QIP182: Add stMatic as Collateral for MAI

stMatic is a liquid staking derivate (LSD) from the Lido team. There is currently $65M worth of Matic staked with Lido, and there are 42M stMatic tokens on Polygon at the time of writing. Liquidity for the token is based at Balancer, with a $66M liquidity pool. Curve holds around $5M in liquidity for stMatic.

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

Borrow incentives

Lido has allocated 5k LDO towards borrow incentives for this vault. At current prices, that amounts to $10,000.

Vault specifications

• Collateral assets to be used: stMATIC
• Minimum collateral to debt ratio: 135%
• Performance fee: 10%
• Oracle provider: Chainlink
• Risk grading: B-
• Risk methodology: https://mai.watch/en/tokens/stmatic-polygon

Motivation

• QiDao has seen great demand for minting MAI against LSD tokens in other chains. Adding stMatic on Polygon will allow QiDao to bolster growth
• This vault would be part of QiDao’s performance fee vaults, which drive more revenue to QiDao than previous vaults

Quorum Standards

The option with the most votes will be adopted.

Options

• Approve proposal
• Further discussions needed
• Abstain