Movement Labs and BENQI Finance Partner to Bring Liquidity and Utility to M1
We are excited to announce a strategic partnership between Movement Labs and BENQI Finance, a leading liquid staking and algorithmic liquidity market protocol on Avalanche. This collaboration is designed to enhance and expand the liquidity and utility of the M1 ecosystem.
BENQI Finance’s Commitment
BENQI Finance, with over $176 million of value locked, is committed to growing sAVAX liquidity on M1. With features like liquid staking that allows users to stake AVAX and seamlessly use it within DeFi, BENQI is positioned to significantly boost the liquidity and utility of sAVAX on M1.
Key Features of the Partnership
- Growing sAVAX Liquidity on M1: BENQI will implement incentive structures to encourage the growth of sAVAX liquidity on M1, leveraging its robust user base and integrated DeFi protocols.
- Support through Ignite: In collaboration with Ignite, BENQI will assist in providing the AVAX stake needed for the foundation subnet validators, enhancing the security and performance of the M1 ecosystem.
- Algorithmic Liquidity Market Protocol: The integration will allow M1 users to lend, borrow, and earn with crypto efficiently, tapping into BENQI’s $105+ million supplied market.
Direct Benefits to the Move Ecosystem
- Enhanced Liquidity: The partnership ensures increased liquidity for sAVAX on M1, facilitated by BENQI’s established user base and innovative liquid staking solutions.
- Security and Performance: With the support of Ignite and BENQI’s commitment to providing AVAX stakes for subnet validators, the M1 ecosystem will experience enhanced security and performance metrics.
- Access to DeFi Protocols: M1 users will gain seamless access to a range of integrated DeFi protocols on BENQI, opening avenues for diversified earning and lending opportunities.
We are excited that this partnership has the potential to usher in a new era of enhanced liquidity, security, and utility for the M1 and Move ecosystems, driving innovation and growth in the decentralized finance landscape.
Movement Labs is pioneering the Movement SDK, empowering protocols to harness the Move Programming Language.
Follow us on Twitter/X
Movement Labs and BENQI Finance Partner to Bring Liquidity and Utility to M1 was originally published in Movement on Medium, where people are continuing the conversation by highlighting and responding to this story.