What is BenQi?
BenQi is a non-custodial liquidity market protocol on the Avalanche Network. You can lend assets and borrow against those assets on BenQi. Lending assets allows you to earn interest on those assets.
What is Avalanche?
Avalanche is an open-source, proof-of-stake smart contracts platform that allows developers to build decentralized applications. Avalanche offers near-instant transaction finality and uses the native AVAX token to pay for gas and secure the network by staking.
A step-by-step guide on how to lend assets on BenQi
- If your wallet is not on the Avalanche Network, a popup will prompt you to switch to the network. Click on “Switch to Avalanche” and sign it with your wallet.
- Once you switch to the Avalanche Network, you will see this page on BenQi.
- Select the token you want to lend by clicking on the dropdown. You can choose from AVAX, USDC.e, USDT.e, DAI.e, WBTC.e, WETH.e, LINK.e and QI
- Once you’ve selected that token, enter the amount you want to lend.
- If you’d like to use this asset as collateral, i.e. you’d like to borrow assets against your deposit, toggle the “Use as Collateral” option. You have to sign a transaction with your wallet to approve using a token as collateral. This step requires gas to be paid in AVAX
- Once the transaction is processed, you can click on “Deposit” and approve the transaction with your wallet. This step also requires gas to be paid in AVAX.
- Once the transaction is successful, you will see your deposit listed under the “Supplied Assets” space.
Congratulations! You have now deposited your assets on BenQi.