How to use BenQi: An A-Z Guide (2023)

In this article, let's learn about how to use BenQi - a promising platform that will have the same role as Compound on the Avalanche ecosystem.

linhha

Published Jan 30 2022

Updated Sep 08 2023

3 min read

DeFi projects currently conducted on Ethereum usually experience congestion problems that have resulted in high network fees. BENQI aims to alleviate these problems by providing a Liquidity Market Protocol on a highly scalable and decentralized platform.

In this article, let's learn about BenQi - a promising platform that will have the same role as Compound on the Avalanche ecosystem.

BenQi Overview

BenQi protocol is a non-custodial liquidity market protocol that focuses on simplifying features, making it easier for users to use and is low in cost. You can provide and withdraw liquidity or use your provided assets as collateral for the common liquidity market.

Benqi is also a bridge connecting Ethereum with Avalanche, which can help you eliminate $300 Gwei on the Ethereum network while getting better speed for transactions.

How to start using BenQi

Download and install the Coin98 Super App

BenQi is now available on the Coin98 Super App for both iOS and Android users: https://coin98.com/wallet

Read the detailed instructions about how to use the Coin98 Super App or watch the tutorial video to install the Coin98 Supper App.

Download and install the Coin98 Extension Wallet

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

For instructions on installing and using the Coin98 Extension Wallet, you can refer to this guide here.

Create an Avalanche C-chain (AVAX C-chain & ARC20 tokens) Wallet

BenQi is a protocol of the Avax blockchain, so you need an Avax C-chain Wallet (AVAX C-chain, ARC20) to use this platform.

If you are already a Coin98 Wallet user, you can refresh or import multi-chain wallets to update your Avalanche C-chain wallet (AVAX C-chain, ARC20) as well as other new wallets available in this version!

On BenQi, whether you’re using AVAX C-chain or ARC20 standard tokens, you need to transfer them to your Avax C-chain wallet.

Note: Avalanche has 3 chains: C-chain, X-chain, P-chain, corresponding to different AVAX tokens. The wallet address will be changed after each transaction. Please carefully check the address before using it to transfer your coins/tokén instead of using the previous AVAX (X-Chain) wallet address.

Prepare AVAX (C-chain) to pay for gas fee

BenQi uses AVAX (C - chain) for the gas fee, therefore, to start using BenQi, you need to have AVAX (C-chain) in your wallet.

You can use the Coin98 Wallet’s Cross-Chain bridge to convert AVAX C-Chain to AVAX X-Chain and vice versa. This is one of the outstanding solutions that make it easy for you to use BenQi

Also, you can buy AVAX (C-chain) on Binance, FTX,… and withdraw to the Avalanche (C-chain) Wallet to be able to experience the product.

Now everything’s ready, let’s start trading.

How to use BenQi

Connect your Avalanche Wallet with BenQi in the dApp Browser

To access BenQi, click Browser on the home screen and select BenQi in the Finance section or enter “BenQi” in the search bar, tap the BenQi logo in the results.

After accessing BenQi, Coin98 will automatically connect to the corresponding Avalanche Wallet.

If you want to change your wallet, tap on the wallet name in the lower right corner of the screen → Select the appropriate wallet/network.

Add liquidity with Markets

Step 1: On the homepage, click Markets on the navigation bar.

Step 2: Select the coin/token you want to supply. Then, insert the amount you want to supply and click Deposit.

The system will charge a very small fee to approve, if you agree, click Send. After the transaction is successful, you can click View transaction on SnowTrace to see your transaction history.

Step 3: Click Borrow, then insert the amount of coins/tokens you want to borrow. The system will charge a very small fee, click Send if you agree with this transaction.

Overview

On the homepage, click Overview on the navigation bar.

BenQi Overview is where users have a better overview of the product and their portfolio.

Rewards

This feature allows you to receive rewards when borrowing or depositing coins/tokens into the ecosystem.

On the homepage, click Rewards on the navigation bar. Choose the pool from which you want to take rewards then click Claim. The system will charge a very small network fee, if you agree, click Send.

Summary

Hopefully, this article has helped in explaining and assisting you in generating extra profit with BenQi natively on the Coin98 Super App. Don't forget to join Coin98 Community and Coin98 Super App on Telegram to express & discuss your idea with admin and other members!