Why is Benqi (QI) crypto grabbing eyeballs today?

BENQI (QI) crypto, the non-custodial DeFi liquidity marketplace and staking protocol, has been on a bull run of late. The QI crypto has seen a rally of over 57% over the past month or so, according to CoinGecko. 

Developed by Rome Blockchain Labs Inc, the QI crypto allows the users to lend, borrow and earn interest on their digital assets. With its Liquid Staking protocol, QI crypto can tokenise the staked AVAX or earn interest using their digital assets. Not just liquidity staking, but this also offers solutions to capital efficiency, ensuring yield-bearing assets within DeFi applications.

Related read: Why is Flamingo (FLM) crypto trending? 

QI crypto was rallying by over 42% with a volume rally of over 670%, according to CoinMarketMap on 13 June at 8 AM (GMT +1). 

Why is QI crypto rallying? 

QI crypto was rallying on the back of the news of the QI crypto’s announcement that users can redeem their sAVAX along with the staking rewards after 15 days of the redemption period. For this, the BENQI will run on a 14-day cadence, and it will only stop after the unstaking request is initiated that the AVAX tokens can be withdrawn.

However, if a particular user doesn’t want to wait for that many days, they can exit their sAVAX for AVAX. Then, they can log on to the Platypus platform at minimal slippage for short swaps. However, the sAVAX: AVAX exchange rate with imbalances could cause issues for large trades. 

Related read: What makes KubeCoin (KUBE) a revolutionary token? 

QI crypto’s market performance? 

On Monday, QI crypto was trading at the US $0.018848 with a trading volume of US$14,28,55,787, according to CoinMarketCap. QI crypto was enjoying a live market cap of US$61,38,654 with 32,56,92,000 QI coins in circulation. 

How long will the rally last is to be seen, but its rally has been impressive considering the prevailing bearish market sentiments. The RSI indicates a huge uptick suggesting investors are on a buying spree and is already at 62.35 on Monday. 

But while the rally has been impressive, the market participants would do well to tread carefully in a volatile market and take investment decisions based on the market research and not on FOMO. 

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