Polygon’s Daunting DeFi- QiDao
This series brings the views of top DeFi applications integrated on Polygon. We had time to sit down with the QiDao team to learn more.
1. Please tell us more about your project and your team.
QiDao is a way for you to keep your crypto and still be able to spend its value. That means you’re able to borrow stablecoins without having to sell your crypto assets and do so at 0% interest!
2. Where are we in the hype cycle for DeFi
We’re on the slope of enlightenment at the moment. We’re past the initial boom of liquidity coming in and a large influx of dapps. We also had a more quiet summer, with market downturns and some big players disappearing. I see a lot of building happening on Polygon now, and outside the initial polyfarm wave. I’m very excited to see what projects launch in the next few weeks so we can keep building more partnerships.
3. Who are some thought leaders you follow in the space?
— Sandeep Nailwal
— David Hoffman
— Anthony Sassano
4. What are some best ways for newbies to get up to speed in space?
“The journey of a thousand miles begins with one step.” — Lao Zi
No matter how you look at it, the world of DeFi is very complex. As much as you can read about it, the best teacher is to practice. I would advise trying out different dapps slowly, taking the time to think about their mechanics, and interacting with their communities. This is why Polygon is so unique, it allows anyone to test the world of DeFi without having to spend a lot.
If you want to get started with DeFi check out some videos by finematics on youtube.
5. What is one thing that most people don’t know about your project?
How to pronounce our name :)
On a serious note, If I had to pick one thing it would be that users can use their Aave Market Tokens as collateral. Users can deposit collateral into Aave, earn a yield on that collateral, then take their Aave market tokens to QiDao to use to borrow against at 0% interest. While your tokens are used as collateral on QiDao they are also compounding, meaning the collateral you are borrowing against will continue to grow.
6. Why did you choose to build on Polygon?
We wanted to build something that anyone could use, regardless of wealth or technical ability. That requires a network that has low fees as well as a protocol that is simple and easy to use. There are a couple of chains that fit that bill, but what made Polygon stand out was the level of support from the core team. From marketing to strategy to business development, the team has been devoted to helping us succeed.
On a more serious note, once you are in the QiDao ecosystem most people understand the project pretty well, we try to make our project as easy to understand as possible, not to mention we have a very engaged and knowledgeable community that always helps answer questions in our Discord and Telegram.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.