Harvesting in Peace: QiDao and Gelato Partner To Auto-Compound Yields
DeFi is an interconnected system of money legos that is becoming ever-more complex. Those projects with a keen eye find opportunity amongst this complexity and optimize the experience for all users involved. That is why Gelato is excited to collaborate with one of the most innovative projects on Polygon, QiDao, to automate the compounding of Aave market yield tokens.
QiDao is the native overcollateralized stablecoin of Polygon that offers 0% interest for utilizing the platform and counts $87 million in TVL. Users lock collateral in order to generate MAI (miMatic) stablecoins. Last month, QiDao debuted yield-bearing collateral vaults allowing users to lock compounding amwMatic in QiDao vaults to borrow MAI. To improve the efficiency of the process, Gelato’s decentralized network of bots are serving the harvesting on Aave market yield tokens on behalf of users of the vault.
“It took less than a day. Setting up tasks on the new interface is as easy as using Gnosis Safe (which manages tens of billions of dollars). This means anyone can make a keeper-managed contract from a simple web interface.” — Lao Zi, Founder of QiDao
This auto-harvesting process is powered by Gelato’s “smart contract poker” that allows any arbitrary task to be automated. As a result, QiDao dramatically lowered development time from what would take months to only a few days, allowing them to focus on building core products for QiDao. Any developer looking to automate their smart contract executions can follow this step-by-step guide on how to do so.
“The smart contract poker by Gelato is a huge step forward in automation for not only DeFi, but Web3 overall. QiDao’s auto-compounding of Aave market yield tokens is a perfect example of how developers can overhaul their shipping process and make their lives easier.” — Dave Liebowitz, Growth Lead at Gelato
In the future, there are more collaborations that can be done between QiDao and Gelato such as collateral protection and more. Stay tuned for more updates.
About QiDao
QiDao is a leading lending protocol and CDP stablecoin native to Polygon. Users can lock various tokens to mint MAI for 0% interest. By taking advantage of the low fees on Polygon, anyone can interact with QiDao in an economical manner.
About Gelato Network
Gelato Network is Web3’s premier automation network, enabling developers to automate a wide variety of arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum. Examples of use cases developers have built on top of Gelato include Limit Orders on AMMs like Uniswap, automatic compounding of yield farming vaults, Aave liquidation protection, MakerDAO debt ceiling updates, automated liquidity management, and even the petting of Aavegotchis.
Our ultimate goal is to automate everything and by giving developers the reliable tools they need to do this, we can empower their users to get the most out of their Web3 experience.
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