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In today’s thundering DeFi digital market, most businesses are eyeing opportunities like BenQi, a token with the power to borrow and a lending platform. But how can you leverage this trend in 2024?

According to the global market, the BenQi token is projected to grow by 9.10% by the end of 2028. This information shows that there is space for business development to develop tokens like BenQi. This blog will explore the fundamental steps from a business outlook, instructing you to build a successful token with an explicit vision and strategic processes.

Are you ready to unlock the full potential of the BenQi token and develop your successful token? Keep reading this blog for detailed information!

Quick Summary: Learn how to build a token like BenQi, top BenQi tokens, and the market analysis of BenQi tokens. It will also explore the development of token costs and the features of tokens like BenQi.

What is BenQi Token?

BenQi is a native cryptocurrency and a decentralized finance (DeFi) protocol built on the Avalanche blockchain. Users can hold their Qi tokens to earn rewards from the BenQi ecosystem and boost their liquidity.

BenQi acts as a governance token, allowing users to vote on proposals that shape the future of the BenQi platforms. It allows users to lend, borrow, and earn interest with their digital assets.

Users can instantly borrow from the digital market using their digital assets.
Instantly withdraw their earned interest and rewards from the Qi market.
Users also receive discounts on the transaction fees from the BenQi tokens.
Users hold their tokens to earn rewards, contributing to liquidity funds.

Market Analysis of BenQi Token

The BenQi tokens average revenue per user is around US$61.8 in 2024.
The global market for BenQi tokens is projected to have50 million users by the end of 2028.
The revenue from BenQi tokens is expected to grow at an annual rate of 62%,reaching US$71.7 bn by the end of 2028.
According to the global market comparison, the highest revenue in the United States will be US$23,220.0m in 2024.
In the BenQi token digital market, user penetration will be 13,88% in 2024, and it is expected to hit 88% by the end of year 2028.

Top 7 Substitute Tokens Like BenQi

Are you looking to develop a Token Like BenQi? Then, crypto token development services provide the best substitutes for BenQi Token Services. Here is the list of substitute tokens like BenQi:

Aave
Compound
MakerDAO
Uniswap
SushiSwap
Coinbase
Curve

1. Aave

It is one of the leading DeFi protocol tokens like BenQi. It encourages users to lend, borrow, and earn interest on diverse cryptocurrencies. Users can earn rewards by staking their AAVE tokens and also borrow crypto at low interest rates by holding AAVE.

2. Compound

According to Binance smart chain development services provider, the compound is one of the significant DeFi lending protocols built on Ethereum. It offers crypto lending and borrowing at reduced interest rates, set by an algorithm based on demand, supply, etc.

3. MakerDAO

MakerDAO is a decentralized organization that governs the maker protocol. It launched in 2015 as a lending platform for building Ethereum. In this, users confirming assets such as ensuring transparency and security, ETH generates DAI through intelligent contracts.

4. Uniswap

Uniwasp is a decentralized organization that exchanges Ethereum on blockchain development It allows users to exchange ETH through peer-to-peer crypto trading without intermediaries. This allows anyone to swap cryptocurrencies and promotes open participation in the Uniswap space.

5. SushiSwap

SushiSwap is a similar Uniswap decentralized organization(DEX) that was launched in 2020. It allows users to swap their cryptocurrencies directly with each other. Sushi token holders can stake their tokens and earn rewards with each transaction fee on the platform.

6. Coinbase

Coinbase is one of the most popular forms of cryptocurrency in the world. It was launched in 2012. An app like Coinbase lets users buy, sell, and trade digital currencies quickly. Coinbase offers a wide range of cryptocurrencies, such as transaction fees on trade types and trade with different payment methods.

7. Curve

It is a specialized DeFi protocol on the Ethereum blockchain; it mainly focuses on efficient stablecoin trading. It allows users to lower trading fees compared to other traditional exchanges. CRV(Curve) token holders stake their tokens and earn rewards by providing liquidity to stablecoins.

5 Benefits For Businesses To Develop A Token Like BenQi

The rise of DeFi(Decentralized finance) has opened the way for innovative business models. The BenQi token is the best example of investing in DeFi staking platform development to increase your business and reach the following levels. But what benefits can businesses reap by developing a token identical to BenQi? So, here are some essential points to describe the benefits:

1. Community And Engagement

A well-designed token like BenQi allows users to stake their tokens and earn rewards, participate in governance, and utilize tokens for collateral. By offering users a valuable token with utility on your platform, you can attract more users. This organic user can be more cost-effective than traditional market strategies.

2. Liquidity and Market Efficiency

Offering a token can incentivize users to contribute liquidity to your platform. Providing high-quality liquidity can motivate more users to use your app and create positive feedback.

A well-designed token structure can hold the user’s tokens to reduce the frequency of buy/sell transactions. It allows users to sell their tokens with minimum platform transaction fees.

3. Market Position

A well-established token with a robust community existence can enormously improve your brand honor within the DeFi space. In the digital DeFi world, valuable and unique tokens can differentiate your platform from other market competitors. This can attract users to your platform by providing tokens for specific functionalities.

4. Potential Revenue Generation

In this, users sell or buy tokens from other users, but transaction fees are charged at that time. Transaction fees can still generate revenue for your business. For the premium version of the platforms, users must subscribe to the paid plan to access all its functions and features.

5. New Revenue Streams

In this phase, tokens will be distributed to other token distribution platforms. This phase generates the initial funding through partnerships, collaboration, and ongoing operations. If users hold more tokens that benefit your business, this can create a sustainable revenue stream to support the platform’s growth.

We had previously created an app with Dev technosys and liked it very much. We needed a token app, so we contacted Dev technosys again. which has 13+ years of experience building sufficient mobile apps or websites. They provide adequate mobile apps or websites with high-quality themes, premium features, and dynamic backend and frontend functions. Dev Technosys has delivered apps or websites within time and budget, giving us excellent results.

-Steve will

7 Essential Steps To Develop A Token Like BenQi

In the modern era, BenQi is very popular for the exchange DeFi (Decentralized Finance). So, creating a token like BenQi is very beneficial for businesses, as shown by the market strategies. The Cardano blockchain development company provides the key steps to creating a token like BenQi.

So, here are the steps:

Define Needs and Goals
Market Research
Feature Selection
Development
Project Management
Testing and Deployment
Maintenance and Support

1. Define Needs And Goals

In this first stage, analyze your needs and the features and functions you have installed in your app or website. Create a list of your requirements and observe your budget. Also, analyze your app or website’s goals and build a successful token app to hit your targeted goals. So, in this first stage, understand your project requirements, create pre-defined goals, etc.

2. Market Research

In this second stage, research the market for similar apps or websites for your project. And understand their strengths and weaknesses so that you can develop your app or website.

Make strategies for the target audiences and plan for the market competitors. Identify your primary and secondary users to motivate them to use the app or website.

3. Feature Selection

Let’s move to the third stage: analyzing the core features and functions that must be installed in your app or website. Many extraordinary or premium features are also available to install, but they can increase the overall app development cost. So, choose the suitable functions and resources to develop a token like BenQi.

4. Development

In this fourth stage, hire blockchain developer to build a successful token like BenQi. This stage includes adding security restrictions, basic features, premium functions, and many other factors. It is a crucial stage in developing an app or website because, in this stage, we manage budget, time, technical specifications, and more.

5. Project Management

In this fifth stage, assemble an expert team to handle all technical tasks and build an efficient and reliable app or website. Manage budget and timeline to complete the project, track your project reports, and other high resources. So, build a token like BenQi, which provides a highly skilled team to manage all your project requirements.

6. Testing And Deployment

It’s time to test your app or website. Here, the blockchain development company fix the bugs and errors, checking that all features and functions are working correctly, and testing the quality of the app or website.

After the testing phase, it’s time to publish your app or website on the App Store or Play Store. Also, share your app on social media platforms so more users can reach out to your app.

7. Maintenance And Support

After the app is published, it is time for maintenance. This includes discovering features and functions not working smoothly and updating them to the latest version. So, update the outdated features and functions and check regularly for updates. Also, the user feedback should be reviewed, and quick action should be taken to address the user’s issues.

Must-have Features of Token Like BenQi

Are you looking to access the full features and functions of the BenQi? Well, here is a list of unique features to help you in a successful DeFi yield farming development services. So, let’s take a look at the features:

Features	Descriptions
Transparent Lending and Borrowing	It provides secure smart contracts that facilitate peer-to-peer lending and crypto asset borrowing. It also lets users view interest rates, liquidity pool information, and collateral requirements.
Diverse Supported Assets	It supports a wide variety of cryptocurrencies as borrowing and lending assets. It allows users more flexibility in managing their crypto portfolios.
Dynamic Interest Rates	In this, users must be allowed to see interest rates fluctuating in real-time, ensuring informed decisions. Interest rates are based on algorithms that predict the supply and demand in the market.
Collateralization System	It allows users to lock their crypto assets as collateral. It also allows clear parameters for liquidation in case of load defaults.
Staking Mechanism	In this, users can earn rewards for holding their tokens, and transaction fees are also rewards for the user. Profit protocols are also a reward for the users who have held their tokens for a long time.
Governance Rights	It allows token holders to vote on the proposals influencing the platform’s development, such as interest rates and future features or functions.
Frictionless Transactions	It allows users to make fast, secure, and cost-effective token transactions for borrowing, lending, staking, and other platform activities, attracting users who seek more efficient token transaction platforms.
Mobile App Integration	A user-friendly app allows users to manage their lend, borrow, crypto assets, and stake tokens. If you want to install this feature, contact the STO token development company.
Cross-Chain Compatibility	This allows users to transfer and utilize their assets from other blockchains on your platform. It enables cross-chain compatibility and expands the potential user base.
Asset Integration	This integrates with real-world assets like token securities or commodities. It offers users a more comprehensive financial management experience, exploring more possibilities.

Cost Analysis To Develop A Token Like BenQi

DeFi staking platform development costs mainly depend on the app’s size, features, functions, and complexity. They also depend on BenQi’s finances, tokens, transaction fees, and rewards users earn during profit protocols. To develop a token like BenQi, the average cost is $8000 to $30000. The table given below describes the cost in detail:

Token Like BenQi Development	Estimated Cost	Time Frame
Simple Token development	$8000 – $15000	3 to 5 Month
Medium-Complex Token Development	$15000 – $25000	5 to 8 Month
High-Complex Token Development	$30000+	10+ Month

The average cost of maintenance is around 15% to 20% of the overall development of an app or website. Maintenance is a crucial stage for every platform because errors and bugs are generated without it, and users face issues when running the app.

Tech Stack For Token Like BenQi

The tech stack provides the best technology for developing your app or website with flexibility and reliability. Here is a list of the best technologies to choose for the Web3 development services:

Layer	Technology	Focus
Frontend	Javascript, HTML, CSS	View of the frontend design
Backend	Java, Python, PHP	Security concepts, data contributions
Database	SQL, MYSQL	Flexible storage of massive data
Version Control	Git	Version tracking and collaboration.
Testing	Unit testing, white box testing	Ensure code functionality and features are working correctly.
Deployment	Cloud AWS, Amazon Services	Provide flexible deployment in any platform.

So, if you are looking to develop a token like BenQi, you should consult with a token development company to provide an efficient and reliable app or website.

How To Make Money With Tokens Like BenQi?

Developed a token like BenQi, but you don’t know how to generate revenue for your business? So, here are some essential monetization techniques for developing tokens like BenQi. Here is the list of the best monetization techniques:

Token Offering
Transaction Fees
Token Utility and Staking
Governance Model
Monetization Strategies

1. Token Offering

With the DeFi yield farming development services, you can raise funds by selling your token to early investors and users. It provides the initial capital required for platform development, ongoing operations, and marketing.

This ICO is structured to distribute tokens and create liquidity on Decentralized exchanges. So, it accesses early trading and sets the stage for a healthy economy.

2. Transaction Fees

It can implement the transaction fee for specific actions on your platform, such as lending, borrowing, and swapping tokens. The transaction fee structure can generate a profitable revenue stream. It mainly depends on the user’s actions, such as the number of transactions they make in a month or year. This allows for flexibility for user needs.

3. Token Utility And Staking

This provides utility to your token by offering discounts such as platform fees and a profitable portfolio for users who hold and stake your token. This can earn incentives when holding a token and using the platform. Allocate a part of platform income or trade fees to reward users who risk their tokens.

4. Governance Model

It enables users to have voting rights on proposals that influence the platform’s development, fee structure, and future deals. It also allows users to explore models in which a portion of the platform profits from the token holdings. This monetization technique increases your business’s revenue and takes it to the next level.

5. Monetization Strategies

This allows users to borrow a large sum of crypto assets within a single transaction and with specific repaying conditions. A small fee can be charged for this transaction, which is very beneficial for the users. So, it attracts more users to borrow an enormous asset, making a profit for the business and increasing the valuation.

How Dev Technosys Will Help You!

In this blog, we discussed how to develop a token like BenQi and how it benefits today’s market. Investing in tokens like BenQi is rapidly growing your business. It provides a lending and borrowing platform and can be a strategic move to take your business to the next level. The world of BenQi token development services offers exciting possibilities for businesses and increases their revenue.

So, are you ready to dive into the DeFi revolution and develop a token like BenQi? Then, you should contact ICO token development company like Dev Technosys to provide a reliable or sufficient token.

Frequently Asked Questions

1. How Much Does It Cost To Develop A Token Like BenQi?

Developing a token like BenQi costs around $8,000 to $30,000. Basically, it depends on the app’s size, functions, features, and complexity. Paid features and functions are also available, but they can increase the overall development cost.

2. How Long Does It Take To Develop A Token Like BenQi?

Developing a token like BenQi mainly takes 5 to 10 months. It also depends on the developers’ time to complete the overall development.

3. Why Do Businesses Invest In Token Like BenQi?

A token like BenQi provides new revenue streams for the business and allows it to grow in the BenQi token development company services. Here are some essential points:

Engaged user base
Competitive edge
Potential brand recognition
Globally reaching
Excellent ROI(Return On Investment)

4. How Can You Reduce The Cost To Develop A Token Like BenQi?

Install core features and functions, create a simple user interface, and more to reduce the cost of developing a token like BenQi. It also depends on the developer’s experience. If you hire a more experienced developer, the development cost will increase.

5. Which Technology Is Used To Develop A Token Like BenQi?

Web3 development services provide many advanced technologies to help develop a successful app or website. Here is the list of technologies:

Python (Django/Flask)
Java
Flutter
Kotlin
PHP

6. What Are The Benefits Of Tokens Like BenQi?

There are some essential benefits of tokens like BenQi:

Earning potential
Lower cost and efficiency
Access to innovation
Democratized finance
Faster settlements of assets

7. What Are The Ongoing Costs Of Maintaining A DeFi Lending Platform?

Here are some crucial points of maintaining a DeFi lending platform:

Smart Contract development
Liquidity Management
Cost to launch an ICO
Operational costs
Server and marketing costs

8. How Much Cost To Hire a Blockchain Developer?

The cost to hire a blockchain developer mainly depends on the developer’s experience in blockchain technology. The average cost of a blockchain developer is $15 to $20.