One key to Beefy’s success is our advanced earning strategies. If you haven’t already noticed, we love a good escrow coin that lets users earn maximized rewards through the collective Cowmoonity power. After binSPIRIT, beFTM, and beJOE, we’ve looked towards QiDao for the next earning opportunity.
What is Qi?
Qi is the QiDao community token, QiDao that allows users to borrow USD-pegged stablecoins interest-free against their crypto assets. The token is used to calculate voting power (Qi Powah), no matter if it’s staked, vested, or in eQi.
The eQi model
eQi is escrowed Qi, earned when a user stakes Qi. eQi is calculated based on the amount of Qi a user locks and the duration they lock it for. Qi can be locked for up to four years in return for eQi.
Users lock Qi to:
1. Boost their Qi Powah
2. Boost their share of the protocol’s revenue. The longer a user locks their Qi, the larger the boost they receive.
What is beQI and how does it work?
beQI is perpetually locked Qi, similar to Beefy’s beJOE, binSPIRIT, and beFTM. Our beQI model will lock 80% of our deposits into eQi (escrowed Qi) for 4 years perpetually to maximize the revenue share return. beQI will also provide voting rights for Qi collateral incentives.
Users will be able to mint beQI by depositing Qi in our Vault at a 1:1 rate. There will be no liquidity for beQI, instead, there will be a withdrawal reserve. You will be able to burn beQI for Qi when there is enough Qi in the withdrawal reserve.
What can I do with beQI?
Once you’re holding beQI, there are a couple of available options. You can either stake it in the:
- Vault to earn more beQI
- Earnings pool to earn more Qi
Note that there will be no liquidity provided for beQI by Beefy.
Where can I get beQI?
You can mint beQI on the beQI Vault page at a 1:1 ratio. As mentioned, If there is enough Qi in the reserves, you can burn beQI to get Qi. This reserve only fills when a new user deposits.
Ramp up your eQi rewards with beQI
Beefy prides itself on having the best DeFi strategies in town. With each new escrowed token, we learn more about what works and what doesn’t. That’s why we’re pleased, confident, and proud to offer the Cowmoonity the latest cutting-edge token for DeFi earners.