Proposal to add MAI+3Pool on Polygon to the Gauge Controller to enable users to assign gauge weight and mint CRV.
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.
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.
Minting MAI is available at the Mai Finance frontend.
MAI+3Pool should have a gauge that can earn CRV
MAI+3Pool should not have a gauge that can earn CRV
The goal of this post is to measure the community’s sentiment on this idea. The proposal will be posted soon after.