BENQI, an algorithmic liquidity market protocol on the Avalanche blockchain, announced on Monday the launch of the second phase of its ongoing Avalanche Rush incentive program.
According to a joint press release with Potato encryptionThe second phase of the initiative will last for 45 days.
$180 million stimulus program on avalanche
Avalanche Rush is a $180 million cash-mining catalyst that seeks to include some of the best DeFi protocols for the AVAX network. It aims to empower new and existing DeFi traders with several easy-to-use, fast and cost-effective applications.
The Avalanche Rush spur is set to run for months and is just getting started with top DeFi projects like Curve, Aave, and BENQI.
During the first phase of BENQI’s Rush stimulus, valued at about $6 million, the BENQI lending market and the avalanche ecosystem experienced impressive growth, PR reported.
The project recorded a peak of $2.8 billion in supply value, over $1 billion in loans, and a user base close to 14,000 total users.
The BENQI team expressed its deepest gratitude to its supporters on both its platform and the avalanche community.
Dan Majbour, co-founder of BENQI, said:
“We are excited about the launch of Phase Two of the Avalanche Rush Initiative. With assets sourced from BENQI approaching the $2.9 billion mark, we would like to thank the community for their continued support. This phase of the Rush program will reward the amazing Avalanche and BENQI community.”
Connect DeFi and Enterprise Networks
With the launch of Phase 2, which saw BENQI receive an additional $4 million in incentives from AVAX, Rush’s total allocation to the protocol is currently $10 million.
The project indicated that its vision is to bridge the gap between DeFi and enterprise networks, and that it intends to achieve this goal through several solutions that it plans to roll out soon.
BENQI added that it plans to release its Liquid Staking solution and safety module before the year runs out to ensure continued growth of the protocol and community.
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