Benqi
AuditedVerifiedBluechipBenqi is Avalanche's leading DeFi platform: stake AVAX for sAVAX (the dominant Avalanche LST), borrow on Compound-style Markets, or bootstrap an Avalanche validator with Ignite.
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Score history
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The Problem
Staking AVAX directly locks capital for the entire validator term and requires running infrastructure; Avalanche DeFi lacks a single venue for liquid staking, lending, and validator bootstrap.
The Solution
Benqi pools AVAX into a validator-delegated MPC signer set and issues sAVAX — a non-rebasing LST usable as DeFi collateral — alongside Compound-style lending markets and the Ignite validator bootstrap product.
Why it Matters
Dominant Avalanche LST by TVL with deepest sAVAX/WAVAX DEX liquidity, integrated as Aave v3 collateral; 4+ years of continuous operation on Avalanche with no major protocol exploits; only DeFi protocol on Avalanche offering validator bootstrap (Ignite).
Protocol Metrics
Related Research
View allFrequently asked questions about Benqi
What is Benqi?+
Benqi is a Liquid Staking protocol operating on Avalanche. Benqi is Avalanche's leading DeFi platform: stake AVAX for sAVAX (the dominant Avalanche LST), borrow on Compound-style Markets, or bootstrap an Avalanche validator with Ignite.
How does Benqi work?+
Benqi pools AVAX into a validator-delegated MPC signer set and issues sAVAX — a non-rebasing LST usable as DeFi collateral — alongside Compound-style lending markets and the Ignite validator bootstrap product.
Is Benqi safe?+
DeFi Sentinel rates Benqi AA with a safety score of 85/100, indicating very low risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Benqi has 6 audits on record. DeFi Sentinel's analysis flagged 4 medium, 4 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization and Sustainability & Competitive Position. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Benqi?+
Benqi has a DeFi Sentinel safety score of 85/100 (rating AA), last updated September 16, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Benqi support?+
Benqi is deployed on Avalanche.
Has Benqi been audited?+
Yes. Benqi has 6 audit reports on record from firms including Halborn, Halborn, Certora. Audit reports and dates are linked under the Resources tab on this page.