QI

QiDao is a decentralized finance (DeFi) protocol that enables users to borrow the stablecoin MAI against various crypto assets as collateral, without incurring interest charges as long as the loan is overcollateralized. The platform operates on multiple blockchains, including Polygon, Ethereum, and others, and is governed by its native token, QI, which holders can use to participate in protocol governance and earn rewards .

Users can deposit their tokens into QiDao's vaults and borrow MAI, a stablecoin that is softly pegged to the US dollar. The protocol ensures that MAI remains stable through a system of collateralization, where the value of the borrowed MAI is always less than the value of the deposited collateral. This mechanism is crucial for maintaining the stability of MAI's value .

QiDao has introduced several innovative features, such as the Peg Stability Module, which allows users to mint and redeem MAI with other stablecoins, and a liquidation engine to mitigate default risks . The protocol also offers a range of incentives to encourage users to participate in its ecosystem, including rewards for staking QI tokens and for providing liquidity to the platform .

In terms of governance, QiDao operates through a community-driven model where token holders can vote on proposals to shape the future of the protocol . This democratic approach allows for a high level of transparency and user involvement in the decision-making process.