QIP200: Add MATIC as Collateral for MAI on Polygon's ZKEVM

Proposal Summary:

QIP200 proposes the addition of MATIC, the native token of the Polygon PoS Network, as collateral for MAI on the Polygon zkEVM Ethereum L2. The objective is to leverage the utility and market potential of MATIC 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: MATIC
• Minimum collateral to debt ratio: 130%
• Interest rate: 3% - 10%(Variable)
• Repayment fee: 0%
• Minimum debt: 100 MAI
• Maximum debt: 10,000 MAI
• Oracle provider: API3 (https://docs.api3.org/guides/dapis/read-self-funded-dapi/)
• Risk grading: A
• Risk methodology: Refer to Risk Methodology for MATIC, on Polygon

Motivation:

Expand MAI ecosystem on Polygon: By including MATIC as collateral, QiDao aims to foster the growth of MAI's user base and ecosystem on the zkEVM network, tapping into the rapidly expanding Polygon ecosystem and its vibrant community.

Capitalize on MATIC's market potential: MATIC has demonstrated strong market performance and wide adoption on Polygon, making it an attractive collateral option. Integrating MATIC can attract MATIC holders to participate in borrowing and lending activities, increasing the platform's usage and potential revenue.

Quorum Standards:

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

Options:

Approve proposal Further discussions needed Abstain