Overview
The QI token is native to Avalanche and is at the core of the entire BENQI ecosystem. A core use case is staking QI to receive BENQI Miles (formerly veQI).
BENQI Miles can then be used for purposes such as:
Directing AVAX delegations to validators
DAO governance, and
A safety module as the protocol evolves.
QI can also be used for yield (e.g. as collateral) and provides discounts for services such as launching a PAYG validator.
Furthermore, holders of BENQI Miles can engage in Node Voting, whereby they can allocate their votes to support specific Avalanche validators, influencing how AVAX is delegated from BENQI’s Liquid Staking Pool.
Gradual Decentralization
The founding team currently governs the protocol. As BENQI matures, the protocol will progressively be decentralized and eventually be governed by a DAO consisting of QI token holders and governance structures both on-chain & off-chain.
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
The total supply of QI is 7,200,000,000 tokens.
We provide a full breakdown of the supply in the Token Distribution & Vesting section.
BENQI Miles
By staking QI, users receive BENQI Miles, formally known as veQI.
BENQI Miles can be used to vote in governance decisions, with the initial focus on Node Voting to support Avalanche validators.
All users begin with a BENQI Miles balance of zero. When QI is staked, Miles accrue linearly over time to 100 times the QI staked (eg: 1 QI = 100veQI).
The accrual rate is 0.000003888888888 Miles per staked QI each second, and this accrual is automatic so there is no need to claim it. For example, over the course of one day (86,400 seconds), a user would earn approximately 336 BENQI Miles for each staked QI.
However, unstaking any amount of QI will reset the user's entire accumulated veQI balance to zero.
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