QIP034: Add ONE as collateral for MAI

This proposal is to add ONE as collateral for borrowing MAI.

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 ONE in vaults and borrowing on its value at 0% interest. ONE derivatives will also be approved as collateral for MAI.

The minimum collateral to debt ratio for ONE vaults will be 130%.

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.

Motivation:

• Increase user options
• Attract new audience
• Reduce protocol risk
• Increase protocol revenue
• Increase TVL

Other Considerations:

Harmony has awarded our DAO with a $250,000 grant to deploy on Harmony, including certain milestones. A $50,000 amount has already been sent to QiDao.

Link to grant: https://talk.harmony.one/t/grants-mai-stablecoin-on-harmony-qidao-protocol/4332/8

Quorum Standards:

The option with the most votes will be adopted.

Options:

• Add ONE
• Do not add ONE