QIP179: Migrate MAI-USDC to QuickSwap V3

MAI’s largest pool sits on QuickSwap V2. At $12.6M in TVL, the pool generates daily volume under $20k per day. This is extremely inefficient for MAI. Additionally, this LP is based on the UniSwap V2 model, which is not known to help with stablecoin pegs.

Our proposal is to migrate this farm to QuickSwap V3, using Gamma to manage the LP positions. QiDao needs a manager to produce a standard ERC20 token for all liquidity providers, so that it can incentivize liquidity via a masterchef contract.

Position details

Range: $0.99 to $1.01 Midpoint: $1.00 Fee: 0.01%

Information about the position manager

The code being used to manage QuickSwap V3 positions was written by Gamma and audited by several teams. QuickSwap’s V3 was licensed from Algebra Finance’s concentrated liquidity AMM implementation.

Audits on Gamma’s product

Consensys Diligence, Arbitrary Execution, Omniscia, and Certik audits can be found here along with a link to the Immunefi bounty: https://docs.gamma.xyz/gamma/learn/audits

Benefits to QiDao & MAI

Better peg management with concentrated liquidity Lower fees will make MAI a more attractive routing token Volume / TVL on concentrated liquidity is much higher than on UniV2 LPs Less price impact on MAI trades and increased volumes via DEX aggregators

Quorum Standards

The option with the most votes will be adopted.

Options

Migrate to QuickSwap V3 Further discussions needed