BENQI Markets (QI/USDT) allows digital asset holders to lend, borrow, and earn interest with ease. Those who deposit liquidity to the protocol earn yield, while borrowers can borrow in an over-collateralized manner. QI coin has made a bottom after being in the blue sky since 2022 and analysts are expecting a surge from here.
This platform is permissionless, enabling DeFi users to instantly supply and withdraw liquidity from a shared liquidity market, as well as borrow from a liquidity market using their supplied assets as collateral. The platform also provides a live and transparent view of interest rates around the clock, based on the asset’s market supply and demand.
BENQUI Liquid Staking
BENQI Liquid Staking is a solution that tokenizes staked AVAX, providing an Avalanche liquid staking option. Through tokenizing AVAX via liquid staking, users can utilize, swap, or collateralize the yield-bearing asset within Decentralized Finance applications.
This capital-efficient staking product enables Avalanche users to transfer locked-up capital (staked AVAX) freely, as it secures the Avalanche network. It also allows them to gain additional utility on their yield-generating asset by utilizing it within Decentralized Finance, such as by trading it or using it as collateral.
Additionally, users can seamlessly stake their AVAX on the Avalanche Contract Chain (C-Chain) without tedious cross-chain transfers or server hosting.
The platform is permissionless, enabling builders and users to launch Avalanche validators with minimal capital required. It also allows them to affordably launch blockchains through Subnets, helping to bootstrap the next big Web3 idea. The funds are stored and administered by Smart Contracts.
Like all protocols within the blockchain space, there are potential risks related to BENQI, such as Smart Contract risks and Liquidation risks. The team has taken necessary steps to minimize these risks as much as possible, including undergoing audits and keeping the protocol public and open-sourced.
Technical Analysis and Prediction of ADA Coin Price
At the press time, the QI price is trading near the support level of $0.01776 after being rejected from the resistance level of $0.02989. The current support level is also associated with the 50-Day EMA which could also act as a good base for the bullish investors.
Moreover, the Relative Strength Index (RSI) is showing a neutral zone after coming back from the overbrought levels. However, since the bullish investors have taken the support and showed some green candles, the RSI has also done a bullish crossover with its SMA. Therefore, according to the current technical analysis, the QI price target will be bullish.
Conclusion
BENQI Markets (QI/USDT) allows users to lend, borrow, and earn interest easily. Depositors earn yield, while borrowers can borrow over-collateralized. The price target for QI seems bullish due to recent investor support and positive technical analysis.
Technical Levels
- Support Levels: $0.01776 and $0.0121
- Resistance Levels: $0.02989 and $0.04385
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Source: https://www.thecoinrepublic.com/2024/01/12/benqi-markets-will-qi-price-bounce-back-from-the-support/