Launching Mai Finance on IoTeX

Proposal details

Project Name

MAI Finance (QiDao Protocol)

Project Type

[ Launching DeFi DApp ]

Proposal Description

[ Mai Finance is an open source and non-custodial stable protocol for borrowing against your cryptoassets. With Mai Finance, users can deposit their crypto and yield bearing assets into vaults and borrow stablecoins (MAI) against them at 0% interest. Currently Mai Finance has around $100M in TVL.

Mai Finance successfully launched on Polygon on May 1st and has become the largest stablecoin protocol in the Polygon ecosystem. We have since launched our vaults on Fantom and Avalanche as well. Mai Finance is one of the best place to borrow stablecoins in DeFi as we do not charge interest for borrowing, and we have a wide range of collaterals to choose from, including interest bearing assets. Thanks to our partnership with Beefy, Mai Finance recently announced compounding Beefy LPs will be added as collateral for MAI. Mai Finance is looking to bring the same lending benefits to users on IoTeX.

Mai Finance has a full-time team of 6. In addition to our full-time team we have a diverse group of talented community members that complete tasks and bounties to help improve the protocol.

Protocol governance is done through community vote. You can follow our current and previous improvement proposals at https://snapshot.org/#/qidao.eth

The grant will be used for:

  1. User incentives programs
  2. Any development costs

Milestones

number deliverable duration funding request
1.Deploy the bridge hub on IoTeX Contracts and frontend one week $10,000
2.IoTeX ecosystem partnerships (DEXs, money markets, reserve currencies) MAI liquidity on IoTeX > 2M one month $20,000
3. Launch vaults Frontend & contracts once chainlink is integrated on IoTeX $20,000

Total funds requested

[ $50,000]

About your Team

[ Mai Finance has a full-time team of 5. In addition to our full-time team we have a diverse group of talented community members that complete tasks and bounties to help improve the protocol.]

Links

[Website: mai.finance
Docs: https://docs.mai.finance/
Weekly fundamentals updates and general updates: https://0xlaozi.medium.com/

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2 Likes

Hell @justkila , thank you for this proposal!
I just marked it as “seeking for community feedback”, it’s now a good time for you to tweet about it from your official account and promote it, both in your and in IoTeX communities!

Once you tweeted, please share the tweet in the comments below.

Congratulations @justkila and looking forward to the launch!

Hi Raullen,

Just curious how well we know the background of the MAI team and how do you feel comfortable with the security of the protocol? I did some research on their website on Polygon. It seems there is no any formal audit of the code base although it says $92 mm TVL. Security will be paramount since we don’t want IoTeX to suffer it’s reputation from unsafe projects. I guess I will be very interested in IoTeX’s review process for these proposals, at least as an education for the community’s educational purpose. Thank you! @zimne @raullen

2 Likes

Hi @Aarontrueman thanks for looking into the protocol. We have 2 audits completed which I will link below.

Audit 1: Qi DAO Security Audit – Cloakwire
Audit 2: https://uploads-ssl.webflow.com/606120c25fb119221b762612/60bd3b9a1366549deb6a1cf7_Mai_Finance_Audit_Bramah.pdf

Please feel free to ask any other questions about the protocol here, or hop into our Discord (QiDao | Mai.Finance)

The team is looking forward to launching on IoTeX

1 Like