Getting ready for the BENQI Token Distribution on Avalanche

As we march towards the launch of BENQI on Avalanche’s mainnet, we would like to provide all token sale participants the opportunity to update their receiving address for QI tokens.

A MetaMask wallet, which is required for the token distribution, is a web-browser plugin wallet that connects to most Web3 interfaces, and is widely used to interact with the Avalanche C-Chain and Ethereum.

The native BENQI token, $QI (an Avalanche C-Chain token), will be distributed to the receiving address that was provided on sale.benqi.fi during registration. If you wish to change the receiving address, please do so before 9am PST on the 22nd of June on sale.benqi.fi.

To change the address, please go to Profile > Account Information > input your new MetaMask address. Ensure that after saving, your receiving address has been updated on the screen.

Further, please ensure that you control the private key for the address that you provided on sale.benqi.fi.

Let us know if you have any questions, you can reach us at support@benqi.fi Here are some final remarks:

  • If you intend to change your receiving address, please do so before 9am PST on the 22nd of June on sale.benqi.fi.
  • BENQI will never ask for any private information relating to your address. BENQI admins will never DM you first. NEVER SHARE YOUR PRIVATE KEYS.

Frequently Asked Questions

1. I made multiple purchases and changed my receive-address in-between purchases. Will my tokens be sent to multiple wallets? No, all tokens will be sent to the last receive-address you provided prior to 9am PST on the 22nd of June.

2. When will the tokens be distributed? We will make an announcement once the BENQI platform is ready for mainnet. The tokens will be distributed at the same time.

3. Can I provide my Ethereum MetaMask address? Your Ethereum MetaMask address is the same as your Avalanche address. All you need to do is switch your MetaMask to the Avalanche network.

Installing and setting up MetaMask

MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android. For this tutorial, we’ll use the Firefox version, but the instructions will be more or less the same for every platform.

Firstly, head over to the MetaMask Download page. From there, select the platform you’re using, and follow the steps to install it on your device.

Next, follow along with the setup specified by the app. Go ahead and click Create a Wallet. Write down the backup seed phrase somewhere secret (preferably not on an Internet-connected device). Without this phrase, your funds can’t be recovered if your device is damaged or lost. Confirm that you’ve written them down on the next page. You should now see your wallet, ready to send and receive funds.

MetaMask Wallet ready to be used for Ethereum

You might notice straight away that we’re still dealing with an Ethereum wallet. Let’s change that to an Avalanche C-Chain wallet.

Configuring the wallet for Avalanche

  • Using Chainlist (recommended)

Go to https://chainlist.org/ in your browser.

Under Search Networks, type “Avalanche Mainnet”.

Search for “Avalanche Mainnet”, and verify Chain ID as 43114

Verify the ChainID (43114), and click on Connect Wallet.

Click on “Add to MetaMask”

Click on Approve.

Click on “Approve”

Click on Switch Network.

Click on “Switch Network”

Once that’s done, the Avalanche Network is ready to be connected from the list of available networks on the MetaMask Wallet. The address shown will be your Avalanche C-Chain wallet’s address.

  • Alternative: add Avalanche network manually on MetaMask

Access the Settings option to point the wallet towards the Avalanche network.

On the Settings page, locate the Networks menu.

We want to click Add Network in the top-right corner to manually add Avalanche — it doesn’t come packaged with MetaMask. To fill in the mainnet parameters, look below:

Network Name: Avalanche Mainnet

New RPC URL: https://api.avax.network/ext/bc/C/rpc

ChainID: 0xa86a

Symbol: AVAX

Block Explorer URL: https://cchain.explorer.avax.network/

Once that’s done, the Avalanche Network is ready to be connected from the list of available networks on the MetaMask Wallet. The address shown will be your Avalanche C-Chain wallet’s address.

Using Hardware Wallets with MetaMask

Hardware wallets like the Ledger or Trezor are also compatible with the MetaMask wallet. It can be found on the circle accounts tab on the top right corner of the MetaMask app to connect the Hardware Wallet.

Locate the circle accounts tab, and click on “Connect Hardware Wallet”

You should ONLY provide a MetaMask address to receive your QI tokens, so please double-check that the wallet being used is your Avalanche C-Chain MetaMask wallet.

If you use ledger hardware wallet, please ensure the address you provide is a Ledger Live address, which is the address you see on your ledger by default (see pic below).

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

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