QIP026: (Round 4) Adding new collateral assets

Summary:

This proposal is to add new collateral assets for borrowing/minting MAI through vaults. 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.

Adding a collateral type will also include their Aave market token, if they have one. For example, voting to add wBTC will also be a vote for camwBTC.

If approved, users will be able to mint MAI by locking these tokens in vaults and borrowing on their value at 0% interest. Doing so will allow users to benefit from the value of their tokens without spending them.

The minimum collateral to debt ratio for these collateral types will be 130% if accepted.

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.

Token information:

dQUICK

• Holders on Polygon: 15,442
• Fully diluted market cap: $84M

GHST

• Holders on Polygon: 14,988
• Fully diluted market cap: $57M

BAL

• Holders on Polygon: 9,579
• Fully diluted market cap: $48M

DPI

• Holders on Polygon: 322
• Fully diluted market cap: Unavailable

UNI

• Holders on Polygon: 6,785
• Fully diluted market cap: $11M

Other Considerations:

• dQUICK: QuickSwap recently doubled their LP incentives for MAI and QI. dQUICK also grows in value over time by collecting QuickSwap rewards.

• GHST: Aavegotchi will likely be incentivizing borrowing against GHST with Frens tokens. They will also introduce Lao Zi wearables for Aavegotchis

• BAL: Balancer is currently incentivizing pools with QI and MAI with 5,000 BAL per week

• DPI: Index Coop is likely to incentivize borrowing against DPI

Motivation:

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

Quorum Standards:

This will be an approval vote, meaning that users will be able to vote for any number of options. Options with more than 50% of the vote will be added as collateral, with a maximum of 3 options to be chosen.

Options:

• dQUICK
• GHST
• BAL
• DPI
• UNI
• Do not add new collaterals

Acknowledgements

H/T to Davidpgil and Backfire Capital for their input in drafting this proposal.