Total Value Locked$99.67m
TVL by Chain
Avalanche$99.67m
Key Metrics
Fees 30d$200,054
Fees 30d by chain
Avalanche$200,054
Fees 7d$49,362
Avalanche$49,362
Fees 24h$5,148
Avalanche$5,148
Cumulative Fees$18.28m
Avalanche$18.28m
Revenue 30d$34,695
Revenue 30d by chain
Avalanche$34,695
Revenue 7d$8,731
Avalanche$8,731
Revenue 24h$920
Avalanche$920
Cumulative Revenue$3.2m
Avalanche$3.2m
Holders Revenue 30d$0
Holders Revenue 30d by chain
Avalanche$0
Holders Revenue 7d$0
Avalanche$0
Holders Revenue 24h$0
Avalanche$0
Cumulative Holders Revenue$0
Avalanche$0
Collateral Liquidated 30d$668,329
Collateral Liquidated 30d by chain
Avalanche$668,329
Collateral Liquidated 7d$569,978
Avalanche$569,978
Collateral Liquidated 24h$35.05
Avalanche$35.05
Cumulative Collateral Liquidated$1.8m
Avalanche$1.8m
Market Cap$12.06m
$QI Price$0.0017
Fully Diluted Valuation$12.06m
$QI Volume 24h$777,288
CEX Volume$504,212
DEX Volume$325,147(41.83% of total)
Staked$719,148(5.96% of mcap)
Active Loans$35.45m
Total Raised$9.8m
Apr 14, 2021$6mRound: Investors: Genesis Block Ventures, Arrington XRP Capital, Ascensive Assets, Ava Labs, Dragonfly Capital, Mechanism Capital, Morningstar Ventures, Rarestone Capital, Skynet Trading, The Spartan Group, TRGC, Vendetta Capital, ZBS CAPITAL
Apr 28, 2021$3.8mRound: Public token sale
Protocol Information
BENQI is a non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets.
Audits:
Methodology
TVL: Same as compound, we just get all the collateral (not borrowed money) on the lending markets. Staking counts QI locked in the veQI contract.View code on GitHubFees: Total interest paid by borrowersView code on GitHubRevenue: Protocol and holders share of interestView code on GitHubHolders Revenue: Share of interest into protocol governance token holders.View code on GitHubCollateral Liquidated: Total USD value of collateral seized in LiquidateBorrow events, converted from cToken units to underlying via exchangeRateStored.View code on GitHubYields
Pools Tracked15
Average Supply APY2.34%
User Activity
Active Addresses (24h)82
Transactions (24h)1,183
Competitors
Benqi Lending history
TVL is the default DefiLlama definition, which excludes Staking, Pool2, and Active Loans. Daily values are UTC snapshots from Aug 19, 2021 to Nov 5, 2026.
All-time high TVL: $1.81b on Dec 3, 2021. All-time low TVL: $105 on Aug 19, 2021.
Daily TVL, Oct 7, 2026 to Nov 5, 2026
| Date | TVL |
|---|---|
| Oct 7, 2026 | $134.81m |
| Oct 8, 2026 | $128.82m |
| Oct 9, 2026 | $118.56m |
| Oct 10, 2026 | $121.72m |
| Oct 11, 2026 | $123.14m |
| Oct 12, 2026 | $128.77m |
| Oct 13, 2026 | $119.07m |
| Oct 14, 2026 | $122.24m |
| Oct 15, 2026 | $118.52m |
| Oct 16, 2026 | $118.93m |
| Oct 17, 2026 | $118.03m |
| Oct 18, 2026 | $116.03m |
| Oct 19, 2026 | $115.83m |
| Oct 20, 2026 | $114.21m |
| Oct 21, 2026 | $115.19m |
| Oct 22, 2026 | $114.89m |
| Oct 23, 2026 | $107.5m |
| Oct 24, 2026 | $106.12m |
| Oct 25, 2026 | $106.95m |
| Oct 26, 2026 | $106.15m |
| Oct 27, 2026 | $106.77m |
| Oct 28, 2026 | $106.97m |
| Oct 29, 2026 | $107.06m |
| Oct 30, 2026 | $97.36m |
| Oct 31, 2026 | $102.86m |
| Nov 1, 2026 | $101.47m |
| Nov 2, 2026 | $103.68m |
| Nov 3, 2026 | $101.21m |
| Nov 4, 2026 | $102.4m |
| Nov 5, 2026 | $105.53m |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $409.92m |
| Jan 31, 2025 | $413m |
| Feb 28, 2025 | $306.12m |
| Mar 31, 2025 | $236.02m |
| Apr 30, 2025 | $278.96m |
| May 31, 2025 | $297.08m |
| Jun 30, 2025 | $287.04m |
| Jul 31, 2025 | $322.31m |
| Aug 31, 2025 | $302.77m |
| Sep 30, 2025 | $350.63m |
| Oct 31, 2025 | $264.64m |
| Nov 30, 2025 | $247.42m |
| Dec 31, 2025 | $210.92m |
| Jan 31, 2026 | $179.91m |
| Feb 28, 2026 | $139.31m |
| Mar 31, 2026 | $122.67m |
| Apr 30, 2026 | $112.49m |
| May 31, 2026 | $112.65m |
| Jun 30, 2026 | $85.17m |
| Jul 31, 2026 | $86.05m |
| Aug 31, 2026 | $90.92m |
| Sep 30, 2026 | $132.01m |
| Oct 31, 2026 | $102.86m |
| Nov 5, 2026 (latest) | $105.53m |
TVL at each year end, Dec 31, 2021 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2021 | $1.566b |
| Dec 31, 2022 | $89.41m |
| Dec 31, 2023 | $259.37m |
| Dec 31, 2024 | $409.92m |
| Dec 31, 2025 | $210.92m |
Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Dec 2024 | $1.11m | $196,403 | $0 |
| Jan 2025 | $932,385 | $167,058 | $0 |
| Feb 2025 | $664,544 | $121,642 | $0 |
| Mar 2025 | $489,578 | $88,132 | $0 |
| Apr 2025 | $435,681 | $79,262 | $0 |
| May 2025 | $591,114 | $108,248 | $0 |
| Jun 2025 | $545,793 | $101,798 | $0 |
| Jul 2025 | $655,361 | $120,412 | $0 |
| Aug 2025 | $685,876 | $121,637 | $0 |
| Sep 2025 | $744,416 | $131,585 | $0 |
| Oct 2025 | $697,955 | $122,125 | $0 |
| Nov 2025 | $540,744 | $96,250 | $0 |
| Dec 2025 | $355,545 | $64,147 | $0 |
| Jan 2026 | $334,356 | $59,192 | $0 |
| Feb 2026 | $190,360 | $36,436 | $0 |
| Mar 2026 | $347,267 | $73,810 | $0 |
| Apr 2026 | $305,178 | $55,347 | $0 |
| May 2026 | $273,894 | $47,839 | $0 |
| Jun 2026 | $142,644 | $25,828 | $0 |
| Jul 2026 | $124,186 | $22,431 | $0 |
| Aug 2026 | $133,971 | $24,334 | $0 |
| Sep 2026 | $152,915 | $28,179 | $0 |
| Oct 2026 | $204,552 | $35,475 | $0 |
| Nov 2026 (to date) | $27,740 | $5,069 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/benqi-lending
Frequently asked questions
What is Benqi Lending's TVL?
As of Nov 5, 2026, Benqi Lending has $99.67m in total value locked. TVL has decreased 23.2% over the past 30 days.
What chains does Benqi Lending operate on?
Benqi Lending operates on Avalanche. Avalanche holds the largest share at 100%.
How much has Benqi Lending generated in fees and revenue?
Over the past 30 days, Benqi Lending generated $200,054 in fees. Of that, $34,695 was protocol revenue. Based on the trailing year, the annualized rate is $3.04m in fees and $558,430 in revenue.
What is the QI token price and valuation?
QI is currently trading at $0.0017. Its circulating market capitalization is $12.06m, ranking it #1,382. Its fully diluted valuation is $12.06m. Supply currently stands at 7.2b circulating, 7.2b total supply, 7.2b maximum supply.
How has QI performed recently?
QI is down 20.8% over the past 7 days and down 42.7% over the past 30 days. Its all-time high is $0.39, reached on Aug 23, 2021. The token is currently 99.6% below that level.
How does Benqi Lending's TVL compare to similar protocols?
Among Lending protocols tracked by DefiLlama, Benqi Lending ranks #29 by TVL. The category holds $49.716b across 521 protocols, and Benqi Lending accounts for 0.2% of that total. Similar protocols include Aave V3, Morpho Blue, Aave V4, Euler V2, Aave V2, BiFi, Silo V3, Silo V2, Folks Finance xChain, and TermFinance Lend.
How much has been borrowed through Benqi Lending?
As of Nov 5, 2026, Benqi Lending has $35.45m in active loans.