AMPL’s Avalanche Momentum Continues to Accelerate with BENQI Collaboration
There’s been a surge of excitement from both the Ampleforth and Avalanche communities since AMPL x Avalanche bridge was announced. Now that AMPL, a fully-algorithmic unit of account, can be used to denominate contracts on Avalanche, there are a host of use cases being discussed and applied. One initial — and especially significant — such use case is BENQI, a non-custodial liquidity market protocol built on Avalanche. Put another way, BENQI is an Avalanche-native Compound or Aave. This comes at a time when AMPL recently recorded a new all-time high deposit APY (80,000%) on Aave.
As DeFi’s unit of account, the Ampleforth team is committed to making AMPL accessible to a diverse and growing host of communities. Avalanche’s TVL has grown nearly 3X, to $13 billion, in recent months, thanks in no small part to the network’s cost-effective gas model and speed. Soon, users can natively denominate stable contracts in AMPL on BENQI, which currently secures $2.7 billion in TVL. AMPL will be listed on the protocol once the necessary risk assessments and Gauntlet analysis is complete.
For Avalanche community members that are new to AMPL and want to learn more about the Ampleforth community, the project’s detailed FAQ page is a great place to begin. If you’re interested in learning about what makes AMPL such a durable asset, and to learn more about its performance over an extended time period, you can do so here.
AMPL is a cryptocurrency and financial building-block. Much like Bitcoin, it is algorithmic and uncollateralized. However unlike Bitcoin, AMPL can be used to denominate stable contracts.
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Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. Through BENQI, Avalanche users will be able to earn interest on their assets, obtain credit through over-collateralized loans and earn QI governance tokens as rewards for participating in the protocol.
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