Total Value Locked$101.05m
TVL by Chain
Avalanche$101.05m
Key Metrics
Fees 30d$189,946
Fees 30d by chain
Avalanche$189,946
Fees 7d$51,181
Avalanche$51,181
Fees 24h$5,873
Avalanche$5,873
Cumulative Fees$18.23m
Avalanche$18.23m
Revenue 30d$33,062
Revenue 30d by chain
Avalanche$33,062
Revenue 7d$8,676
Avalanche$8,676
Revenue 24h$1,028
Avalanche$1,028
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$243,590
Collateral Liquidated 30d by chain
Avalanche$243,590
Collateral Liquidated 7d$33,615
Avalanche$33,615
Collateral Liquidated 24h$59,389
Avalanche$59,389
Cumulative Collateral Liquidated$1.27m
Avalanche$1.27m
Market Cap$14.47m
$QI Price$0.002
Fully Diluted Valuation$14.47m
$QI Volume 24h$841,531
CEX Volume$487,210
DEX Volume$375,405(44.61% of total)
Staked$860,596(5.95% of mcap)
Active Loans$35.17m
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 APY3.96%
User Activity
Active Addresses (24h)113
Transactions (24h)1,095
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 Oct 30, 2026.
All-time high TVL: $1.81b on Dec 3, 2021. All-time low TVL: $105 on Aug 19, 2021.
Daily TVL, Oct 1, 2026 to Oct 30, 2026
| Date | TVL |
|---|---|
| Oct 1, 2026 | $127.11m |
| Oct 2, 2026 | $128.14m |
| Oct 3, 2026 | $126.73m |
| Oct 4, 2026 | $129.47m |
| Oct 5, 2026 | $130.47m |
| Oct 6, 2026 | $129.72m |
| 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 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $477.9m |
| 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 30, 2026 (latest) | $97.36m |
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, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $785,589 | $141,721 | $0 |
| 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 (to date) | $189,195 | $32,911 | $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 Oct 30, 2026, Benqi Lending has $101.05m in total value locked. TVL has decreased 23.5% 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 $189,946 in fees. Of that, $33,062 was protocol revenue. Based on the trailing year, the annualized rate is $3.13m in fees and $573,143 in revenue.
What is the QI token price and valuation?
QI is currently trading at $0.002. Its circulating market capitalization is $14.51m, ranking it #1,270. Its fully diluted valuation is $14.51m. Supply currently stands at 7.2b circulating, 7.2b total supply, 7.2b maximum supply.
How has QI performed recently?
QI is down 14.1% over the past 7 days and down 33.9% over the past 30 days. Its all-time high is $0.39, reached on Aug 23, 2021. The token is currently 99.5% below that level.
How does Benqi Lending's TVL compare to similar protocols?
Among Lending protocols tracked by DefiLlama, Benqi Lending ranks #30 by TVL. The category holds $49.207b across 518 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 V2, Silo V3, Folks Finance xChain, and TermFinance Lend.
How much has been borrowed through Benqi Lending?
As of Oct 30, 2026, Benqi Lending has $35.17m in active loans.