BENQI Miles & Progressive Decentralization

BENQI Miles, formerly known as veQI, are governance tokens that represent a user’s stake and influence within the BENQI protocol.

They're earned by staking QI tokens within the protocol and enable users to vote on various aspects of the protocol. As you stake QI, you accumulate Miles over time, which can then be used for an increasing number of potential use cases covered below.

Progressive Decentralization

As BENQI matures, the protocol will continue to undergo progressive decentralization and eventually be governed by a DAO consisting of QI token holders and governance structures both on-chain & off-chain. The founding team will bootstrap the initial release of BENQI.

BENQI Miles will be used to vote on all aspects of BENQI. To begin, it has been applied to Node Voting, covered in Node Voting

Examples of other parameters (subject to change) where you could use BENQI Miles for voting in the future might include:

• The Interest Rate Model

• New assets that meet the risk requirements of the protocol

• Risk parameters for over-collateralization and liquidation

• Changes to the Liquidity Mining Program to adjust incentives depending on market conditions

• Protocol improvements such as changes to smart contracts and governance processes

• Protocol fee sharing