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 for 45 days.
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 empower both new and existing DeFi traders with several easy-to-use, fast, and cost-effective 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, which was worth about $6 million, BENQI’s lending market and the Avalanche ecosystem witnessed impressive growth, the PR stated.
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 deep gratitude to its supporters on both its platform and the Avalanche community.
Dan Mgbor, the co-founder of BENQI, said:
“Excited to launch Phase 2 of our Avalanche Rush initiative. As BENQI’s supplied assets approach the $2.9 billion mark, we’d like to thank the community for their continued support. This phase of our Rush program will be rewarding the amazing Avalanche and BENQI community.”
With the launch of the second phase, which saw BENQI receive an additional $4 million AVAX incentives, the protocol’s total Rush allocation is currently sitting 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 Staking solution and Safety Module before the year runs out to ensure the continued growth of the protocol and the community.