In the ongoing Avalanche Rush program, the Avalanche-based liquidity market protocol has launched another $4 million in incentives.
BENQI, an Avalanche blockchain network algorithmic liquidity market protocol, announced the launch of a $4 million second phase of its ongoing Avalanche Rush incentive program on Monday.
The second phase of the initiative, according to a press release shared with ULTCOIN365, will last 45 days.
Avalanche Incentive Program Worth $180 Million
The Avalanche Rush is a $180 million liquidity mining incentive program aimed at bringing some of the best DeFi protocols onto the AVAX network. It aims to provide new and experienced DeFi traders with a variety of simple, quick, and cost-effective applications.
The Avalanche Rush incentive will run for several months and has just begun with top DeFi projects such as Curve, Aave, and BENQI.
According to the press release, BENQI’s lending market and the Avalanche ecosystem experienced impressive growth during the first phase of the Rush incentive, which was worth approximately $6 million.
The project reached a high of $2.8 billion in supply value, more than $1 billion in borrows, and a total user base of nearly 14,000 people.
The BENQI team expressed heartfelt gratitude to its platform and Avalanche community supporters.
BENQI co-founder Dan Mgbor stated:
“We are thrilled to kick off Phase 2 of our Avalanche Rush initiative. As BENQI’s supplied assets approach $2.9 billion, we’d like to express our gratitude to the community for their ongoing support. This phase of our Rush program will honor the incredible Avalanche and BENQI communities.”
Bringing DeFi and Institutional Networks Together
With the start of the second phase, BENQI received an additional $4 million in AVAX incentives, bringing the protocol’s total Rush allocation to $10 million.
The project stated that its vision is to bridge the gap between DeFi and institutional networks, and it intends to accomplish this goal through a number of solutions that will be released soon.
BENQI also stated that it intends to launch its Liquid Staking solution and Safety Module before the end of the year to ensure the protocol’s and community’s continued growth.