QiDao (mai.finance) Proposal

What is QiDao?

QiDao is a decentralized collateralized debt position stablecoin protocol where users can deposit tokens as collateral to issue MAI, the protocol’s decentralized stablecoin. QiDao has grown to become one of the largest stablecoin protocols on Polygon, Fantom, Gnosis Chain, Moonbeam, and Moonriver. Mai Finance is a website that connects users to the QiDao Protocol, which is where the vaults are created and stablecoins are minted.

TL;DR: QiDao is a way for you to keep your crypto and still be able to spend its value. That means you’re able to mint stablecoins without having to sell your crypto assets, and do so at 0% interest.

The process is simple: create a vault, deposit your crypto assets, and mint stablecoins against your collateral’s value.

The QiDao community has recently voted to accept METIS as collateral (Snapshot)

Most collateral types are eligible for Qi vault incentives. Vault incentives are rewarded to vaults that have a MAI debt balance and maintain a healthy collateral to debt ratio (CDR). A healthy CDR is defined as 25% to 270% above liquidation ratio.

Every 2 weeks, Qi holders are able to vote on which collateral types will receive 180k Qi/week of vault incentives.

QiDao Highlights

  • 0% interest minting of stablecoins
  • Isolated vaults
  • 70M TVL
  • 60+ collaterals
  • MAI on 19 chains
  • Mint MAI on 10 chains
  • Vault incentives

Features
QiDao Vaults

  • Deposit crypto assets as collateral
  • Mint MAI at 0% interest
  • Earn Qi incentives for borrowing
  • Repay loan (0.5% repayment fee)
  • Withdraw collateral
  • Transfer vault to another wallet if you wish

Qi Boosting

  • Lock Qi from 1 week up to 4 years
  • The longer your lock the more voting power and reward boost you receive
  • Must lock to receive weekly revenue share based

Relevant links

Security

QiDao smart contracts have been audited 3 times by the following firms

Team

Mai Finance has a full-time team of 6. In addition to the full-time team we have a diverse group of talented community members that complete tasks and bounties to help improve the protocol.

Governance

Protocol governance is done through community votes on QiDao Improvement Proposals. Voting power is based on a user’s QiPowah. Any holder of Qi is eligible to vote on proposals. To increase one’s voting power they can boost their QiPOWAH by locking their Qi for up to 4 years.

You can follow our current and previous improvement proposals at vote.mai.finance

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Video demo of the protocol can be found at QiDao Demo - YouTube