Proposal to Add MAI Gauge on Polygon

Summary:

Proposal to add MAI+3Pool on Polygon to the Gauge Controller to enable users to assign gauge weight and mint CRV.

Abstract:

QiDao is a decentralized stablecoin protocol. It functions on an over-collateralized debt position model. The protocol launched MAI, which is soft-pegged to the dollar. It has around $150M in TVL, with minting available on Fantom, Polygon, Avalanche, Moonriver, and Harmony. MAI is one of the best assets to bridge with since it’s available on 12 chains through AnySwap (Fantom, Polygon, Avalanche, Moonriver, Harmony, Cronos, xDAI, IoTeX, Solana, Arbitrum, Metis, and BSC).

MAI is backed by a basket of 33 assets, ranging from interest-bearing tokens like Aave market tokens to regular ERC20 tokens like CRV and FTM. MAI is not backed by any centralized assets like USDC. The largest collateral for MAI is WETH.

Our DAO has allocated 100,000 QI per week to be used to bribe CRV holders to incentivize this LP on Polygon.

Motivation:

Curve is the natural next step for MAI on Polygon. Adding an incentivized pool for MAI on Curve would allow us to address growing demand for borrowing MAI. It would also provide low slippage transactions for those leveraging with MAI.

MAI is by far the largest use case for CRV on Polygon, holding over 23% of the total supply there. CRV can be used as collateral to mint MAI at 0% interest. CRV holders are then continually rewarded with Qi tokens for minting MAI against CRV.

MAI is the first and main stablecoin protocol on Polygon. It is deeply integrated with the Polygon ecosystem, having all major native assets as collateral to mint MAI. MAI’s collateral integrations on Polygon include Curve, Aave, Aavegotchi, QuickSwap, Balancer, SushiSwap, and several others. MAI has also been used by the Polygon team for official bounties and hackathons.

The team regularly partners with projects on Polygon for marketing and developments. This makes MAI a known name within Polygon that would attract more users and volume to Curve Polygon.

Specification:

You can view analytics for MAI on Defillama as well as our analytics page. To learn more about the protocol, please visit our official docs and our community-run guide.

Minting MAI is available at the Mai Finance frontend.

For:

MAI+3Pool should have a gauge that can earn CRV

Against:

MAI+3Pool should not have a gauge that can earn CRV

Poll:

The goal of this post is to measure the community’s sentiment on this idea. The proposal will be posted soon after.

4 Likes

Custom gauges aren’t being deployed right now until they become self serve and deployable by anyone on all curve side chains and L2s

1 Like

Hopefully soon! We wanna go ahead and get the governance vote through first.

1 Like

Hi, @Benjamin_QiDao Thank you for your proposal I was already looking into MAI and creating an independent risk assessment. Have sent you a DM let’s sync and have a risk assessment done before we release the vote that would probably inform veCRV holders.

See here some reports we have done in the past.

3 Likes

perfect, let’s do it!

1 Like

We have done an independent Risk Assessment and all looks good to go. We will keep monitoring the project and look forward to their updated analytics once live.

1 Like

Updating for new pool and fresh numbers.

Proposal to add MAI+3Pool on Polygon to the Gauge Controller to enable users to assign gauge weight and mint CRV.

Abstract

QiDao is a decentralized stablecoin protocol. It functions on an over-collateralized debt position model. The protocol launched MAI, which is soft-pegged to the dollar. It has around $150M in TVL, with minting available on Fantom, Polygon, Avalanche, Moonriver, and Harmony. MAI is one of the best assets to bridge with since it’s available on 16 chains through AnySwap (Fantom, Polygon, Avalanche, Moonriver, Harmony, Cronos, Gnosis Chain, IoTeX, Solana, Arbitrum, Metis, Boba, Metis, Celo, Aurora, and BSC).

MAI is backed by a basket of 33 assets, ranging from interest-bearing tokens like Aave market tokens to regular ERC20 tokens like CRV and FTM. MAI is not backed by any centralized assets like USDC. The largest collateral for MAI is WETH.

Our DAO has allocated 100k QI per week to be used to bribe CRV holders to incentivize this LP on Polygon.

Motivation

Curve is the natural next step for MAI on Polygon. Adding an incentivized pool for MAI on Curve would allow us to address growing demand for borrowing MAI. It would also provide low slippage transactions for those leveraging with MAI.

MAI is by far the largest use case for CRV on Polygon, holding around 20% of the total supply there. CRV can be used as collateral to mint MAI at 0% interest. CRV holders are then rewarded with Qi tokens for minting MAI against CRV.

MAI is the first and main stablecoin protocol on Polygon. It is deeply integrated with the Polygon ecosystem, having all major native assets as collateral to mint MAI. MAI’s collateral integrations on Polygon include Curve, Aave, Aavegotchi, QuickSwap, Balancer, Frax, and several others. MAI has also been used by the Polygon team for official bounties and hackathons.

The team regularly partners with projects on Polygon for marketing and developments. This makes MAI a known name within Polygon that would attract more users and volume to Curve Polygon.

Specifications

You can view analytics for MAI on Defillama as well as our analytics page. To learn more about the protocol, please visit our official docs and our community-run guide.

Minting MAI is available at the Mai Finance frontend.

For

MAI+3Pool should have a gauge than can earn CRV

Against

MAI+3Pool should not have a gauge that can earn CRV

2 Likes

The vote for the proposal has been launched.

Link: https://dao.curve.fi/vote/ownership/157

1 Like