QIP051: Engage in Token Swap with Stake DAO

This proposal is to swap $500,000 worth of governance tokens with Stake DAO.

A token swap between both projects would create aligned incentives, promoting the sharing of resources and collaboration between both projects.

Both projects have agreed to lock the tokens swapped for 4 years.

Synergies

• Stake DAO strategies get access to leverage at QiDao. As Stake DAO and QiDao deploy on other chains, future Stake DAO strategies will also have access to leverage at QiDao

• QiDao does not charge interest for stablecoin loans, increasing yield opportunities for sdTokens

• Stake DAO holds CRV, which can be used to vote for Curve incentives for MAI. This in turn allows for high debt ceilings for sdToken MAI vaults

• Both projects have deployed on multiple chains

• QiDao’s partnership with Market.xyz would allow Stake DAO assets without chainlink oracles access to low-interest stablecoin loans

Stake DAO

Stake DAO’s mission is to build open products which make the most sophisticated DeFi strategies easily accessible to anyone. It offers a wide range of products such as DeFi strategy vaults, a DEX aggregator, an NFT marketplace, PoS staking, LP Farming, and a crypto academy.

At the time of writing, Stake DAO holds $745M in TVL. It has a $35M market cap, with a $158M fully diluted valuation. 37% of circulating SDT tokens are currently staked to earn protocol revenue distributions.

Stake DAO strategies deployed on Ethereum, Polygon, Avalanche, and BSC.

Website link: https://stakedao.org/

QiDao

QiDao is a collateral-backed stablecoin protocol. It allows users to mint MAI against the value of their assets at 0% interest. There are 30 different collaterals approved to back MAI, including CRV, yvDAI, and compounding Aave market MATIC.

At the time of writing, QiDao holds $113M in TVL. It has a $20M market cap, with a $117M fully diluted valuation. 42% of circulating Qi tokens are currently staked to earn protocol revenue distributions.

MAI lending is available on Polygon, Fantom, Avalanche, Moonriver, and Harmony.

Website link: https://www.mai.finance/

Quorum Standards

Single choice voting: the option with the most votes will be adopted.

Options

• Approve token swap
• Further discussions needed