QIP201: Add ETH as Collateral for MAI on Polygon's ZKEVM

Proposal Summary:

QIP201 proposes the addition of ETH, the native cryptocurrency of the Ethereum network, as collateral for MAI on the Polygon zkEVM Ethereum L2. The objective is to leverage the widespread adoption and liquidity of ETH to enhance the ecosystem of MAI on Polygon’s networks. This token is bridged directly from Ethereum with a reasonable withdrawal time.

Vault Specifications:

• Collateral asset to be used: ETH
• Minimum collateral to debt ratio: 130%
• Interest rate: 3%-10% (Variable)
• Repayment fee: 0%
• Minimum debt: 1 MAI
• Maximum debt: 10, 000 MAI
• Oracle provider: API3** with future upgrade to a CL fallback
• Risk grading: A+
• Risk methodology: Refer to Risk Methodology for ETH, on Polygon

Motivation:

Expand MAI ecosystem on Polygon: By including ETH as collateral, QiDao aims to attract users who hold ETH to participate in the MAI ecosystem on the zkEVM network, tapping into the large user base and liquidity of ETH on Ethereum.

Increased liquidity and stability: Integrating ETH as collateral ensures a robust and liquid market for MAI, providing stability and confidence to users and investors.

Quorum Standards:

The option with the highest number of votes will be adopted.

Options:

Approve proposal Further discussions needed Abstain