The BENQI protocol is launching on August 19 at 6.00PM SGT. In preparation for launch, we outline the necessary steps for users to participate in the protocol, and to obtain the QI token.
- The BENQI protocol will go live at 6.00PM SGT on August 19. Users will be able to lend and/or borrow AVAX, LINK.e, WBTC.e, WETH.e, USDT.e, & DAI.e.
- At 7.00PM SGT, KuCoin will open deposits for the QI token. Trading on KuCoin will begin one hour later.
- The Pangolin listing for QI will take place soon after trading has begun on KuCoin. Please DO NOT provide liquidity or trade the QI token on Pangolin before an official announcement by the team.
- Emissions for liquidity mining will start at around the same time as the Pangolin listing.
August 19th 2021
6PM SGT: BENQI protocol be live, lending and borrowing assets enabled
7PM SGT: KuCoin starts accepting deposits
8PM SGT: Trading on KuCoin begins
Soon after 8PM SGT: Pangolin listing for QI, and liquidity mining emissions begin
Preparing assets for the BENQI Protocol
BENQI will ONLY be accepting assets using the new token contracts created by the Avalanche Bridge (AB). These assets will have a (.e) at the end of the token ticker.
AB assets accepted on BENQI: LINK.e, WBTC.e, WETH.e, USDT.e, DAI.e
Additional information on the Avalanche Bridge (AB) can be read on the official Avalanche Medium article.
1. Current Avalanche users
Current Avalanche users will be able to swap existing assets (using old AEB bridge contracts) of LINK, WBTC, WETH, USDT and DAI to the new AB assets. The new AB assets will be represented by a (.e) at the end of the token ticker.
The following page (https://bridge.avax.network/convert) provides users a seamless 1:1 swap of any old AEB asset to the new AB asset.
BENQI will ONLY be accepting assets using the new token contracts created by the Avalanche Bridge (AB). These assets will have a (.e) at the end of the token ticker.
2. Bridging assets to Avalanche from Ethereum
All assets looking to bridge over from Ethereum will have to use the new Avalanche Bridge (AB). As the older AEB bridge will eventually be deprecated, we do not suggest porting assets over using that.
All assets bridged from Ethereum through the Avalanche Bridge (AB) will automatically have their tokens converted to the new “.e” tokens (e.g LINK.e, WBTC.e, USDT.e) on Avalanche.
A feature of the new AB airdrops AVAX into a user’s wallet whenever they move more than $75.00 worth of assets from Ethereum to Avalanche. This provides new cross-chain users sufficient gas to navigate Avalanche without needing to purchase AVAX off centralized exchanges. Existing users looking to purchase more AVAX or to swap assets can do so on the Pangolin Exchange.
BENQI will ONLY be accepting assets using the new token contracts created by the Avalanche Bridge (AB). These assets will have a (.e) at the end of the token ticker.
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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