How to withdraw BENQI(QI) coins to wallet?

To withdraw QI tokens from the BENQI platform, ensure your connected wallet has sufficient QI balance, carefully select the withdrawal method based on fees and network conditions, and diligently monitor the progress of your withdrawal request to ensure its successful completion.

Dec 23, 2024 at 12:53 pm

Key Points:

• Understand the BENQI (QI) token and its usage
• Connect your wallet to the BENQI platform
• Initiate a withdrawal request
• Choose the appropriate withdrawal method
• Confirm the transaction details and fees
• Monitor the progress of your withdrawal

Step-by-Step Instructions:

1. Understanding BENQI (QI):

   • BENQI (QI) is the native token of the BENQI decentralized lending protocol, built on the Avalanche blockchain.
   • QI serves as both a governance token and a reward for protocol participants.

2. Connecting Your Wallet:

   • Connect your preferred crypto wallet, such as MetaMask or Ledger, to the BENQI platform.
   • Ensure that your wallet contains an adequate balance of QI tokens to withdraw.

3. Initiating a Withdrawal Request:

   • Navigate to the "Withdraw" tab within the BENQI platform.
   • Enter the desired amount of QI tokens you wish to withdraw.
   • Select the recipient address for your tokens.

4. Choosing the Withdrawal Method:

   • BENQI allows withdrawals via Avalanche Network for a fee of 0.05 AVAX, or via ERC-20 for a fee of 3 QI.
   • Consider the fees and network conditions associated with each method to make an informed decision.

5. Confirming Transaction Details:

   • Review the withdrawal amount, recipient address, and selected method carefully.
   • Estimate the transaction fees and ensure you have sufficient balance to cover them.

6. Monitoring Withdrawal Progress:

   • Submit your withdrawal request and monitor its status on the transaction history page or through your wallet's transaction explorer.
   • The processing time for withdrawals varies depending on the selected method and network congestion.

FAQs:

1. What is the minimum withdrawal amount for QI tokens?

• The minimum withdrawal amount is 1 QI via both Avalanche Network and ERC-20.

2. Are there any restrictions on withdrawing QI tokens?

• There are no limits on the frequency or amount of QI tokens you can withdraw. However, the platform reserves the right to impose restrictions if necessary.

3. Why is my withdrawal taking so long?

• Withdrawal processing times can be affected by network congestion, wallet confirmations, or technical issues. Check the transaction history or contact the BENQI team for assistance.

4. What should I do if my withdrawal fails?

• Contact the BENQI support team via email or social media channels. They will assist in troubleshooting the issue and initiating a recovery process if necessary.

5. Can I cancel a withdrawal request?

• Once a withdrawal request is submitted, it cannot be canceled. However, if the transaction is still pending, you may contact support to inquire about its status.