QIP193: Add CRV Vaults on Ethereum with Different Parameters

CRV is already accepted as collateral on QiDao. This proposal seeks to create a new CRV vault with different parameters on Ethereum.

CRV token: https://www.coingecko.com/en/coins/curve-dao-token

Vault specifications

• Collateral asset to be used: CRV
• Minimum collateral to debt ratio: 130%
• Minimum debt: 10,000 MAI
• Maximum debt: 10M MAI
• Interest rate: see below
• Repayment fee: 0%
• Oracle provider: Chainlink
• Risk grading: B-
• Risk methodology: https://mai.watch/en/assessments/crv-polygon

Interest rate

The interest rate for this vault will have a discount option. The initial interest rate of 11% can be reduced to a minimum of 4% through the use of veCRV votes towards the protocol’s MAI-FRAXBP, for whitelisted users.

Votes will be assessed every week and discounts will be distributed in the form of MAI every Friday for the previous week’s votes.

A minimum of 2M MAI is required to enter into the discount whitelist.

If you want to be whitelisted, please contact core contributors on the Discord to learn more.

Motivation

• Grow revenue and market share on Ethereum
• Introduce new audiences to QiDao
• Grow MAI liquidity on Ethereum

Quorum Standards

The option with the most votes will be adopted.

Options

• Approve proposal
• Further discussions needed
• Abstain