Proposal to add MAI-USDC-fUSDT factory pool on Fantom 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. MAI is backed in part by 507k CRV: link to CRV vault.
Our DAO has allocated 100,000 QI (QiDao’s governance token) per week to be used to bribe CRV holders to incentivize this LP on Fantom.
Curve is the ideal DEX for stablecoins, given its like-pair swapping curve. Adding rewards to MAI liquidity on Curve would help increase access to liquidity for native fantom assets. Currently, MAI is the main stablecoin for native assets on Fantom, through integrations with Tomb Finance, Yearn Finance, SpookySwap, Beefy Finance, BeethovenX, SpiritSwap, and Market.xyz.
Being deeply embedded in the Fantom ecosystem, MAI would bring significant additional volume to Curve Fantom. This, alongside the planned bribes from our DAO, would create value for CRV holders.
Minting MAI is available at the Mai Finance frontend.
MAI-USDC-fUSDT should have a gauge than can earn CRV
MAI-USDC-fUSDT should not have a gauge that can earn CRV
The goal of this post to measure the community’s sentiment on this idea. The proposal will be posted soon after.