QiDAO Has Oficially joined the Metis Marathon
The Metis Marathon has kicked off with a bang and we have lots of exciting news and alpha coming your way over the next few weeks. Continuing the series of exciting integrations on Metis Andromeda in the last few months, QiDAO v2 has deployed to Ethereum’s leading L2. QiDAO’s launch is an example of the top-tier DeFi teams that Metis attracts and gives Andromeda users an array of new options to spend, earn, and borrow with Metis.
Check out QiDAO v2 here.
What is QiDAO?
QiDAO is an isolated lending protocol with 0% interest on their loans. That’s right, 0% interest, so DeFi enthusiasts are free to unlock the power of their capital in whatever way they choose and pay back their loans at whatever pace suits their needs.
Borrowers simply deposit their chosen collateral and mint the stablecoin MAI in return and ensure that their collateral ratio stays above the minimum threshold. Thus, QiDAO users can hold their favorite cryptos and remain exposed to any potential upswings whilst unlocking its capital without needing to sell.
All loans in the QiDAO system are isolated vaults and overcollateralized, meaning that risk is disbursed with no possibility of collective bad debt events and the peg of MAI can be enforced with liquidations. At all times, there is more than $1 of collateral backing $1 of MAI, and the system can ensure safety of borrowing and peg. MAI’s peg is also further supported by deposit limits in each vault to ensure that the system always accrues debt at a safe pace, so get in quick if you want some of that sweet MAI action.
QiDAO on Metis Andromeda has launched with 3 collateral types:
With v2, QiDAO has also been upgraded to an even better experience for Metis DeFi participants. It includes, new and dynamic liquidation engine, risk management improvements on new vaults, chain-specific tailoring on aspects such as gas fees. Read more about QiDAO v2 here.
How can Metis users harness the power of QiDAO?
METIS holders now have an additional option in how they use their tokens. We are always looking to bring new utility to the METIS token through expanding the DeFi landscape on Metis Andromeda. Further, by minting MAI, users can also earn QI, QiDAO’s governance and revenue sharing token which can be staked to earn further yield.
QiDAO is also going beyond simply deploying on Metis, this is a meaningful integration with an array of connection points around the Metis ecosystem. Metis MAI minters can provide liquidity on Hermes or Hummus to earn trading fees and farming rewards. These liquidity pools also serve as a means to use MAI for swaps to any of your other favorite tokens on Metis or otherwise utilize the collateral you have posted on QiDAO.
Future outlook for QiDAO on Metis
The launch of QiDAO v2 on Metis Andromeda is an exciting deployment and as a stablecoin with well thought out safety mechanisms Mai is an excellent addition to Metis’ already diverse DeFi ecosystem. We look forward to seeing MAI being added to other Metis native protocols for either lending purposes or as a base for liquidity pools.