BENQI, an algorithmic liquidity market protocol on the Avalanche blockchain network, has announced Monday the launch of a $4 million second phase of its ongoing Avalanche Rush incentive program.
According to a press release shared with CryptoPotato, the second phase of the initiative will last 45 days.
$ 180 million avalanche incentive program
The Avalanche Rush is a $180 million liquidity mining incentive program that seeks to onboard some of the best DeFi protocols to the AVAX network. It aims to equip new and existing DeFi traders with several easy to use, fast and profitable applications.
The Avalanche Rush incentive is set to run for months and has just started with top DeFi projects like Curve, Aave, and BENQI.
During the first phase of BENQI’s Rush Incentive, valued at around $ 6 million, BENQI’s loan market and avalanche ecosystem experienced impressive growth, the PR said.
The project recorded a peak of $2.8 billion in supply value, more than $1 billion in borrows, and a user base of close to 14,000 total users.
The BENQI team expressed its deep gratitude to its supporters both on its platform and on the Avalanche community.
Dan Mgbor, the co-founder of BENQI, said:
“Excited to launch Phase 2 of our Avalanche Rush initiative. As the assets provided by BENQI approach the $ 2.9 billion mark, we would like to thank the community for their continued support. This phase of our Rush program will be rewarding the amazing Avalanche and BENQI community.”
Bridging the gap between DeFi and institutional networks
With the launch of the second phase, which saw BENQI receive additional AVAX incentives of $ 4 million, the protocol’s total rush allocation currently stands at $ 10 million.
The project noted that its vision is to bridge the gap between DeFi and institutional networks, and it intends to accomplish this goal via several solutions which it plans to roll out soon enough.
BENQI added that it plans to launch its liquid picket solution and security module before the end of the year to ensure continued growth of the protocol and the community.
