Summary

( The proposal is proposed by noe1 , and only had small revision from core team)

This proposal presents the opportunity for Sonne Finance to add support for MAI, a decentralized, non-custodial USD-pegged stablecoin backed by collateral. Governed by the QiDao Protocol, MAI is available on 15 chains across 73 collaterals. The aim is to enhance liquidity, diversity of stablecoin, and the availability of decentralized assets on Sonne Finance.

Website: https://www.mai.finance/ Documentation: https://docs.mai.finance/ Github: https://github.com/0xlaozi Defillama: https://defillama.com/protocol/qidao Twitter: https://twitter.com/QiDaoProtocol MAI contract address: https://optimistic.etherscan.io/token/0xdfa46478f9e5ea86d57387849598dbfb2e964b02 Number of token holders: 6303 MAI Chainlink price feeds: 0x73A3919a69eFCd5b19df8348c6740bB1446F5ed0

Abstract

By supporting MAI on Sonne Finance, we would be taking the following steps:

• Allow users to supply or borrow MAI on Sonne Finance, as it will be the first MAI liquidity market on Optimism.
• Enable MAI as an accepted collateral asset.

Motivation

The primary motivations for this proposal are:

• Increase liquidity within Sonne Finance.
• Enhance stablecoin diversity.
• Offer users a variety of decentralized, non-custodial assets.
• Create a product for MAI community and ecosystem.

Technical Specifications

Should this proposal be accepted, the necessary adjustments to our system will include:

• Incorporating support for MAI deposits and withdrawals.
• Implementing a supply cap of 10M and borrow cap of 1.5M for MAI.
• Adjusting the system to recognize MAI as a collateral asset with a collateral factor of 35% and reserve factor of 20%.
• Interest rate curve : Medium volatility curve
• Will be incentivised : Yes.

Voting Options

• Yes - Support the addition of MAI stablecoin
• No - Do not support the addition of MAI stablecoin
• Abstain

Closing

Incorporating MAI within Sonne Finance will provide users with a wider array of options, boosting liquidity and offering more diversity in stablecoin choice. Despite the potential challenges, the benefits of this proposal are likely to outweigh the risks.