Mint $MAI using MaticX
At Stader our mission is to democratize staking, secure PoS blockchains and help stakers make the most out of DeFi.
With this objective, we are excited to announce that our partnership with the largest over-collateralized stablecoin provider on Polygon — QiDao (MAI Finance) went live a couple of weeks ago. This will help our users on the Polygon mainnet boost their yields by borrowing $MAI stablecoins against MaticX as collateral.
This integration powered by Manhattan.Finance allows MaticX holders to borrow $MAI at a fixed interest rate of 1% with a maximum LTV (Loan To Value Ratio) of 74%. A key component in the integration is the availability of the MaticX — USD Chainlink calculated price feed which enables effective risk management for QiDao.
Benefits for MaticX users
Stader aims to increase the DeFi opportunities available for the liquid staking community by integrating with valuable protocols like QiDao.
With this collaboration, Stader will help MaticX users borrow $MAI and use it in DeFi opportunities across the Polygon DeFiverse. For instance, MAI can be used on lending protocols like 0vix, Market.xyz or for yield farming on all-stablecoin LPs on DEXs.
Some opportunities on MAI on Polygon currently available:
- MAI/DAI/USDC/USDT pool on Curve offers 9.6% APY
- MAI/USDC pool on QuickSwap offers 6.76% APY
About Mai Finance/QiDao
QiDao is a non-custodial and open source platform which enables minting of $MAI — an overcollateralized stablecoin using a wide variety of assets. The protocol has a TVL of over $76M with a significant portion (~$43M) amassed on the Polygon mainnet.
QiDao has two tokens associated with it: MAI — the stablecoin, and Qi — the governance token that enables users to participate in deciding on proposals concerning the protocol.
This fully decentralized, community-governed protocol comes with the following features:
Over collateralized vaults: QiDao is an over collateralized stablecoin protocol and not an algorithmic one. Meaning MAI is always backed by collateral assets which are worth more than the MAI in circulation.
Vault control: Vaults in which users lock in their token collateral and borrow MAI are always user created and controlled
Decentralization: The platform has no central authority controlling it. The users are fully in control of their funds. Protocol level decisions are taken through a governance process where Qi token holders can vote
MAI has a soft peg with the US Dollar in a one-to-one ratio through several feedback loops. Besides having a collateralization ratio of 130–150%, users can take advantage of the zero-risk arbitrage when the value of MAI deviates from $1 by over 1 cent. MAI is integrated with several blue-chip partners across Polygon including Curve, Quickswap and Beefy Finance, among others.
Get started with minting MAI here and benefit from over 10 unique yield farming opportunities on 6 different chains possible with MAI while also securing ~6% yearly gains on your staked MATIC.
Also, here’s the step-by-step guide to Mint $MAI with just a few clicks.
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