QIP028: Expanding QiDao to other chains

This proposal is to decide whether to expand MAI lending to other chains.

In the past few months, QiDao has become the largest stablecoin protocol on Polygon. Polygon has provided a great place to build a product that we believe can benefit users across the DeFi space. QiDao has grown from collaborations with all major projects on Polygon, and recently with projects outside of Polygon. QiDao has expanded MAI’s liquidity to Solana (11M MAI), Avalanche (4.6M MAI) and Moonriver (1.9M MAI).

Given our success on Polygon and with our cross-chain partnerships, we believe that it’s time to take the next step towards expansion. Prioritizing security, we’re prepared to take MAI lending to other chains.

Summary

• MAI vaults will be available on other chains to borrow MAI against collateral tokens at 0% interest
• The same debt ceiling structure will be maintained, where debt ceilings are increased in response to borrowing demand
• All currently accepted collaterals will also be accepted on other chains. New collateral tokens will be approved through improvement proposals
• Qi rewards may be extended to other chains, if the community votes separately to do so
• Official bridges will be used where available. Otherwise, the protocol will choose safe bridges based on audit reports, code review, usage, as well as other risk-management factors
• Revenue from other chains will be returned to Polygon for distribution to Qi stakers

Quorum Standards

The option with the most votes will be adopted.

Options

• Approve QiDao's expansion
• Do not approve QiDao's expansion