QiDao General Update — November
Table of Contents
- Recent Partnerships
- Upcoming Partnerships
- Tech Updates
- Peg Performance
- Upcoming Governance
- Public Appearances
- QuickSwap liquidity mining: MAI-USDC, MAI-DAI, MAI-USDT, MAI-MATIC, MAI-agEUR, MAI-WETH, and MAI-WBTC all receive dQUICK emissions on QuickSwap V3 now: https://quickswap.exchange/#/farm/v3
- Angle MAI listing: Angle approved MAI as collateral for agEUR, their synthetic Euro stablecoin. Implementation is expected to happen this week: https://snapshot.org/#/anglegovernance.eth/proposal/0x9574a22ac326e4a9406f904eb2ba832ec0860b239bba84fa3a6b142710546efc
- KyberSwap liquidity mining: Kyber has started several farms for MAI on a few chains: https://kyberswap.com/farms
- Stargate MAI listing: Stargate has approved MAI’s listing on their bridge on Polygon, Optimism, Arbitrum, Avalanche, BNB, and Ethereum: https://snapshot.org/#/stgdao.eth/proposal/0x40bd516a25f204ead0c80b20f37ddc6d277b748dbbc757ebb784df935e453814
- MakerDAO MAI/DAI: MakerDAO’s growth committee has agreed to jointly market the launch of MAI/DAI vaults. These vaults are ready and tested. Rollout will occur when MAI’s peg is ready for such leverage pressure
- Solidly on Ethereum: QiDao has been chosen as a launch partner and NFT recipient for Solidly on Ethereum. This will help increase MAI’s liquidity without increasing QI emissions
- DeFiLatam: the team will delegate some voting power to DeFiLatam, one of the largest Latin American crypto communities. This group has already been exposing QiDao to the masses in South America. Adding them as a delegate to QiDao will increase the exposure QiDao has in that region. It will also add to the collective brain power focusing on QiDao.
- Campus outreach: we’re reached out to a selection of university blockchain groups to delegate voting power. This will help extend QiDao’s reach and promote content creation related for QiDao.
- Lido on Optimism: Lido has approved a small grant to incentivize usage of MAI vaults should the DAO vote to add stETH and its derivatives as collateral for MAI on Optimism.
- Exchange listings in South America: we’re in contact with several exchanges that have expressed interest in listing MAI. If added, QiDao would be exposed to over 2M monthly active users through various “earn” offerings.
Price chart and liquidation line
Vault manage pages now show collateral asset price history.
A blue line now appears on the collateral’s price chart indicating the point at which liquidations will occur for vaults.
An orange line will also show the projected new liquidation line when inputting new borrow amounts.
The farm page now shows almost all yield opportunities for MAI. This includes farms as well as single-sided deposits on lending protocols. We’re using Defillama to help aggregate these opportunities. Please keep in mind that most of these are external opportunities, so do your own research before making deposits.
This dashboard automates several operational tasks. This paves the way for further operational automations as well as a timelock implementation. Automations:
- Snapshot proposal launching and result recovery. This is great for pulling vault incentives results directly into the API
- Buybacks on all chains, allowing for multiple withdrawal transactions to be signed at once. This saves a ton of time as we dont need to withdraw from each treasury vault one by one. Small step, but this gets us closer to automating the whole thing.
- Vault parameter management. This will allow QiDao to add a timelock without increasing the complexity of interacting with contracts. The idea is that even after adding a timelock, the experience of managing the vaults will remain the same.
MAI has continually become less volatile. Its volume has also increased. Both of these trends are in contrast to MAI’s peer stablecoins.
Revenue has varied depending on price movements in collateral assets. On weeks when collateral prices fall, more repayments are typically seen. This source of revenue needs to be supplemented by alternatives. Below are two options the DAO has been discussing.
The current strategy to increase revenue is to add interest-bearing assets as collateral where QiDao can charge a performance fee or receive a share of the revenue earned by the partner protocols.
The current roadblock to that is difficulty in pricing Balancer LP tokens. The team is working with Balancer to reliably price these tokens. The performance fee capability has already been completed.
One option the DAO could take is to add Curve LP tokens as collateral for staked gas tokens, while Balancer LP oracles are completed. This would allow QiDao’s revenue to start increasing sooner.
Bonuses on liquidating MAI loans are above average. Other protocols like MakerDAO charge a fee on liquidations that go to the protocol, instead of the liquidator. As a result, it would be possible for QiDao to share in the liquidation bonus with liquidators while maintaining the competitiveness of the bonus. Details on this will come in the form of a proposed QIP on Discord.
To improve transparency, QiDao’s risk committee is developing a third-party revenue dashboard. This will provide the community with an independent source for revenue performance for QiDao. It will also replace the monthly fundamentals review.
MAI/DAI is ready. Many weeks of testing and discussions with other protocols like Arrakis took up most of the development time. This vault will be released once MAI’s peg is ready for the leverage pressure. Once enough liquidity has been built up through this method, the DAO can start discussions about reforming QI liquidity mining.
QI-FTM and QI-AVAX have been deprecated. This totals a saving of 30,000 QI / week.
- Add stMatic Curve LP strategy as collateral for MAI on Polygon
- Add stETH Curve LP strategy as collateral for MAI on Optimism
- Add liquidation fee to current vault model
- MakerDAO / Aave / Curve / QiDao Panel at Ethlatam Buenos Aires: https://www.youtube.com/watch?v=CHuEQ10SnBA
- MakerDAO / RAI / QiDao Panel at Ethlatam Bogota: https://www.youtube.com/watch?v=_f8mDI6Y6KM&t=1670s
- Lido / Aave / Lemon / QiDao Panel at Polygon Connect:
- BlockBytes interview: https://www.youtube.com/watch?v=aFkCxNa9z9w
- Virtual panel at Ethereum Bangkok: https://pages.atato.com/ethbkk-2022-0
- DeFi panel at Polygon Connect: https://events.polygon.technology/polygon-connect-india
- Oracle workshop at Polygon Connect: https://events.polygon.technology/polygon-connect-india
- Twitter Spaces with MakerDAO, Curve, Lido, and DefiYield: https://twitter.com/defiyield_app