What Is QiDAO?
QiDAO is a stablecoin issuer that provides the debt-backed MAI stablecoin.
Background
QiDAO was established to oversee Mai Finance in 2021.
How It Works
The platform accepts a variety of approved collaterals, including yield-generating tokens like Aave’s aTokens and Yearn’s vault tokens. Users can borrow newly minted MAI tokens at no interest, with a one-time fee applied upon loan repayment.
Users deposit their chosen collateral and borrow MAI tokens. These loans can be liquidated if the collateral value falls below a certain loan-to-value ratio.
QI is QiDAO’s fee-sharing and governance token. Users can lock QI tokens for up to 4 years, earning them eQI tokens, a higher protocol revenue share, and increased voting power. The longer the lock-up period, the greater the benefits.
Key Takeaways
- QiDAO is a stablecoin issuer that provides the debt-backed MAI stablecoin.
- It was established in 2021 to oversee Mai Finance.
- The platform accepts a variety of approved collaterals, including yield-generating tokens.
- Users deposit collateral and borrow MAI tokens, which can be liquidated if the collateral value falls below a specific ratio.
- QI is QiDAO’s fee-sharing and governance token, and users can gain increased benefits by locking up their QI tokens.
