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About BENQI
Analysis of 10 Dec 2025BENQI (QI) is Avalanche's leading DeFi protocol suite, dominating #1 application by Total Value Locked with approximately $351.91 million December 2025.
Full overviewShow less
The platform operates two core products: BENQI Liquid Staking (sAVAX) with $358.57M market cap and 20M tokens in circulation earning 5.43% APR, and BENQI Markets for lending/borrowing.
Despite this protocol dominance, the QI governance token trades at only $0.00359 with a $25.8M market cap and $1.14M daily volume, down 99.09% from its $0.39 all-time high. Avalanche's Q3 2025 DeFi TVL grew 41.6% to $2.1B, benefiting BENQI's infrastructure position.
Recent catalysts include Kraken listing (July 2025), 95% LTV borrowing via Silo Finance, and planned DAO governance transition beginning late 2025.
