QIP131: Add Support for stMATIC Vaults on Manhattan Finance

Partnership details

stMATIC vaults on Manhattan Finance would allow users to mint MAI against stMATIC at a fixed interest rate. stMATIC is a liquid staking form of MATIC produced by Lido.

stMATIC: https://www.coingecko.com/en/coins/lido-staked-matic Lido: https://lido.fi/

In exchange for having stMATIC be a collateral asset for MAI, Lido will provide LDO liquidity mining incentives for MAI on Polygon.

Vault specifications

• Collateral assets to be used: stMATIC
• Max. LTV: 74%
• Interest rate fee: 1% APR (Fixed)
• Oracle provider: Chainlink
• Risk grading: C+
• https://docs.google.com/spreadsheets/d/15_OamEarbiySo86EgWoX3XSGdBg2bT9W6XBUGvTk2bc/edit?usp=sharing

Motivation

• Partner with Lido, one of the largest protocols in DeFi
• Introduce MAI to new audiences
• Increase revenue to QiDao
• Increase TVL

Quorum Standards

The option with the most votes will be adopted.

Options

• Approve proposal
• Further discussions needed