Total Value Locked$106.21m
TVL by Chain
Avalanche$106.21m
Key Metrics
Fees 30d$186,099
Fees 30d by chain
Avalanche$186,099
Fees 7d$49,766
Avalanche$49,766
Fees 24h$6,643
Avalanche$6,643
Cumulative Fees$18.21m
Avalanche$18.21m
Revenue 30d$32,557
Revenue 30d by chain
Avalanche$32,557
Revenue 7d$8,431
Avalanche$8,431
Revenue 24h$1,133
Avalanche$1,133
Cumulative Revenue$3.19m
Avalanche$3.19m
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$261,016
Collateral Liquidated 30d by chain
Avalanche$261,016
Collateral Liquidated 7d$2,828
Avalanche$2,828
Collateral Liquidated 24h$0
Avalanche$0
Cumulative Collateral Liquidated$1.23m
Avalanche$1.23m
Market Cap$15.21m
$QI Price$0.0021
Fully Diluted Valuation$15.21m
$QI Volume 24h$913,888
CEX Volume$553,973
DEX Volume$423,145(46.3% of total)
Staked$903,211(5.94% of mcap)
Active Loans$36.57m
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 APY2.49%
User Activity
Active Addresses (24h)64
Transactions (24h)612
Competitors
Benqi Lending history
TVL is the default DefiLlama definition, which excludes Pool2, Active Loans, and Staking. Daily values are UTC snapshots from Aug 19, 2021 to Oct 27, 2026.
All-time high TVL: $1.81b on Dec 3, 2021. All-time low TVL: $105 on Aug 19, 2021.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $128.67m |
| Sep 29, 2026 | $124.45m |
| Sep 30, 2026 | $132.01m |
| 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 |
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 27, 2026 (latest) | $106.77m |
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) | $171,626 | $29,808 | $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 27, 2026, Benqi Lending has $106.21m in total value locked. TVL has decreased 16.9% 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 $186,099 in fees. Of that, $32,557 was protocol revenue. Based on the trailing year, the annualized rate is $3.17m in fees and $579,847 in revenue.
What is the QI token price and valuation?
QI is currently trading at $0.0021. Its circulating market capitalization is $15.21m, ranking it #1,215. Its fully diluted valuation is $15.21m. Supply currently stands at 7.2b circulating, 7.2b total supply, 7.2b maximum supply.
How has QI performed recently?
QI is down 14.2% over the past 7 days and down 36.4% 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 #29 by TVL. The category holds $52.481b 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 27, 2026, Benqi Lending has $36.57m in active loans.