QiDao Fundamentals Review: July (Week 61 to 64)

QiDao Protocol
QiDao Fundamentals Review
3 min readAug 17, 2022


Summary Metrics


Week-to-week revenue

Repayment revenue breakdown

Treasury breakdown

Notable Cash flows


1. Repayment fees

Revenue from repayment fees has decreased compared to previous months. May and early June saw large amounts of repayment activity due to a worsening market climate. Collateral prices fared better in July, thus lowering repayment activity.

2. Deposit fees

Fees from deposits into mai.finance farms have remained at the same levels as in June. Demand for stablecoin farming is very strong.

3. Grants

Grants have been received from Polygon, Optimism, Fantom, Lido, and Stader.

Outflows and Uses

1. Distribution to eQI stakers

  • 30% of repayment fee revenue
  • 50% of interest fee revenue
  • All rewards collected by the DAO from farming QI-MATIC

2. Team payroll, community bounties, and marketing activities

3. Participation in proven liquidity mining programs

Starting in August, QiDao will use some stablecoins earned from repayment fees to participate in liquidity mining programs to accumulate governance tokens. These governance tokens will then be used to vote for MAI pools.

Grant Executions

  1. Optimism: 750,000 OP awarded by the Optimism DAO to promote building on top of QiDao, grow MAI liquidity, and incentivize MAI borrowing. The OP tokens have not yet been sent to the DAO
  2. Lido: 15,000 LDO allocated to stMatic-MAI liquidity mining for 1 month by the Lido team. Future LDO allocations may be awarded based on the first month of stMatic vaults. This will be implemented on Uniswap V3
  3. Stader: $20,000 allocated to MaticX-MAI liquidity mining for 2 months by the Stader team. This will be implemented on Uniswap V3
  4. MATIC: 325,352 MATIC has been awarded to QiDao by the Polygon team. Given low market prices, this Matic is being held in the treasury.
  5. FTM: 254,816 FTM has been awarded to QiDao by the Fantom team. Given low market prices, this FTM is being held in the treasury.

Developments related to QiDao performance

  • New Manhattan vaults: stMatic, MaticX, Klay, KSP, Kava, and mooTokens on Aave Optimism (to be approved)
  • New farms on mai.finance: LDO and Stader liquidity mining
  • New QiDao vaults on Metis: BTC and ETH
  • Ethereum deployment
  • non-EVM chain deployments
  • The DAO is currently considering acquiring or bribing AURA and CVX for MAI liquidity