BENQI (QI): What It Is, Uses and Risks

BENQI is described publicly as a decentralized, non-custodial liquidity market protocol built on Avalanche. In plain terms, it is a set of smart contracts where users can deposit digital assets to earn interest, or borrow other assets against collateral. Borrowing is over-collateralized, meaning a borrower must lock up more value than they take out. Depositors who supply liquidity may earn passive income from interest paid by borrowers. Our site lists the project under lending, alongside a wider platform that also offers sAVAX liquid staking and low-barrier validator access. Because the protocol runs on-chain rather than through a company holding user funds, users keep control of their assets through their own wallets. That control also means they carry the risks of the code and the market.

QI is the token associated with this project, and our site describes it as the token that governs the BENQI platform. Governance tokens generally let holders vote on proposals, such as changes to protocol parameters or upgrades. the public information available for this page do not spell out every function of QI, such as fee sharing, incentive rules or staking rewards, so we do not describe those in detail. Its category tags include yield farming and liquid staking governance, which suggest that incentive programs and governance around staking products are part of the picture. Readers should check the project's own documentation for current rules. Holding a governance token does not guarantee any return, and its market value depends on demand for the protocol and broader market conditions.

As of 2026-11-05, the data used for this page lists a total and circulating supply of about 7.2 billion QI, with the same figure given as the maximum supply. At that date the price was about $0.00185 and the market capitalization about $13.3 million, ranking around 1,063 by market cap. Trading volume over 24 hours was about $620,000. Over seven days the price was down about 9.7 percent, and over one year it was down about 55 percent. The all-time high of about $0.394 was recorded on 2021-08-23, and the all-time low of about $0.00101 on 2026-07-25. These figures change constantly and are a snapshot only. They are not a forecast and not advice.

The data lists Avalanche as the chain where QI is issued, which matches the project's description as an Avalanche platform. No native token of a chain is listed for QI. The data does not give a launch date or a consensus mechanism for QI, so those details are not stated here. Avalanche is a smart contract platform, and tokens on it follow its standards and are supported by its common wallets. Before interacting with any token, check the contract address against official project sources, because copycat tokens and fake pages are common in this space. If wrapped or bridged versions of QI exist on other chains, they are separate tokens with their own contracts and their own risks.

Using BENQI carries real risks. Smart contract bugs or exploits could cause loss of deposited funds, and this risk applies even to audited code. Over-collateralized lending can still lead to liquidations if collateral prices fall quickly, and borrowers can lose the collateral they posted. Liquidity can dry up in stressed markets, which can make it hard to exit positions at a fair price. The token's price has fallen sharply since its 2021 peak, and governance decisions can change how the protocol works. To store QI, use a self-custody wallet where you control the seed phrase, and never share that phrase. Be cautious with unsolicited messages, fake airdrops and sites asking you to connect a wallet or sign unknown requests. Only use funds you can afford to lose, and do your own research. This page is informational and is not investment advice.