BENQI Public Sale Audit and Supplemental Public Sale

The team at BENQI would like to express how thankful and grateful we are for the patience and continued support that the community granted us as we conducted a thorough audit of the sale. Although the sale concluded within 90 minutes, a portion of the sale was abused by certain participants. To the community members that brought the issue to our attention — we are thankful for your actions and continuous support.

Public Sale Recap

Since the first announcement of BENQI’s Public Sale in mid-April, the team has been humbled by the positive support for the project. To accommodate the interest in the sale, two rounds of registrations were conducted, and the maximum individual purchase limit was reduced to allow more participants to take part.

BENQI’s public sale took place on the 28th of April 2021. Leading up to 9:00AM PT, Tokensoft witnessed unprecedented numbers within the randomized queuing system. At 10.30AM PT, both Round A and Round B were filled, and the hard cap for Public Sale was reached.

Audit Findings

There were 960 individuals who took part in the sale making a total of 1280 contributions in Rounds A and B. All those who participated in the sale passed KYC.

Although the majority of participants were legitimate, we identified 23% of participants who abused the system and violated the terms of our SAFTs by purchasing more than their maximum allocation. As outlined in our SAFTs, participants that abused the sale will be made ineligible and refunded.

As these ineligible transactions unfairly took up allocations, we understand that many of the most supportive people within the community were disappointed at not being able to take part in the sale. To that end, we will be conducting a Supplemental Public Sale that has been designed to ensure a wider distribution of tokens to the community.

Supplemental Sale

For this sale, we have randomly selected a thousand participants who passed KYC and have not already taken part. They will be offered a maximum allocation of $1,000 in Round A. Those selected for this supplemental sale will have a guaranteed allocation and a three-day window to complete the purchase. This is to avoid queuing issues and enable those selected to have ample time to make their payment.

Emails have already been sent to eligible participants of the Supplemental Public Sale. Please note that the sale will only take place on sale.benqi.fi via Tokensoft.

Alternatively, participants can also determine if they were selected by logging in to sale.benqi.fi on 11th May 2021, 10:30AM PT. If you see ‘Special Round A’ after logging in, you can proceed.

Details of the sale

Supplemental sale START: 11th May 2021, 10:30AM Pacific Time

Supplemental sale END: 14th May 2021, 10:30AM Pacific Time

Supplemental Sale Terms: Special Round A

Price per token: $0.0075 per QI

Payment method: ETH, USDT and USDC only (on Ethereum network)

Unlock schedule: 20% on public listing and monthly release over 12 months

Minimum contribution: $100

Maximum contribution: $1,000

Next steps

As passionate supporters of the Avalanche ecosystem, we strongly believe BENQI will serve both the community and help accelerate Avalanche’s DeFi ecosystem. Expect exciting updates ahead as we move towards the launch of the protocol and the opening of our community channels.

Our Telegram community channel will open after the supplemental sale audit is complete and we look forward to discussing all things BENQI and Avalanche. Thank you once again.

Per consensum ad astra!

About BENQI

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 providing liquidity on the protocol and Pangolin. For more information about BENQI, please visit: benqi.fi

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BENQI

BENQI is a decentralized non-custodial liquidity market protocol on Avalanche, enabling users to effortlessly lend, borrow, and earn interest with their assets.