index(44) shows a constant downward trend in the chart that is approaching the oversold zone.
AVAX/USD 4-hour Time Frame Chart
The AVAX coin price showed an impressive V-shaped recovery after bouncing from the $80 support. However, the crypto traders should wait for the price to break out from this nearest resistance of $100 to get a better confirmation for the price to continue this rally.
According to the Fibonacci pivot levels, the crypto traders can expect the nearest resistance at $97, followed by $116. As for the opposite end, the support levels are $77 and $65.
Avalanche (AVAX) Continues to Get Vertically More Scalable by The Day
Kevinsekniqi expressed: Honest talk: The reality of the situation is that Eth2 in production will look very closely to Avalanche (c-chain, specifically), although Avalanche will probably remain more robust (simpler, and thus less likely to go down) and faster. Look at the facts.
Avalanche continues to get vertically more scalable by the day. Record gas past few days and zero instability. – Subnets will scale horizontally. All Ethereum L2s will also become Avalanche L2s (eg Starkware). – Developer and usage numbers are exponentially up to the right.
Avalanche just works. Today. And it’ll keep getting exponentially better. I’m not pulling these adoption dreams out of my ass. It’s just already happening right now. Record devs are deploying. TikTok’s with hundreds of thousands of likes out there for native projects.
Literally the only thing you can say right now about Avalanche not overtaking Ethereum in usage and adoption is entrenched interest. Which is a fair point. Never doubt bag holders.
To be clear: while I strongly believe Avalanche will compete extremely strongly against other smart contract chains in adoption, I still want others to very much keep innovating and succeeding.
Community reaction: I imagine the real hurdle, now that the future is ZKRs, is which L1 manages to reach the greatest levels of security and decentralization, as well as dev mindshare (when truly novel stuff is being built on a non-ETH L1s first, not just forks).
Because as you say, if ZKRs are broadly adopted, speed and pricing should level out mostly or be negligible between L1s own ZKR implementations.
Otherwise for those who are new, Avalanche is a community growth platform building an inclusive environment for all aspects of Avalanche. Earn AVAX today.
Major Milestones: – Avalanche-Ethereum Bridge (AEB) launched; – Pangolin, largest DEX on Avalanche, launched; – $0 to ~$400M Total Value Locked (TVL) across the Avalanche platform; – $1B trade volume across all DEX’s; – $10B+ of AVAX staked to secure Avalanche.
The list of ecosystem projects are: Global Exchange Listings (Phase 1); Reef Finance; bZx; e-Money; YIELD; Union; Aleph.im; Frontier; Okcoin; DSLA Protocol; Velox; Copper; Pangolin.
Bitpanda; Axelar; Router; Injective Protocol; Coin98; Proof of Learning (PoL); Cartesi; Congress of the Mexican State of Quintana Roo; TUSD (Trust Token); SIMBA Chain; MyCointainer; OIN Finance; FRAX.
Simplex; Blocknet; JUL Wallet (wallet); TrustSwap (wallet); Immunefi; SushiSwap; Covalent; Orion; Nash; Prosper; HackenProof; AVAXSTARS.
So, for each quarter the numbers of ecosystem projects are increasing, it is worth checking them out to understand the richness of the ecosystem.