Among its many offerings, three notable projects – Benqi, GMX, and Trader Joe – have gained significant traction and garnered attention from the DeFi community.
This article delves into the unique features of each of these avalanche coins, their use cases, and provides a snapshot of their latest news.
Benqi, a decentralized liquidity market protocol built on Avalanche, aims to revolutionize how users earn interest on their crypto assets. It leverages Avalanche’s fast and low-cost transactions. Also, Benqi provides users with a seamless experience while borrowing, lending, and earning interest.
Introducing Ignite🔥– the new base layer protocol for decentralized staking, designed to reduce costs to run Avalanche validator nodes by up to 10x. pic.twitter.com/7AJbfxCe3l
— BENQI🔺 (@BenqiFinance) March 2, 2023
Its use cases are:
- Lending and Borrowing: Users can lend their crypto assets to the Benqi platform and earn interest on their deposits. Conversely, borrowers can utilize their digital assets as collateral to borrow funds.
- High Yield Farming: Benqi offers yield farming opportunities, enabling users to stake their liquidity provider (LP) tokens to earn additional rewards.
- Governance Participation: Benqi token holders can participate in the platform’s governance, helping shape the future direction of the protocol.
1 July – 15 July 2023
BENQI product suite statistics 👇
Avalanche Liquid Staking
➡️ sAVAX TVL: 7,033,516 AVAX (1.81% increase)
— BENQI🔺 (@BenqiFinance) July 17, 2023
As of the latest update, Benqi has successfully completed a major security audit. Enhancing its overall safety and instilling confidence among users. Moreover, the protocol has experienced significant growth in Total Value Locked (TVL). According to DeFillama, its TVL is $209 million. Exceeding several milestones and attracting considerable attention from investors and DeFi enthusiasts alike.
GMX serves as a bridge between traditional financial markets and the world of DeFi on the Avalanche blockchain. It facilitates the creation of synthetic assets. So, it represents real-world assets’ value and enables users to access decentralized financial instruments.
Weekly Rewards Info 🔹
$2,035,181.20 collected in the past 7 days
$1,819,159.18 (ARB), $216,022.02 (AVAX), $3,263.72 (GMX-ETH)
— GMX 🫐 (@GMX_IO) July 20, 2023
Its use cases are:
- Synthetic Asset Creation: GMX, its native token, allows users to mint synthetic assets that mirror the value of real-world assets like stocks, commodities, and indices, enabling exposure to traditional financial markets within the DeFi ecosystem.
- Decentralized Trading: Traders can access a wide range of synthetic assets and trade them with low fees and high transaction speeds.
- Risk Management: Through the creation of synthetic assets, GMX provides risk management tools. Enabling users to hedge their positions and mitigate exposure to market volatility.
WagieBot V4.0.0 is NOW LIVE! – Perpetuals through Telegram
See the attached video or check it out live… pic.twitter.com/CgJePyssu8
— WagieBot (@0xWagieBot) July 19, 2023
According to DeFillama, its TVL is $577 million. Also, the project has been making strides in integrating with existing DeFi protocols within the Avalanche ecosystem. Further solidifying its position as a reliable and secure platform for synthetic assets.
3) Trader Joe
Trader Joe, an automated market maker (AMM) and yield farming protocol, has been a game-changer for Avalanche users. Seeking lucrative opportunities in DeFi. Also, it uses Avalanche’s fast and inexpensive transactions. So, Trader Joe’s provides a user-friendly interface for seamless yield farming and decentralized trading.
Auto-Pools are here.
Automated liquidity built on Liquidity Book, the most capital-efficient AMM in DeFi🌊📘 pic.twitter.com/aZ5CRrX1dO
— Trader Joe (@traderjoe_xyz) June 1, 2023
Its use cases are:
- Yield Farming: Trader Joe’s offers an array of liquidity pools where users can stake their assets to earn yield in the form of native tokens and other project tokens.
- Decentralized Trading: As an AMM, Trader Joe’s allows users to trade assets in a decentralized and permissionless manner, with the platform’s liquidity pools providing a reliable source of liquidity.
- Cross-Chain Compatibility: Trader Joe’s has plans to introduce cross-chain bridges, allowing users to interact with assets from other blockchain networks.
💸 Send and receive JOE on social media
🌪️ Issue and get paid with Invoices
💳 Accept payments with Pay Button
💎 Collect JOE payments via personal Web3 profile
Download our social pay extension… pic.twitter.com/is7T3vtsAf
— pip💧 (@getpipcom) July 27, 2023
According to DeFillama, its TVL is $101 million. It’s clear that the protocol has gained significant TVL. Establishing itself as one of the leading yield farming platforms on Avalanche.
As Avalanche continues to make strides in the DeFi ecosystem, projects like Benqi, GMX, and Trader Joe have emerged as key players, each catering to specific use cases and attracting users with their unique features. Whether it’s providing a seamless lending and borrowing experience, bridging traditional finance with DeFi, or empowering yield farmers, these projects showcase the potential of Avalanche and the broader blockchain industry.
As the DeFi space evolves, it will be exciting to witness how these projects continue to innovate and contribute to the ever-growing world of decentralized finance.
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