BENQI Finance Introduces Ignite to Reduce Validator Costs for Avalanche
Ignite, a new decentralized staking base layer technology by Benqi Finance, aims to up to 10x lower the operating costs of Avalanche validator nodes. Ignite by BENQI lowers the cost of operating a network by giving consumers all the AVAX collateral they need to launch a validator node. Ignite significantly lowers the cost for developers to use institutional-grade technology from Avalanche. Avalanche validators can now be managed by more Stakers, who will be rewarded for protecting the Avalanche network and its subnetworks. As low as 200 AVAX in QI and AVAX collateral is now required for users to qualify as an Avalanche validator.
Introducing Ignite🔥– the new base layer protocol for decentralized staking, designed to reduce costs to run Avalanche validator nodes by up to 10x. pic.twitter.com/7AJbfxCe3l
— BENQI🔺 (@BenqiFinance) March 2, 2023
Avalanche Subnets Will Become Popular in 2023
Avalanche subnets are expected to become more popular in 2023. Fortune 500 organizations are selecting Avalanche’s scalable blockchain technology to power the evolution of finance, as seen by recently announced agreements with Amazon and Alibaba Cloud. Because of this, BENQI, one of Avalanche’s top DeFi protocols, is pleased to launch Ignite, a newly built base layer protocol for decentralized staking that up to 10x lowers the cost of running an Avalanche node.
The aim of Ignite to accelerate the expansion of the Avalanche ecosystem will be fueled by BENQI’s Liquid Staking protocol, which BENQI has over 1 million AVAX ready for. Using Ignite, BENQI offers the whole 2,000 AVAX required to launch a validator node in return for a user putting just 200 AVAX in QI as collateral. Ignite is intended to push the Avalanche ecosystem’s expansion into overdrive by making it cheaper to run a subnet.
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More Avalanche’s institutional-grade toolset is affordable for developers to use. The P-Chain and early subnetworks can be validated by more Stakers who can spend money on operating their nodes. The infusion of developers and stakeholders will enable the Avalanche network to become more decentralized.
Ignite’s Debut Marks a Turning Point for Both Avalanche and BENQI Finance
Above all, the introduction of Ignite marks a turning point for BENQI and Avalanche. BENQI has constructed a motorway to blitz scale Avalanche’s decentralization, developer acceptance, and creativity by greatly reducing the cost to run a validator. Ignite makes it possible for additional subnets, builders, and value generation during the year of the Avalanche subnet. BENQI’s best-in-class collection of DeFi primitives for the Avalanche system now includes Ignite. Ignite completes a formidable trifecta, which, when combined with BENQI’s Liquid Staking and Borrowing regulations, increases the strength and potential of developing on Avalanche.
