Meet The Company That is Avalanche’s First Unicorn at Nearly $2 Billion in TVL

BENQI, Avalanche’s first & only unicorn, is a very intriguing company. With nearly $2 billion in total value locked, the DeFi protocol is getting noticed by many people. Algorithmic liquidity will play a crucial role in the future development of decentralized finance solutions and products. What Is BENQI Exactly? As a company founded by individuals involved in Ethereum and its DeFi ecosystem, BENQI’s team acknowledged the potential of blockchain and crypto assets early on. Although Ethereum’s blockchain has technical limitations leading to scaling concerns and high transaction fees, Avalanche provided a solution. The blockchain has a different consensus algorithm, warranting a closer look. For BENQI’s team, Avalanche could help offset some of the load from Ethereum and provide a better transaction experience for users. Even though the Avalanche ecosystem is still in the very early stages, several DeFi protocols leverage its technology. As Ethereum congestion remains a pressing issue for many – as is the centralized nature of Binance Smart Chain – Avalanche can give BENQI a first-mover advantage. Bringing lending and borrowing services to this ecosystem combined with algorithmic liquidity market solutions puts a very different spotlight on this blockchain ecosystem. It is worth noting that BENQI can bridge to other blockchains. While it is native to Avalanche, it connects to Ethereum thro...