QIP186: Add MaticX as Collateral for MAI

MaticX is a liquid staking derivative (LSD) from the Stader team. Its current TVL is $47M, and it earns depositors 5.76% APR. There are currently 16M MaticX tokens on Polygon PoS. Below is a breakdown of where MaticX is used on Polygon:

• Balancer: 50%
• Aave: 22%
• Algebra: 6%

The main liquidity sink for MaticX is Balancer, with $19m in TVL.

• MaticX: https://www.coingecko.com/en/coins/stader-maticx
• Stader Labs: https://www.staderlabs.com/
• LSD statistics on Polygon: https://pledge-dashboard.vercel.app/#Statistics

Borrow incentives

Stader has allocated an initial $3k in SD tokens to incentivize minting MAI against MaticX. This can increase as the vault sees usage. The borrow APR will be fixed at 3% APR.

Vault specifications

• Collateral assets to be used: MaticX
• Minimum collateral to debt ratio: 135%
• Performance fee: 20%
• Minimum debt: 10 MAI
• Maximum debt: 3M MAI
• Oracle provider: Chainlink
• Risk grading: C
• Risk methodology: https://riskmanagement.qidao.community/en/tokens/maticx-polygon

Motivation

• Demand for other LSD vaults has been significantly positive, with debt ceilings routinely at 0 MAI. It is expected that such demand also exists for MaticX which can help QiDao’s growth.
• This vault would be part of QiDao’s performance fee vaults, which drive more revenue to QiDao than previous vaults.

Quorum Standards

The option with the most votes will be adopted.

Options

• Approve proposal
• Further discussions needed
• Abstain