QIP040: Add mooBIFI as Collateral for MAI

We've received a proposal from Beefy Finance to add mooBIFI as collateral for borrowing MAI.

mooBIFI is the staked, yield-bearing form of BIFI. By using it as collateral, you’re able to collect BIFI staking rewards while borrowing against its value.

By adding more assets, we attract a wider range of users who seek to gain stable value from their tokens at 0% interest. Vaults allow the users to gain the benefit of a stablecoin without spending the underlying asset.

If approved, users will be able to mint MAI by locking mooBIFI in vaults and borrowing on its value at 0% interest. mooBIFI derivatives will also be approved as collateral for MAI.

mooBIFI will be added on networks where it has a Chainlink oracle.

Your voting power is represented in Qi Powah. If you want to increase your voting power you can go to app.mai.finance/boost. Revenue share from the vaults repayment fees will be distributed to Qi stakers based on their amount of eQi.

Partnership details

Beefy is one of the largest yield aggregators, with over $1B in deposits. As part of this partnership, Beefy will incentivize MAI’s vault on Beefy Fantom with $100,000 in mooBIFI for one month from the time of launch.

Motivation:

• Increase user options
• Attract new audience
• Strengthen relationship with Beefy
• Reduce protocol risk
• Increase protocol revenue
• Increase TVL

Quorum Standards:

The option with the most votes will be adopted.

Options:

• Add mooBIFI at 130% min CDR
• Add mooBIFI at 135% min CDR
• Add mooBIFI at 140% min CDR
• Further discussion is needed