QiDao is a self-sustaining, community-governed defi protocol built on polygon that allows users to borrow stablecoins (soft pegged to USD) interest-free against their crypto assets. This means you can use the value in your assets without having to sell them.
QiDao aims to make DeFi accessible to everyone.
Anyone can use QiDai and open a Vault, lock collateral and generate stablecoins. Users can borrow miTokens of up to 2/3 of their collateral’s value. Vault owners must maintain a collateral to debt ratio of 150% or higher to avoid a partial liquidation penalty. This ensures that the protocol will remain healthy and always overcollateralized.
Qi is the protocol's governance token. Qi holders govern the system through voting and earn a percentage of the Protocol’s revenue.
How to use Qidao?
To start using the QiDao protocol, head over to the app site at https://app.mai.finance/. After you connect your wallet, click on “create vault”. Once your vault is created you can deposit your collateral and borrow stablecoins at 0% interest.
Click here for a step by step guide to making stablecoins on Polygon.