Yeti Finance integrates with BENQI Finance to support QiTokens
Yeti Finance & BENQI
Yeti Finance is thrilled to partner with BENQI Avalanche’s biggest native lending protocol. With this partnership, a wide range of BENQI Qi tokens will be able to be used as collateral on the Yeti platform, giving users the ability to borrow against key yield-bearing Qi tokens at minimum collaterals ratios as low as 105%. The integration will immediately go live on Yeti’s March 29th Mainnet launch.
Introducing: BENQI Finance
BENQI is a non-custodial liquidity market protocol on Avalanche with 2.5 billion dollars in deposited assets and over 1.5 billion dollars of assets lent out. BENQI enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the BENQI earn passive income, while borrowers are able to borrow in an over-collateralized manner.
With this partnership, BENQI users will be able to deposit their deposited assets on BENQI in the form of “Qi tokens” as collateral and borrow against them on Yeti Finance.
What will be available on the Yeti Finance platform?
Users will also be able to deposit the following Tokens once they have been supplied/deposited on the BENQI Platform:
- qiAVAX
- qiUSDC
- qiUSDT
- qiDAI
- qiWBTC
- qiWETH
- sAVAX — Liquid Staking AVAX
The QiToken is a representation of an asset that is supplied to the BENQI protocol. It is given to the depositor for supplying assets to the protocol and functions to accrue value relative to the original asset through the token’s interest rate.
Depositing any of the above-listed Qi assets into the Yeti Finance protocol unlocks deep, immediate liquidity through being able to borrow against qiTokens at minimum collaterals ratios as low as 105%.
Users will retain all existing benefits that these qiTokens have such as Qi and AVAX yields. Thus, unlocking the ability to unlock deep liquidity one’s portfolio, without losing any rewards that one would normally get on the BENQI platform.
Why use the Yeti Protocol?
The architecture behind the protocol is a ‘quantum leap’ forward for the stablecoin and lending landscape. The protocol enables greater capital efficiency for users, allowing them to unlock the following benefits:
- Minimum Collateral Ratios of 105% — resulting in higher loan to value ratios and higher liquidation thresholds resulting in more efficient usage of deposited assets.
- Depositor Friendly —Rewards on your qiTokens will accumulate in your trove when deposited on Yeti Finance
- Directly redeemable — YUSD (Yeti Stablecoin) can be redeemed at face value of 1 YUSD for $1 in underlying collateral at any time minus redemption fees
- Portfolio Borrowing — Borrow against your entire portfolio on the protocol, rather than borrowing against individual assets that you deposit to minimize risk of liquidations
Integration Date
Users will be able to deposit and borrow against BENQI collateral immediately at launch.
About BENQI
Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. Through BENQI, Avalanche users will be able to earn interest on their assets, obtain credit through over-collateralized loans and earn QI governance tokens as rewards for participating in the protocol.
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About Yeti Finance
Yeti Finance is a next-gen borrowing protocol built on Avalanche. This innovative protocol enables users to borrow against their entire portfolio of crypto assets, while continuing to earn the rewards that their deposited assets generated.
Unlock deep liquidity, borrow at the lowest collateral ratios, and borrow against your entire portfolio to gain better protection against liquidations.
