# Debt Ceilings (/docs/debt-ceilings)
The debt ceiling is the maximum amount of MAI that can be minted. Each vault type has their own debt ceiling, which is periodically raised in response to demand and the MAI peg. The goal of the debt ceiling is to prevent a large amount of MAI from flooding the market that could negatively affect the MAI price. The debt ceilings will be increased for each vault type based on factors explained below. Debt ceiling increases will be made with a minimum of 8 hours notice. This will be announced on our Twitter and shared on our Discord and Telegram. If the MAI peg is too high debt ceilings may increase with less than 8 hours notice.
Debt ceiling increase factors:
* **Depletion** - Is there MAI available to borrow for a specific vault type? A vault is considered depleted if there is less than 0.05% of MAI available to borrow in relation to the value of assets deposited in the vaults. Example: if $1,000,000 worth of ETH is deposited in vaults, a MAI available to borrow balance of 500 MAI or below would be considered depleted.
* **Peg** - Can the peg on a specific chain sustain increased sell pressure of MAI, and if so by how much? The primary role of the debt ceiling is to help maintain the MAI peg within 1% of $1. The increase in debt ceiling will take into account the price of MAI and the amount of liquidity for MAI on a specific chain (Polygon, Fantom, Avalanche).
* **Diversification** - No collateral should have a significant share of MAI's backing. Debt ceiling increases will favor collateral assets that do not represent a large share of the protocol's overall collateral.
* **Liquidity** - Each collateral will have a fluctuating max debt ceiling per chain based on the amount of available liquidity for that asset. Collateral assets should be able to be liquidated fully without major trading slippage.
Note: Stable collateral vaults:
Due to the low risk and high LTV ratio of stable collaterals, stable vaults are very attractive for high leveraging and their vaults are quickly depleted. This leveraging applies a lot of sell pressure on MAI. As a result, debt ceilings for stablecoin collaterals are limited to when MAI's peg is above its target.
# Detailed introduction (/docs/detailed-introduction)
Mai Finance is a way for you to keep your crypto and still be able to spend its value. That means you're able to mint stablecoins without having to sell your crypto assets, and do so at 0% interest.
**The process is simple:** create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value.
***Example:***
Elon has a small business. His business has 100,000 MATIC tokens as assets. Unfortunately, Elon’s laptop suddenly stopped working, and he will now need a new one. The dilemma that Elon has now is whether to sell his MATIC to buy his new laptop or keep his MATIC because he is bullish about its long term potential to be worth more. QiDao doesn't want you to have to choose. By using QiDao, Elon can deposit his 100,000 Matic in a vault and borrow stablecoins against that collateral to purchase his new Macbook Pro. Elon gets his new computer and gets to keep all of his MATIC. So, if MATIC prices increase next week, Elon will still be able to realize those gains. Meanwhile, the stablecoins Elon took out against his collateral can be paid back at any time and do not incur any interest.
QiDao is an overcollateralized stablecoin protocol, meant to offer native stablecoin minting for several blockchains. It is self-sustaining, community-governed, and decentralized. Loans are secured by always having more value locked than the amount of debt given out. Loans are paid out and repaid in MAI (a stablecoin soft pegged to the USD). Components of QiDao include the following:
* **Overcollateralized vaults:** MAI relies on collateral vaults to back its value. At all times, MAI stablecoins are fully backed by collateral.
* **Vault:** Where users deposit their token collateral and borrow MAI. Vaults are user managed and controlled.
* **Decentralized and user-managed:** MAI is built on market incentives and penalties. There is no centralized authority or algorithm controlling the protocol. Only users can control their funds.
* **Two tokens:** MAI is the stablecoin made by the QiDao Protocol and Qi is the protocol’s governance token.
# Fees (/docs/fees)
## Vault fees [#vault-fees]
**Interest Fees**
Interest refers to a percentage fee charged on loans. Interest fees grow along the life of the loan and are denominated in the loan token. Users should note that interest fees increase the value of debt, and therefore decrease a loan’s collateral to debt ratio over time.
QiDao does not traditionally charge interest on MAI minted.
**Repayment fees**
Repayment fees are a percentage fee charged when the loan is repaid. It does not grow in value over time, so it does not affect a user’s collateral to debt ratio. This fee is denominated in the collateral asset.
Most of QiDao’s CDPs charge 0% interest fees and a 0.5% repayment fee.
**Performance fees**
Performance fees are a percentage fee charged on the yield earned by collateral. This means that a fee is only charged on the amount that the collateral increases over time. As a result, this fee does not lower a user’s collateral to debt ratio over time.
The percentage of fees are updated at the end of every epoch (Sunday 5pm UTC) in response to the trailing 7-day average yield earned by a vault’s collateral. Different collaterals are charged different performance fees based on risk assessments. Ultimately the fees charged are displayed in the manage vault page.
**Admin & Ref Fees**
QiDao contracts allow for third parties to run their own vaults. This can be vaults with MAI debt or vaults with other tokens as debt. The admin and ref fees allow partner projects to split fees with QiDao.
**Opening fees**
Opening fees are charged at the time of minting. A percantage of the MAI minted will be charged to the vault in the form of collateral assets.
# General Introduction (/docs)
### What is Mai Finance? [#what-is-mai-finance]
Mai Finance is the frontend / dashboard for the QiDao Protocol: it allows users to connect to the QiDao Protocol via a website.
### What is the QiDao Protocol? [#what-is-the-qidao-protocol]
QiDao is an overcollateralized stablecoin protocol that allows users to mint stablecoins against the value of their decentralized token collaterals. Minting occurs through loans, denominated in stablecoins.
### How is QiDao governed? [#how-is-qidao-governed]
QiDao is a community-run, community-governed protocol. Changes are made through proposals and voted on by holders of the governance token, Qi.
### What is MAI? [#what-is-mai]
MAI is a USD stablecoin backed solely by decentralized tokens. Its target peg is 1% within the US Dollar. MAI can only be minted by users through overcollateralized debt positions.
MAI is a decentralized stablecoin and cannot be manipulated by centralized entities.
### What are some use cases for QiDao? [#what-are-some-use-cases-for-qidao]
* Keep your crypto while still using its value
* Receive instant loans with no tenor
* Leverage your crypto positions
* Seek extra yield from collateral tokens
### What is the difference between QiDao and other stablecoin protocols? [#what-is-the-difference-between-qidao-and-other-stablecoin-protocols]
QiDao is an overcollateralized stablecoin protocol; it is not an algorithmic stablecoin. We took inspiration from different stablecoin protocols as well as our community to help build the superior protocol we have today, combining the best of both worlds.
What sets MAI apart from other decentralized stablecoins is that it is native to every chain that it is on. This means that it is created by collateral deposited directly on the chain where it is used. This is in contrast to other decentralized stablecoins, which are first minted on one chain and then bridged over to different chains. Being native to each chain brings far more value to each ecosystem due to increase use case for native assets as well as no bridge risk associated with the minting and burning of the token.
MAI was the first crosschain fungible token, allowing for full interpretability between CDPs on various chains. This bridging architecture is currently paused.
# Liquidations (/docs/liquidation)
### What are liquidations? [#what-are-liquidations]
Liquidation is the process of selling collateral and repaying debt to make sure that there is enough collateral backing the MAI from a vault. Liquidations occur when some or all of the collateral in a vault is sold by someone other than the owner of the collateral to cover the costs of repaying the vault's debt.
Any vault whose collateral to debt ratio falls below the liquidation ratio can be partially liquidated. Each vault type will have its own liquidation ratio, based on the risk profile of the particular collateral asset type. This is to ensure there is always sufficient collateral in the vaults to cover all outstanding debts.
### What is the collateral to debt ratio? [#what-is-the-collateral-to-debt-ratio]
The collateral to debt ratio represents the relationship between the value of locked[ collateral](https://www.investopedia.com/terms/c/collateral.asp) in a vault and the debt that the vault has outstanding. In our protocol, collateral are the tokens locked in a vault. To ensure a healthy protocol, there should always be enough collateral value to back the MAI that have been issued. To accomplish this, vault owners must maintain a minimum collateral to debt ratio. This minimum collateral to debt ratio is referred to as the liquidation ratio, because vaults that fall below this threshold incur a liquidation penalty.
### How do liquidations work? [#how-do-liquidations-work]
When vaults fall below the liquidation ratio, liquidators repay 50% of the vault’s debt and withdraw a portion of the locked collateral tokens as compensation. The vault will then be returned to the original vault owner at a healthy collateral to debt ratio. To liquidate a vault, users have to identify a risky vault and click buy risky vault. This will automatically carry out the liquidation process if the liquidator has enough MAI. Liquidators must have enough MAI to carry out liquidations.
### **How do liquidations differ from other protocols?** [#how-do-liquidations-differ-from-other-protocols]
Unlike all other major lending markets, QiDao does not have the "death spiral" risk. This risk comes from the bonus taken on liquidations. If the overcollateralization of a vault (collateral to debt ratio minus 100%) is below the percentage bonus taken on liquidations, then any liquidation procedure will only decrease collateralization. This has resulted in significant bad debt at other lending markets.
*Liquidation Curve when vault overcollateralization is less than liquidation bonus*
The graph above shows how the collateralization of a debt position changes with each marginal liquidation after the death spiral point has been reached (CDR - 100% \< liquidation bonus).
The way QiDao fixes this issue is via the buyRisky function. This function changes liquidations from repaying debt to buying the entire debt position at the inflection point of the death spiral. BuyRisky transfers unhealthy loans from the original owner to the liquidator. This is at no cost to the liquidator. However, the liquidator must then repay enough MAI debt in order to regain healthy status. Otherwise, other actors may execute the buyRisky function. Liquidators have an incentive to exercise this option as it provides them with a small bonus from the overcollateralization of loans. Even at \<100% collateralization, this presents a great opportunity to acquire collateral assets at low slippage, or sell MAI at low slippage.
### You got liquidated, now what? [#you-got-liquidated-now-what]
The QiDao Protocol has enabled partial liquidations, meaning that if your vault falls below the liquidation ratio, you will only lose part of your collateral. You will still own your vault, and some of the debt will have been paid off. This will bring your vault above the liquidation ratio and thus make it no longer risky. Vaults can undergo partial liquidation multiple times if they continue to become risky.
### What is the penalty for getting liquidated? [#what-is-the-penalty-for-getting-liquidated]
Arriving at how much you lost when you’re liquidated has two parts:
1. First is the stablecoin debt that is repaid for you to bring your vault into good standing again. This is a gain.
2. Second is the collateral that is sold to compensate liquidators. This is a loss.
Liquidators will take enough collateral to make up for the debt they repaid for you, plus an added bonus to give them a return on investment. This is the collateral lost. The debt that is repaid by the liquidator is no longer owed by you. As a result, the portion of the debt that was paid off now becomes an asset. So, your penalty is the gain from the debt being repaid minus the collateral you lost.
***Example of partial liquidation process:***
A vault with a value of $100,000 USD in MATIC borrows the max allowed collateralization ratio (150%) and receives 66,666.67 MAI (valued at $66,666.67 USD). If the value of MATIC in the vault drops to $95,000 USD and the remaining loan balance remains at 66,666.67 MAI, the vault is now undercollateralized (142% collateral to debt ratio). This triggers the ability for someone to partially liquidate the undercollateralized vault by paying down 50% of the vault’s debt. In this case, that would mean paying 33,333.33 MAI. After doing so, the user liquidating the vault would then withdraw $33,333.33-worth of MATIC tokens, plus a 10% bonus ($3,333.33-worth of MATIC). The vault is then returned to the original owner.
The net profit for the liquidator would be 10% and the net penalty for the owner of the risky vault would be around 3.5%.
The repayment fee (0.5%) is taken out of the vault collateral when the MAI debt is repaid.
### Why do we have liquidations? [#why-do-we-have-liquidations]
The value of the stablecoins created by users is backed by the collateral held in vaults. If the collateral value in vaults falls below the value of the stablecoins in the protocol, then the system would become insolvent. This would mean that the stablecoins in the network are not fully backed by enough value. To avoid this scenario, vaults must always have more value in collateral than the value of their debt. Vaults use the penalty of liquidation to incentivize users to maintain healthy collateral to debt ratios.
### Why do we do partial liquidation instead of full liquidations? [#why-do-we-do-partial-liquidation-instead-of-full-liquidations]
* To lower the amount of collateral vault owners would lose during scenarios of liquidation
* To increase user capital efficiency
DeFi is for everyone. We want to make our protocol as inviting as possible to these users, regardless of their wealth or knowledge of DeFi. We do this by making our protocol a safe place for people to interact and learn about DeFi. That being said, liquidations are an important mechanism of a healthy protocol and we have sufficient measures in place to guarantee the protocol’s integrity.
### Are Liquidations of stable vaults different? [#are-liquidations-of-stable-vaults-different]
The process of liquidations for stable asset vaults is the same as the volatile asset vaults except that the liquidation bonus is 5% instead of 10% for the liquidator.
# Peg Stability Module (/docs/peg-stability-module)
**What is a Peg Stability Module (PSM)?**
A PSM is an element of QiDao that allows users to mint and redeem MAI at a fixed 1:1 rate with other approved stablecoins. The transfer between stablecoins at a determined rate allows the native stablecoin to maintain a stable peg in relation to 1 USD via the creation of price arbitrage. The module is permissionless and pooled among users, allowing any user to mint and/or redeem.collateral.
**How is a PSM used?**
The PSM functions through two main functions:minting and redeeming.
**Minting Process**
The minting process begins when a user deposits a pegged asset, such as USDC into the PSM. The user is then immediately able to mint MAI at a 1:1 ratio to the deposited asset value. The approved stablecoin tokens are then deposited in pre-approved yield strategies that earn the protocol fees. Because the deposited currency is a pegged asset, minting can occur at maximum capital efficiency. After minting, the minted MAI is immediately deposited into the user's connected wallet.
**Redemption Process**
The redemption process allows users to exchange their MAI for the collateral deposited. Similar to the minting process, the redemption process begins with a user sending their MAI into the PSM. The users will then join a public withdrawals queue for 3 days, where their redemption request remains public to other participants. Users can only have one pending withdrawal at a time.
Time delay within the queue allows for manageable outflows. It also helps to promote liquidity pool usage on partner AMMs. After reaching the top of the queue, users are able to redeem their MAI at a 1:1 ratio, though they must pay a redemption fee for the collateral asset. The redeemed asset is then immediately withdrawn from the PSM and transferred into the user’s connected wallet.
**Why is the PSM beneficial for MAI**
A large benefit of the Peg Stability Module is that it helps stabilize MAI’s peg to USD stablecoins, This supports MAIt on the chains that it is deployed on, and is crucial in maintaining the reliability of MAI as a stablecoin. Outside of the temporary withdrawal queue, the flow of the module is very fluid, as stablecoins may be minted and redeemed as users please, which furthers the stability of the module. Addtionally, it provides a high level of liquidity in MAI.
Additionally, it is important to note that a sufficient level of movement is required within DEX liquidity pools in order to better facilitate trading. Too much liquidity entering circulation via debt may impact the liquidity available for trading in DEXes, increasing slippage or decreasing efficiency. Because the PSM provides a mechanism for stabilizing the value of MAI and managing debt, it reduces the impact on DEX liquidity pools. This reduced impact allows for more flexibility in increasing the debt ceiling based on demand without negatively affecting DEX liquidity.
There are also potential returns generated by the assets held by the PSM, through two current, pre-approved, automated methods. First, Compound is a decentralized lending protocol that allows users to supply assets to earn interest or borrow assets against collateral. The assets held by the PSM will automatically enter the Compound system by supplying USDC stablecoins, and earning interest on the deposited assets. The second yield method is through MakerDAO's Dai Savings Rate (DSR). The PSM will enter held DAI into a smart contract, which will earn interest based on a variable interest rate determined by the MakerDAO ecosystem, and borrowers who generate DAI through MakerDAO’s collateralized debt positions. Both of these operations require no human interaction or trust manual processes.
# How Does it Work: Stablecoin Economics (/docs/stablecoin-economics)
### What is MAI? [#what-is-mai]
MAI is a stablecoin backed by locked collateral tokens. MAI borrowing is decentralized and non-custodial, meaning that only users have control over their funds.
What sets MAI apart from other decentralized stablecoins is that it is native to every chain that it is on. This means that it is created by collateral deposited directly on the chain where it is used. This is in contrast to other decentralized stablecoins, which are first minted on one chain and then bridged over to different chains. Being native to each chain brings far more value to each ecosystem due to increase use case for native assets as well as no bridge risk associated with the minting and burning of the token.
### How are these stablecoins created? [#how-are-these-stablecoins-created]
MAI can only be made through locking collateral to back its value. Collateral can be static tokens like LINK, CRV, and others. It can also be alternative assets like Beefy and Yearn strategies. Interest-bearing collateral like Beefy, Yearn, and Aave receipt tokens allow users to accumulate yield from their collateral while it's deposited in MAI vaults.
### How is the peg maintained? [#how-is-the-peg-maintained]
The peg is maintained via the following mechanisms:
**Interest Rates**
QiDao charges interest on loans. Increasing the interest rates on exisiting loans generally causes users to want to repay their loans. As MAI depegs downwards, the DAO can contract MAI supply by increasing fees. Simultaneously, the extra interest charged is used to increase rewards to MAI LPs and other MAI use cases. This increases MAI demand.
**Peg stability module (PSM)**
The PSM allows for users to mint and redeem MAI at a fixed rate with approved stablecoins. This regulates the peg for MAI, as it allows for an arbitrage of the price when the market deviates from the peg. Learn more about the PSM [here](/peg-stability-module.md).
#### Liquidation Ratio: [#liquidation-ratio]
The liquidation ratio (minimum collateral to debt ratio) ensures that every MAI is always backed by the collateral value in our vaults. When our vaults fall below the liquidation ratio, they can be partially liquidated. This means that some of the vault's debt is repaid by a liquidator, and in return the liquidator will receive some of the vault's collateral.
#### Collateral Token Fluctuations [#collateral-token-fluctuations]
Our vaults are overcollateralized (by 130-150%, depending on the asset) to ensure that there is always collateral value to back the stablecoins minted. As the value of the collateral rises, more stablecoins can be issued as a rise in collateral price will increase your collateral to debt ratio. Conversely, as the value of the collateral falls, fewer stablecoins can be issued. This is implemented to maintain the minimum collateral to debt ratio of each vault type.
The effect of collateral price changes on the QiDao protocol are summarized below:
* If collateral market price falls, the collateral to debt ratio will decrease, prompting users to either deposit more collateral or repay their MAI debt
* If collateral market price increases, the collateral to debt ratio will increase, allowing users to either borrow more MAI or withdraw some of their collateral
**Overview of MAI token flows**
*Note: staked MAI is often replaced with LPs as a form of incentivizing MAI holding. This is due to the high efficiency of liquidity mining partnerships.*
### Depegging Events [#depegging-events]
If MAI depegs, that is a result of there being more supply than demand. In order to solve this imbalance, MAI has two options. One option is to increase the percentage of revenue that is shared with sMAI or MAI use cases. This lowers the profit margin streamed to governance token holders. In the event that the profit margin from loans is zero, there is no more revenue to stream to MAI holders. As such, the DAO should increase fees on loans. This will give MAI holders increasing returns for holding MAI. Fees can be increased progressively until supply contracts from borrowers repaying.
In an extreme scenario where borrowers are charged very high fees to borrow and still don't repay, these borrowers will eventually be liquidated due to meeting liquidation thresholds. This would then bring the system back to equilibrium.
# Important Addresses (/docs/functions/smart-contract-addresses)
## **MAI Addresses** [#mai-addresses]
[Polygon](https://polygonscan.com/address/0xa3fa99a148fa48d14ed51d610c367c61876997f1): 0xa3fa99a148fa48d14ed51d610c367c61876997f1
Fantom: 0xfb98b335551a418cd0737375a2ea0ded62ea213b
Avalanche: 0x5c49b268c9841aff1cc3b0a418ff5c3442ee3f3b
Arbitrum: 0x3F56e0c36d275367b8C502090EDF38289b3dEa0d
Gnosis Chain: 0x3F56e0c36d275367b8C502090EDF38289b3dEa0d
METIS: 0xdFA46478F9e5EA86d57387849598dbFB2e964b02
BNB: 0x3F56e0c36d275367b8C502090EDF38289b3dEa0d
Optimism: 0xdFA46478F9e5EA86d57387849598dbFB2e964b02
Moonbeam: 0xdfa46478f9e5ea86d57387849598dbfb2e964b02
Kava: 0xb84Df10966a5D7e1ab46D9276F55d57bD336AFC7
Ethereum: 0x8D6CeBD76f18E1558D4DB88138e2DeFB3909fAD6
Linea: [0xf3B001D64C656e30a62fbaacA003B1336b4ce12A](https://explorer.linea.build/address/0xf3B001D64C656e30a62fbaacA003B1336b4ce12A)
Base: [0xbf1aeA8670D2528E08334083616dD9C5F3B087aE](https://basescan.org/address/0xbf1aeA8670D2528E08334083616dD9C5F3B087aE)
zkEVM: 0x615B25500403Eb688Be49221b303084D9Cf0E5B4
Fraxtal: [0xb84Df10966a5D7e1ab46D9276F55d57bD336AFC7](https://fraxscan.com/address/0xb84Df10966a5D7e1ab46D9276F55d57bD336AFC7#code)
## Qi Addresses [#qi-addresses]
QI on all chains, except Ethereum: 0xD3FDCb837DAfdb7C9C3eBD48FE22a53F6Dd3d7D7
Ethereum: 0x559b7bfC48a5274754b08819F75C5F27aF53D53b
### **Advanced Voting Escrowed QI (aveQI)** [#advanced-voting-escrowed-qi-aveqi]
aveQI: [0x1BFFaBc6dFcAfB4177046db6686e3F135E8Bc732](https://etherscan.io/address/0x1BFFaBc6dFcAfB4177046db6686e3F135E8Bc732)
reward distributor: [0x8549ba7f483afb13b8321830d6f07f30f0a2f1de](https://etherscan.io/address/0x8549ba7f483afb13b8321830d6f07f30f0a2f1de#code)
## DAO Addresses [#dao-addresses]
| **Main Safe** |
| ---------------------------------------------------------------------------------- |
| |
| 0x3FEACf904b152b1880bDE8BF04aC9Eb636fEE4d8 |
| |
| **QiDao Guardians (UMH): own vault contracts, receive performance fees** |
| |
| Polygon: 0x1d8a6b7941ef1349c1b5E378783Cd56B001EcfBc |
| Avalanche: 0x3Cf6A36876BDecadEab420AfF93171439AbF9CA2 |
| Arbitrum: 0xF32e759d5f1c63ed62042497d3a50F044eE0982b |
| Optimism: 0xB1a8D1D6Dc07ca0e1E78a0004aa0bB034Fa73d60 |
| Gnosis Chain: 0x4f5aF8BC14812Fe5E4c7253EBF5335481e3a9e80 |
| Metis: 0xC9D3750d3ccB25835799087A34Bf9Ed9cAD854D8 |
| BNB: 0xFf34fDCF12174293a518E585807C9B60DEcF5843 |
| Ethereum: 0x3182E6856c3B59C39114416075770Ec9DC9Ff436 |
| Fantom: 0x679016B3F8E98673f85c6F72567f22b58Aa15A54 |
| zkEVM: 0x20265d77e0F5A7E86fDb013e408C4AdF11289355 |
| Moonbeam: 0x75c7b52899b435EA81E118B429481b0eCbC0104D |
| Kava: 0xe43d58b8E376650440Ff8B249226B1d8c95c3A83 |
| Mantle: 0x306558d079e260bFe32E8c6641688Ef77DD024AF |
| Linea: 0xf1da2623E31be26D8fAEa038C3046D142341CF20 |
| Base: 0xE816F03e31a75cAbE64861064a6219ebe62c613D |
| Fraxtal: 0xe7748203ec71eeBb207700dA94A3F829Bf0632F7 |
| |
| **Revenue Managers: repayment and interest fees** |
| |
| Polygon: 0xf0F5F7c21d181B7a1F9Aa36Ed46DB3E620EDa385 |
| Ethereum: 0x594F17028522BF85e830b689973682967E0DbcBc |
| Gnosis Chain: 0x9250EF6A6b3B9910EE6Ce73bfa83cDCB3E5f989a |
| Metis: 0xE892526cFEb5ADb6cB3E5215Be39f9D09eCD7926 |
| BNB Chain: 0x4158BC0CeD1d4D81e4a4346788CDf8b0D7B4B50C |
| Arbitrum: 0xDD2730d4a2dfD43C8012838CFCCe373FFc6A5595 |
| Avalanche: 0xFf9dd10E052Ab9323d59990bB00d778AE94cf2cF |
| Optimism: 0x8bEFba32E3f1b69b53Cf72D3114AFb1Ce1871878 |
| Fantom: 0x61bA1aD7626578653C1cd51c57e19535106E649C |
| Moonbeam: 0xA79a51f70456047b29f674f593469D656Eb9AcC7 |
| Mantle: 0x98f62d5B6bdB0d4b4C20Dc5C881B72A228dC563f |
| Linea: 0xCdc0482831Bac3d4c6CE5Be18edEC75FF052c42c |
| zkEVM: 0xE2BD6193B9DC233c69f95Ef6CBEf07Bb25A16834 |
| Base: 0x8fC068436E798997C29b767ef559a8ba51e253Fb |
| Fraxtal: 0xbbbe9837120ab7BA7C2660b399DA27Dfb7188542 |
| |
| **Token Managers: receive and manage NFT & token allocations from other projects** |
| |
| Polygon: 0xC63c477465a792537D291ADb32Ed15c0095E106B |
| Avalanche: 0x579de28071eBdc6D7384FA8A223747202B0C6817 |
| Arbitrum: arb1:0x6c56271C688F16F50974Ea0B79D80936af374ae1 |
| Optimism: oeth:0x6FFCD0a428bdE1eCe553E326B9569A15b18bE76c |
| Gnosis Chain: gno:0x981447aA21Ed8BbA120d12FdCd03f6B1207AccfA |
| Metis: 0x32b00A62328881f72F68CbE28675be515a2f627A |
| BNB: 0xdc6B30aEE17c967788D1E04Bc466B969F5726d7A |
| Ethereum: eth:0x9d3c8a651e48e4D89ca5D1553035A4BE3c17cFe6 |
| Fantom: 0x0B7b227911eA1E5A16BAA9Df9B8403bbE6a47781 |
| Mantle: 0xb06Bb69208855D4390A9AE57E5808fFF3Ecaa1Cd |
| Linea: 0xa8f1AF37779A8A3a3b1410a547Fa92B57574fbf5 |
| zkEVM: 0x665a0174aD4B846393Ee869b53a5895A08e34a6D |
| Base: 0x657240bfbfE9e2087a0c09E54e029DfeF42Ba54f |
| Fraxtal: 0xecD02B92160e28A616E0DAED07C34792F7d7BC5E |
| |
| **Others** |
| |
| Governance Manager Optimism: 0x93592880a2be33a0f15b543dbcd77522d344288a |
| Working capital account: 0xAd95A5fE898679B927C266eB2eDfAbC7fe268C27 |
| Bridge Operations (UMH): 0x6c2297c3fe015b9c20a0184c859afad3929c72b4 |
| Governance Manager: 0x50Af456E922E89d9e9347f1A7EDc7d96DBd25B95 |
| Working capital account 2: 0x7B1DBF6DEc8d03202fc96524463D9847F7ECB3B9 |
| Operational account: 0xc3DaD90C3211435743Fee16c2Bb8ea7Bc0B5ed67 |
| Base Safe Threshold Module: 0xa05f9Bf8aEfe56C04b0a883694883301FB144023 |
| UMH = unbacked MAI handler |
### Polygon Vaults [#polygon-vaults]
#### MATIC Vault [#matic-vault]
[0xa3fa99a148fa48d14ed51d610c367c61876997f1](https://polygonscan.com/address/0xa3fa99a148fa48d14ed51d610c367c61876997f1)
#### WETH Vault [#weth-vault]
[0x3fd939B017b31eaADF9ae50C7fF7Fa5c0661d47C](https://polygonscan.com/address/0x3fd939b017b31eaadf9ae50c7ff7fa5c0661d47c)
#### LINK Vault [#link-vault]
[0x61167073E31b1DAd85a3E531211c7B8F1E5cAE72](https://polygonscan.com/address/0x61167073e31b1dad85a3e531211c7b8f1e5cae72)
#### AAVE Vault [#aave-vault]
[0x87ee36f780ae843A78D5735867bc1c13792b7b11](https://polygonscan.com/address/0x87ee36f780ae843a78d5735867bc1c13792b7b11)
#### CRV Vault [#crv-vault]
0x98B5F32dd9670191568b661a3e847Ed764943875
**BAL Vault**
0x701A1824e5574B0b6b1c8dA808B184a7AB7A2867
**dQUICK Vault**
0x649Aa6E6b6194250C077DF4fB37c23EE6c098513
**WBTC Vault**
0x37131aEDd3da288467B6EBe9A77C523A700E6Ca1
**GHST Vault**
0xF086dEdf6a89e7B16145b03a6CB0C0a9979F1433
#### camWMATIC Vault [#camwmatic-vault]
0x88d84a85A87ED12B8f098e8953B322fF789fCD1a
#### camWETH Vault [#camweth-vault]
0x11A33631a5B5349AF3F165d2B7901A4d67e561ad
#### camAAVE Vault [#camaave-vault]
0x578375c3af7d61586c2C3A7BA87d2eEd640EFA40\
\
**camWBTC Vault**\
\
0x7dda5e1a389e0c1892caf55940f5fce6588a9ae0
**camDAI Vault**
0xD2FE44055b5C874feE029119f70336447c8e8827
**Stake DAO USD Strategy**
0x57cbf36788113237d64e46f25a88855c3dff1691
**FXS Vault**\
\
0xff2c44fb819757225a176e825255a01b3b8bb051
**Celsius X Doge (cxDoge) Vault**\
\
0x7CbF49E4214C7200AF986bc4aACF7bc79dd9C19a
**Celsius X ADA (cxADA) Vault**\
\
0x506533B9C16eE2472A6BF37cc320aE45a0a24F11
**Celsius X WETH (cxWETH) Vault**\
\
0x7d36999a69f2b99bf3fb98866cbbe47af43696c8
**vGHST Vault**
0x1f0aa72b980d65518e88841ba1da075bd43fa933
**CEL Vault**
0x178f1c95c85fe7221c7a6a3d6f12b7da3253eeae
**WMATIC Vault**
0x305f113ff78255d4f8524c8f50c7300b91b10f6a
**SAND Vault**
0x1dcc1f864a4bd0b8f4ad33594b758b68e9fa872c
**Tetu xxDAI Vault**
0xaa19d0e397c964a35e6e80262c692dbfc9c23451
**Tetu xxLINK Vault**
0x11826d20b6a16a22450978642404da95b4640123
[**Kyber Network Crystal Matic MAI Va... (KMMVT)**](https://polygonscan.com/token/0xa3b0a659f2147d77a443f70d96b3cc95e7a26390)
0xa3b0A659f2147D77A443f70D96b3cC95E7A26390
[**MAI DAI Arrakis Polygon MAI Vault (MDAPMVT)**](https://polygonscan.com/token/0x7d75F83f0aBe2Ece0b9Daf41CCeDdF38Cb66146b)
0x7d75F83f0aBe2Ece0b9Daf41CCeDdF38Cb66146b
[**stMatic Vault**](https://polygonscan.com/address/0x9A05b116b56304F5f4B3F1D5DA4641bFfFfae6Ab)
0x9A05b116b56304F5f4B3F1D5DA4641bFfFfae6Ab\
\
[**gDAI Vault**](https://polygonscan.com/address/0xF1104493eC315aF2cb52f0c19605443334928D38)
0xF1104493eC315aF2cb52f0c19605443334928D38\
\
[**stETH Vault**
](https://polygonscan.com/address/0x3bcbAC61456c9C9582132D1493A00E318EA9C122)\
0x3bcbAC61456c9C9582132D1493A00E318EA9C122
[**MaticX Vault**](https://polygonscan.com/address/0xb1f28350539b06d5a35d016908eef0424bd13c4b)
0xb1f28350539b06d5a35d016908eef0424bd13c4b
[**WBTC V2 Vault**](https://polygonscan.com/address/0x169d47043cc0c94c39fa327941c56cb0344dc508#code)
0x169d47043cc0c94c39fa327941c56cb0344dc508
**WETH V2 Vault**
0xb5b31e6a13ae856bc30b3c76b16edad9f432b54f
**Beefy cUSDC.e Peg Stability Module**
0xdEffF862C76C6f9c7164B44f860fAe64C2A92aF5
**Beefy Morpho Gauntlet Compound USDC Peg Stability Module**
0xfa85a4cf8bebcd65d0bf45bc5cd8c4c865306be3\
\
**Polygon camTokens**
#### camUSDC [#camusdc]
0x22965e296d9a0Cd0E917d6D70EF2573009F8a1bB
#### camDAI [#camdai]
0xE6C23289Ba5A9F0Ef31b8EB36241D5c800889b7b
#### camWETH [#camweth]
0x0470CD31C8FcC42671465880BA81D631F0B76C1D
#### camUSDT [#camusdt]
0xB3911259f435b28EC072E4Ff6fF5A2C604fea0Fb
#### camWMATIC [#camwmatic]
0x7068Ea5255cb05931EFa8026Bd04b18F3DeB8b0B
#### camAAVE [#camaave]
0xeA4040B21cb68afb94889cB60834b13427CFc4EB
#### camWBTC [#camwbtc]
0xBa6273A78a23169e01317bd0f6338547F869E8Df
## Fantom [#fantom]
### **Fantom Vaults** [#fantom-vaults]
**WFTM Vault**
0x1066b8FC999c1eE94241344818486D5f944331A0
**WETH Vault**
0xD939c268C49c442F037E968F045ba02f499562D4
**yvWFTM Vault**
0x7efB260662a6FA95c1CE1092c53Ca23733202798
**yvDAI Vault**
0x682E473FcA490B0adFA7EfE94083C1E63f28F034
**yvETH Vault**
0x7aE52477783c4E3e5c1476Bbb29A8D029c920676
**yvBTC Vault**
0x571F42886C31f9b769ad243e81D06D0D144BE7B4
**yvYFI Vault**
0x6d6029557a06961aCC5F81e1ffF5A474C54e32Fd
**BTC Vault**
0xE5996a2cB60eA57F03bf332b5ADC517035d8d094
**LINK Vault**
0xd6488d586E8Fcd53220e4804D767F19F5C846086
**SUSHI Vault**
0x267bDD1C19C932CE03c7A62BBe5b95375F9160A6
**AAVE Vault**
0xdB09908b82499CAdb9E6108444D5042f81569bD9
**mooScreamFTM Vault**
0x3609A304c6A41d87E895b9c1fd18c02ba989Ba90
**mooScreamETH Vault**
0xC1c7eF18ABC94013F6c58C6CdF9e829A48075b4e
**mooScreamBTC Vault**
0x5563Cc1ee23c4b17C861418cFF16641D46E12436
**mooScreamLINK Vault**
0x8e5e4D08485673770Ab372c05f95081BE0636Fa2
**mooScreamDAI Vault**
0xBf0ff8ac03f3E0DD7d8faA9b571ebA999a854146
**mooBooBTC-FTM (from SpookySwap / Beefy Finance) Vault**
0xf34e271312e41bbd7c451b76af2af8339d6f16ed
**mooBooETH-FTM (from SpookySwap / Beefy Finance) Vault**
0x9ba01b1279b1f7152b42aca69faf756029a9abde
**mooBIFI Vault**
0x75d4ab6843593c111eeb02ff07055009c836a1ef
**xBOO Vault (V2)**
0x3f6cf10e85e9c0630856599FAB8D8BFcd9C0E7D4
## Avalanche [#avalanche]
**mooAaveAVAX Vault**
0xfA19c1d104F4AEfb8d5564f02B3AdCa1b515da58
**Stake DAO USD Strategy Vault**
0x13a7fe3ab741ea6301db8b164290be711f546a73
**WETH Vault**
0xa9122dacf3fccf1aae6b8ddd1f75b6267e5cbbb8
**WBTC Vault**
0x1f8f7a1d38e41eaf0ed916def29bdd13f2a3f11a
**WAVAX Vault**
0x73a755378788a4542a780002a75a7bae7f558730
## Arbitrum [#arbitrum]
**WETH Vault**
0xC76a3cBefE490Ae4450B2fCC2c38666aA99f7aa0
**WBTC Vault**
0xB237f4264938f0903F5EC120BB1Aa4beE3562FfF
**gDAI Vault**
0xd371281896f2F5f7A2C65F49d23A2B6ecfd594f3
[**KNC Vault**
](https://arbiscan.io/address/0xe47ca047Cb7E6A9AdE9405Ca68077d63424F34eC)\
0xe47ca047Cb7E6A9AdE9405Ca68077d63424F34eC
[**steCRV Vault**](https://arbiscan.io/address/0xa864956ff961ce62c266a8563b46577d3573372e)
0xa864956ff961ce62c266a8563b46577d3573372e
[**ARB Vault**](https://arbiscan.io/address/0x950eceee9e7d7366a24fc9d2ed4c0c37d17a0fa9)
0x950eceee9e7d7366a24fc9d2ed4c0c37d17a0fa9
[**KNC Vault**](https://arbiscan.io/address/0xe47ca047Cb7E6A9AdE9405Ca68077d63424F34eC)
0xe47ca047Cb7E6A9AdE9405Ca68077d63424F34eC
## Moonriver [#moonriver]
**ETH Vault**
0x4a0474E3262d4DB3306Cea4F207B5d66eC8E0AA9
**ETH-USDC LP (from Solarbeam / Beefy Finance) Vault**
0x97D811A7eb99Ef4Cb027ad59800cE27E68Ee1109
**MOVR Vault**
0x5db6617ddf077d76cfd9d7fc0fa91aaabc3da683
## Harmony [#harmony]
**WETH Vault**
0x46469f995A5CB60708200C25EaD3cF1667Ed36d6
**ONE Vault**
0x12FcB286D664F37981a42cbAce92eAf28d1dA94f
**WBTC Vault**
0x9f4E3d01c634441F284beb92bBAEeb76133BbB28
## Gnosis Chain [#gnosis-chain]
**WETH Vault**
0x5c49b268c9841AFF1Cc3B0a418ff5c3442eE3F3b
**GNO Vault**
0x014a177e9642d1b4e970418f894985dc1b85657f
sDAI Vault
[0x79afad49e968e7bea7a23933e294a94e33e60158](https://gnosisscan.io/address/0x79afad49e968e7bea7a23933e294a94e33e60158)
## Optimism [#optimism]
**WETH Vault**
0x062016cd29fabb26c52bab646878987fc9b0bc55
**WBTC Vault**
0xb9c8f0d3254007ee4b98970b94544e473cd610ec
**OP Vault**
0xbf1aea8670d2528e08334083616dd9c5f3b087ae
**Beefy Aave Optimism BTC Vault (MAOBMVT**)
0xAB91c51b55F7Dd7B34F2FD7217506fD5b632B2B9
**Beefy Aave Optimism ETH Vault (MAOEMVT)**
0xF9CE2522027bD40D3b1aEe4abe969831FE3BeAf5
**Beefy Aave Optimism DAI Vault** [(MAODMVT)](https://optimistic.etherscan.io/token/0xb89c1b3d9f335b9d8bb16016f3d60160ae71041f)
0xB89c1b3d9f335B9d8Bb16016F3d60160AE71041f\
\
**wstETH Vault**\
\
0x86f78d3cbca0636817ad9e27a44996c738ec4932\
\
**Beefy steCRV Vault**\
[
](#user-content-fn-1)[^1]0xa478e708a27853848c6bc979668fe6225fee46fa
**Yearn ETH Vault**
0x7198ff382b5798dab7dc72a23c1fec9dc091893b\
\
[**KNC Vault**
](https://optimistic.etherscan.io/address/0xc88c8ada95d92c149377aa660837460775dcc6d9)\
0xc88c8ada95d92c149377aa660837460775dcc6d9
## BNB Chain [#bnb-chain]
**WBNB Vault**
0xa56f9a54880afbc30cf29bb66d2d9adcdcaeadd6
**CAKE Vault**
0x014a177e9642d1b4e970418f894985dc1b85657f
**DODO Vault (V2)**
0x7333fd58d8D73a8e5FC1a16C8037ADa4f580FA2B
## Metis [#metis]
**METIS Vault**
0x10dcbee8afa39a847707e16aea5eb34c6b01aba9
**ETH Vault**
0xc09c73f7b32573d178138e76c0e286ba21085c20\
\
**BTC Vault (Relay) - deprecated**
0xb89c1b3d9f335b9d8bb16016f3d60160ae71041f
**m.WBTC Vault -** [WBTC Metis MAI Vault (BMMVT)](https://andromeda-explorer.metis.io/token/0x5a03716bd1f338d7849f5c9581ad5015ce0020b0)
0x5A03716bd1f338D7849f5c9581AD5015ce0020B0
**Metis Vault - Manhattan interest-charging vaults**\
\
0x19Cb63CCbfAC2f28B1fd79923f6aDfC096e6EBB4
**m.USDC Peg Stability Module**
0x7A802AAB2185480DfE16d936462FD3BeCcEECB00
## **ETHEREUM** [#ethereum]
[Yearn LINK Ethereum MAI Vault (YLEMVT)](https://etherscan.io/token/0x60d133c666919B54a3254E0d3F14332cB783B733)
0x60d133c666919B54a3254E0d3F14332cB783B733
[Yearn ETH Ethereum MAI Vault (YEEMVT)](https://etherscan.io/token/0xEcbd32bD581e241739be1763DFE7a8fFcC844ae1)
0xEcbd32bD581e241739be1763DFE7a8fFcC844ae1\
\
[Wrapped Ethereum MAI Vault (WEMVT)](https://etherscan.io/token/0x98eb27e5f24fb83b7d129d789665b08c258b4ccf)
0x98eb27E5F24FB83b7D129D789665b08C258b4cCF
[Wrapped Bitcoin MAI Vault (WBMVT)](https://etherscan.io/token/0x8c45969ad19d297c9b85763e90d0344c6e2ac9d1)
0x8C45969aD19D297c9B85763e90D0344C6E2ac9d1
[StakeDAO Curve stETH Ethereum MAI ... (SCSEMVT)](https://etherscan.io/token/0xcc61ee649a95f2e2f0830838681f839bdb7cb823) **(OLD)**
0xcc61Ee649A95F2E2f0830838681f839BDb7CB823
[Yearn Curve stETH Ethereum MAI Vau**lt** (YCSEMVT)](https://etherscan.io/token/0x82e90eb7034c1df646bd06afb9e67281aab5ed28) **(OLD)**
0x82E90EB7034C1DF646bD06aFb9E67281AAb5ed28\
\
[StakeDAO Curve stETH](https://etherscan.io/address/0x67411793c5dcf9abc5a8d113ddd0e596cd5ba3e7) **(UPDATED)**
0x67411793c5dcf9abc5a8d113ddd0e596cd5ba3e7\
\
[Yearn Curve stETH](https://etherscan.io/address/0xd1a6f422ceff5a39b764e340fd1bcd46c0744f83) **(UPDATED)**
0xD1a6F422ceFf5a39b764e340Fd1bCd46C0744F83
[**Beefy Convex Curve stETH**](https://etherscan.io/address/0x86f78d3cbca0636817ad9e27a44996c738ec4932)
0x86f78d3cbCa0636817AD9e27a44996C738Ec4932
[**CRV Vault**](https://etherscan.io/address/0xCA3EB45FB186Ed4e75B9B22A514fF1d4abAdD123)
0xCA3EB45FB186Ed4e75B9B22A514fF1d4abAdD123
**cbETH Vault**
0x4ce4c542d96ce1872fea4fa3fbb2e7ae31862bad
**stETH Vault**
0x5773e8953cf60f495eb3c2db45dd753b5c4b7473
**LDO Vault**
0x954ac12c339c60eafbb32213b15af3f7c7a0dec2
## Base [#base]
**cbETH Vault**
[0x7333fd58d8d73a8e5fc1a16c8037ada4f580fa2b](https://basescan.org/address/0x7333fd58d8d73a8e5fc1a16c8037ada4f580fa2b)
**WETH Vault**
[0x8d6cebd76f18e1558d4db88138e2defb3909fad6](https://basescan.org/address/0x8d6cebd76f18e1558d4db88138e2defb3909fad6)
**wstETH Vault**
[0x654a31ba7d714cfcab19b17d0066171c1a292349](https://basescan.org/address/0x654a31ba7d714cfcab19b17d0066171c1a292349)
**AERO Vault**
[0x20658fDaBD4C79F1B3666E5bcCAeF78b5059B109](https://basescan.org/address/0x20658fDaBD4C79F1B3666E5bcCAeF78b5059B109)
**ezETH Vault**
[0x491e3a7cda79af2bba5de48c58445644821d14de](https://basescan.org/address/0x491e3a7cda79af2bba5de48c58445644821d14de)
**cbBTC Vault**
[0x806C0287f0e7124567c35D9A2a20B79c94179313](https://basescan.org/address/0x806C0287f0e7124567c35D9A2a20B79c94179313)
**veAERO Vault**
[0xAB9C4CA8c30C0a703aa7f134b74005a5277ec7f1](https://basescan.org/address/0xab9c4ca8c30c0a703aa7f134b74005a5277ec7f1)
**Peg Stability Module - Beefy Compound USDC**
[0x83d41737d086033a9c3ace2f1ad9350d7d91cf02](https://basescan.org/address/0x83d41737d086033a9c3ace2f1ad9350d7d91cf02)
**Peg Stability Module - Morpho Gauntlet USDC**
[0x88960e693CE3bd88e8b46450097aB9Ec25b6cd4C](https://basescan.org/address/0x88960e693ce3bd88e8b46450097ab9ec25b6cd4c)
**Peg Stability Module - Morpho Steakhouse USDC**
[0x19286B2786b0aBd65334CC054F5763b95fD39022](https://basescan.org/address/0x19286B2786b0aBd65334CC054F5763b95fD39022)
## Polygon zkEVM [#polygon-zkevm]
**WETH Vault**
0x4d4872fe2d6b8a6297e77510ffee4ee7c4b274bc
**WMATIC Vault**
0xc8a3e6f64f3a73f5b53dbf4e20c8a2847161f7ae
## Linea [#linea]
**WBTC Vault**
0x8ab01c5ee3422099156ab151eecb83c095626599
**WETH Vault**
0x7f9dd991e8fd0cbb52cb8eb35dd35c474a9a7a70
**sDAI PSM**
[0x2f5cedaff534cc816ed6f551eb2b73d6f1daa440](https://lineascan.build/address/0x2f5cedaff534cc816ed6f551eb2b73d6f1daa440)
**mpETH Vault**
0x60d133c666919b54a3254e0d3f14332cb783b733
## Fraxtal [#fraxtal]
sfrxETH Vault
[0xbf1aea8670d2528e08334083616dd9c5f3b087ae](https://fraxscan.com/address/0xbf1aea8670d2528e08334083616dd9c5f3b087ae)
## MAI Hub [#mai-hub]
**AVALANCHE**:
address: 0xbE56bFF41AD57971DEDfBa69f88b1d085E349d47
asset: 0x5c49b268c9841AFF1Cc3B0a418ff5c3442eE3F3b
**MOONRIVER**
address: 0xcA8a932e5aA63961D975aFA005d34Ef73C59bb45
asset: 0xFb2019DfD635a03cfFF624D210AEe6AF2B00fC2C
**HARMONY**
address: 0xC85C1ce70C4Bf751a73793D735e9D0209152F13d
asset: 0xB9C8F0d3254007eE4b98970b94544e473Cd610EC
**CRONOS**
address: 0xF5c2B1b92456FE1B1208C63D8eA040D464f74a72
asset: 0x2Ae35c8E3D4bD57e8898FF7cd2bBff87166EF8cb
## Qi Hub [#qi-hub]
**AVALANCHE**
address: 0x297E8C195E6907Ab43209000cE4793B8DD9Ac020
asset: 0xA56F9A54880afBc30CF29bB66d2D9ADCdcaEaDD6
## Performance Fee Management Contracts [#performance-fee-management-contracts]
**Optimism**
[0x954aC12C339C60EAFBB32213B15af3F7c7a0dEc2](https://optimistic.etherscan.io/address/0x954aC12C339C60EAFBB32213B15af3F7c7a0dEc2)
**Arbitrum**
[0x580d0B0ed579c22635AdE9C91Bb7A1f0755F9C85](https://arbiscan.io/address/0x580d0B0ed579c22635AdE9C91Bb7A1f0755F9C85)
**Ethereum**
[0xEd8a2759B0f8ea0f33225C86cB726fa9C6E030A4](https://etherscan.io/address/0xEd8a2759B0f8ea0f33225C86cB726fa9C6E030A4)
**Polygon**
[0x232627F88a84A657b8A009AC17ffa226a34c9a87](https://polygonscan.com/address/0x232627F88a84A657b8A009AC17ffa226a34c9a87)
## Performance Fee Tokens [#performance-fee-tokens]
**Optimism**\
\
mooCurvewstETH
0x480798FAC621adD14113ECC82638305c260cEaf1
wstETH
0x926B92B15385981416a5E0Dcb4f8b31733d598Cf
yvETH
0x22f39d6535dF5767f8F57FEE3B2F941410773ec4
**Arbitrum**
Gains Network DAI
0x4fC050d75dBA5bF2d6EbD3667FFEc731A45B1f35
mooCurvewstETH
0xf05f0e8760cE9a32df05549309ebEF7Ddb2190Fe
**Ethereum**
Stake DAO ETH Strategy
0xf2833F5E72207D1Da1EEE7F8395Fb5f49895BBb4
Yearn Curve stETH
0xE9D954a9A6A1a61bc1120970f84CDd76562c4a0c
Beefy Convex Curve stETH
0x3c82A9514327A93928108e9F00D89877F4beB6e3
cbETH
0x97451025De0beef64c1A454bcF995de6FB8e0f2A
stETH
0x9414e766E8B59473599b9968aAf52CDCd07f59a9
**Polygon**
Gains Network DAI
0x2DeA91E68FDC5693B63924c5FEE0a28cFb78a801
stMatic
0x4c8DFb55D08bD030814cB6fE774420f3C01a5EdB
MaticX
0x2acD702F7D35d3D2915663d7f7CbDF2863Ec6E79
wstETH
0xcC03032fBf096F14a2DE8809c79d8b584151212B
**Base**
cbETH
[0xc765d6b7ea9d4b9ccd8cbadbb0e4726d68e195e4](https://basescan.org/address/0xc765d6b7ea9d4b9ccd8cbadbb0e4726d68e195e4)
wstETH
[0x96c8F7D6Ea190df5c5eF2EbAb6ecd2a86262b810](https://basescan.org/address/0x96c8F7D6Ea190df5c5eF2EbAb6ecd2a86262b810)
**Gnosis**
sDAI
[0x87a1b336872b710f38c3d99d23624653b2f75088](https://gnosisscan.io/address/0x87a1b336872b710f38c3d99d23624653b2f75088)
## Vault Fee Manager Contracts [#vault-fee-manager-contracts]
Polygon vaults
[0x11606d99ad8aac49e033b14c89552f585028ba7d](https://polygonscan.com/address/0x11606d99ad8aac49e033b14c89552f585028ba7d#code)
Arbitrum vaults
[0xdCC1c692110E0e53Bd57D5B2234867E9C5B98158](https://arbiscan.io/address/0xdCC1c692110E0e53Bd57D5B2234867E9C5B98158)
Gnosis Chain vaults
[0xae09281c842ebfdb2e606f32bd5048183652b4d8](https://gnosisscan.io/address/0xae09281c842ebfdb2e606f32bd5048183652b4d8)
Avalanche vaults
[0xca3eb45fb186ed4e75b9b22a514ff1d4abadd123](https://snowtrace.io/address/0xca3eb45fb186ed4e75b9b22a514ff1d4abadd123#code)
Optimism vaults
[0xbdef6DAD6841aA60Caf462baAee0AA912EeF817A](https://optimistic.etherscan.io/address/0xbdef6DAD6841aA60Caf462baAee0AA912EeF817A#code)
[^1]:
# Evolution of the DAO (/docs/governance-proposals/evolution-of-the-dao)
### Chapter 1: Establishing Governance Powers (2021) [#chapter-1-establishing-governance-powers-2021]
Three years ago, specific governance powers were set for QI holders. These limited the power of the DAO over QiDao’s smart contracts and accrued tokens.
The aim of these powers was to decentralize the decision making of the protocol. To encourage distribution, 90% of QI tokens were reserved for community and partner distribution. This has allowed QiDao to form a DAO that is not controlled solely by an internal team, but by an engaged community.
Governance powers have bounds. Notably, the DAO cannot vote to manage or handle users assets. The protocol does not have control over user deposits. Since the formation of the protocol, no user has had their deposits into QiDao vaults stolen.
Below is a list of what DAO members can propose and vote on.
* Approve collateral types
* Fee distributions
* Price oracle changes
* Risk parameters (i.e. collateral ratio, liquidation bonus, etc.)
* Change fee structures
* Support for new systems
* Qi community treasury decisions
For further documentation on QI see here: [https://docs.mai.finance/tokenomics-1/qi-token](https://docs.mai.finance/tokenomics-1/qi-token)
### Chapter 2: Boosting Voting Power - QiPowah (2021) [#chapter-2-boosting-voting-power---qipowah-2021]
Escrowed QI was established via QIP007 as a way for loyal community members to boost their governance power over the protocol. A few years later, this was upgraded to incorporate liquidity provisioning for QI on Balancer via Advanced voting escrowed QI, or aveQI.
Today, users that lock QI-ETH on Balancer Ethereum are able to boost their voting power over QiDao as well as their share of weekly fee distributions from the DAO. A user’s voting power and distribution share will be a function of how much QI-ETH they lock and for how long. A minimum of 28 days is needed for new locks, with a maximum of 4 years.
### Chapter 3: QiDao Guardians (2023) [#chapter-3-qidao-guardians-2023]
Modeled after the [Aave Guardians](https://docs.aave.com/governance/master/aave-guardians) standard, the QiDao Guardians are a group of community-selected individuals who take part in a 4/6 multisig that has certain roles as mandated by the QiDao community. Original DAO vote to activate the Guardians can be found [here](https://vote.mai.finance/#/proposal/0xfaad5534b3c12056d6152c57824a9cde3636f5516418a3fec10bb582a5afd557).
The QiDao Guardian multisig currently holds the authority to:
* Protect QiDao Protocol against potential governance attacks.
* Manage the minting and burning of MAI to handle debt ceilings for collateral vaults
* Manage bridge diversification allocations for both MAI and QI.
* Act as a failsafe emergency actor if necessary
Furthermore, Guardians are also expected to:
* Engage actively in multisig operations by being alert, responsive, and swift in action when necessary.
* Uphold the protocol's best interest, promptly disclosing any potential conflict of interests.
**Current community Guardians**
* Marc Zeller (Aave Chan Initiative & Aave community)
* Hamzah Khan (3poch Labs, ex-Polygon DeFi Lead)
* Weso (Beefy Finance)
* 0xNacho (QiDao community)
* Benjamin.lens (QiDao)
* Pablo the Penguin (QiDao)
### Chapter 4: Community Governance Page (2023) [#chapter-4-community-governance-page-2023]
A community Governance Page was introduced by QiDao members to organize discussions around proposals. Posting to this page is available to everyone. Filtering is done for proposals to limit spam, inflammatory language, and false information. While not a requirement for QI holder proposals, posting on the governance forum allows authors to gather feedback from DAO members that are active on Discord.
The governance page is an important tool in QiDao’s governance system to gauge support from other DAO members. Ultimately, only a DAO vote can ratify the DAO’s position on a matter.
Several external teams have used this governance page to communicate directly with our community. Recent proposals by other teams include Frax Finance, UMA Protocol, Meta Pool, and Messari. Community members have also approached the DAO with their own proposals, with three such proposals passing within the first 2 months of 2024.
To post a proposal on the Governance Page, see the links below.
Link to Governance Page: [https://gov.mai.finance/](https://gov.mai.finance/)
How-to guide for posting proposals: [https://qidao.notion.site/Introducing-QiDao-s-Governance-Page-cf07d2aea12c48d88582cf3284c0a0c8](https://www.notion.so/Introducing-QiDao-s-Governance-Page-cf07d2aea12c48d88582cf3284c0a0c8?pvs=21)
### Chapter 5: Direct Governance Proposal Posting (2024) [#chapter-5-direct-governance-proposal-posting-2024]
The next step in QiDao’s decentralization journey involves the QiDao snapshot page. This page is where all proposals go to be decided upon by token lockers (aveQI). Since the start of the DAO, 231 proposals have been submitted for community approval. This ranks QiDao as one of the most active DAOs in crypto.
Historically, proposal drafts were first discussed on the Discord forum, where active community members would provide feedback and approve which proposals were voted on. This step was crucial in allowing community members without a significant amount of voting power the ability to have a say in proposals. It also helped established the culture of the community and its values. However, the final say has always been had by QI holders.
As QiDao established its culture and processes over the years, the next step was ushured in: opening the snapshot page for direct proposal posting. This evolution will allow any aveQI holder with enough voting power to post proposals.
**Proposal details**
The threshold to post proposals is 150,000 aveQI, roughly 2.5% of the total vote. This limit protects the DAO page from spam proposals and ensures the alignment of proposers to the DAO.
There is a voting delay of 24 hours for proposals to be assessed by voters, and a set period of 72 hours for voting. Quorum for proposals is 600,000 aveQI, approximately 10% of the total voting power.
Below is a step-by-step guide on posting proposals to the Snapshot page.
1. Go to [https://vote.mai.finance/#/](https://vote.mai.finance/#/) or [https://snapshot.org/#/qidao.eth](https://snapshot.org/#/qidao.eth)
2. Press “New Proposal” on the top right
3. Fill out the proposal. Please use the proposal templates provided in the [Governance Page.](https://gov.mai.finance/) Please note that there is a separate [General QIP Template](https://github.com/publu/QIPs/blob/main/contents/Templates/general-qip-template.md) and [New Asset Template](https://github.com/publu/QIPs/blob/main/contents/Templates/new-asset-template.md).
4. Post proposal
### Chapter 6: On the way to automation (2025) [#chapter-6-on-the-way-to-automation-2025]
In 2025 QiDao reached a new milestone with the launch of the **QiDao Governance Hub**, a space that superseded the former Community Governance Page (Chapter 4) and became the entry point for the newly introduced **QiDao Community Ideas (QCIs)**.
QCIs made it easier to draft and refine ideas, gather support, and advance them into formal **QiDao Improvement Proposals (QIPs)** for Snapshot voting. By removing technical requirements such as GitHub pull requests, governance became simpler, more transparent, and more accessible.
Chapter 5 (2024) introduced **Direct Governance Proposal Posting**, allowing aveQI holders with sufficient [voting power](https://app.mai.finance/boost) to submit proposals directly on Snapshot. **Chapter 6** goes even further, removing barriers so any DAO member, regardless of technical expertise, can take part in the entire process, **from idea creation to on-chain execution**.
To reinforce decentralization, all content submitted to the Governance Hub is now **registered and stored via IPFS**. This ensures that community ideas and formal proposals are censorship-resistant, permanent, and verifiable, reducing reliance on third parties, centralized tools, and infrastructure.
Chapter 6 also introduced **Payloads**, enabling QIPs to include **on-chain transactions** tied directly to governance outcomes. Payloads can update protocol parameters, adjust fees, mint or burn assets, and perform other smart contract actions authorized by governance, making execution more decentralized and verifiable.
Payloads bring more transparency to on-chain executions, with the **QiDao Guardians \*\*\*\*(**[**QIP197**](https://snapshot.box/#/s:qidao.eth/proposal/0xfaad5534b3c12056d6152c57824a9cde3636f5516418a3fec10bb582a5afd557)**)**, serving as the protocol’s ultimate safeguard when needed.\
\
Since the passing of [QIP237](https://snapshot.box/#/s:qidao.eth/proposal/0x0ca7d8f0c6518e7fff91cbfd8d794e9cec4ef8038a0a1ebcf1617e63c2c3c14b), participation in Discord or the Governance Hub remains optional. DAO members with sufficient voting power may also post directly in QiDao’s Snapshot space. However, proposals that undergo community discussion typically benefit from broader feedback and support, which can increase their likelihood of success.\
\
Participating in each step of the QiDao Governance has never been easier:
1. Go to [**gov.mai.finance**](https://gov.mai.finance/) and start a QCI: draft an idea to improve QiDao.
2. Share and give feedback in the [**Community Discord**](https://discord.com/invite/mQq55j65xJ): gather support and help shape other community ideas.
3. Advance ideas into proposals: anyone with [**≥150K aveQI**](https://app.mai.finance/boost) can escalate QCIs into QIPs.
4. Vote on [**Snapshot**](https://snapshot.box/#/s:qidao.eth): any aveQI balance can vote to decide the outcome.
5. Approved proposals are set to be implemented as ratified by the vote.
This process ensures every idea can have a clear decentralized path from community draft to on-chain execution.
# General QIP Template (/docs/governance-proposals/general-qip-template)
**Summary**
In clear and simple terms, describe the proposal and its intended goal. This should be non-technical and accessible to a casual community member.
**Abstract**
A short (\~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what will be done if the QIP is implemented, not why it should be done or how it will be done.
**Motivation**
Here is where you should describe why the proposal is needed - the problem statement. It is critical that you explain why the change is needed. Please note that the solution description does not go in this section.
**Specification**
**Rationale**
The reasoning for the solution above should go here. Why did you propose to implement the change in this way? What were the considerations and trade-offs? The rationale fleshes out what motivated the design and why particular design decisions were made. It should describe alternate designs that were considered and related work. The rationale may also provide evidence of consensus within the community, and should discuss important objections or concerns raised during discussion.
**Technical Specification**
The technical specification should outline the changes to the protocol on a technical level.
**Configurable Values**
If QIP requires parameters updates to existing contracts, please list the changes here.
# New Asset Proposal Template (/docs/governance-proposals/new-asset-proposal-template)
**Summary**
Describe the asset and its key attributes.
**Security**
Detail any centralization vectors, such as minting rights, and dependencies.
**Vault specifications:**
* Collateral asset to be used:
* Minimum collateral to debt ratio:
* Fees: \[repayment fee / interest rate fee / performance fee on asset / minting fee]
* Minimum debt:
* Maximum debt:
* Oracle provider:
* Risk grading:
* Risk methodology: [\[link to rubric template\]](https://docs.google.com/spreadsheets/d/1uvRFiN5FNr4OUKdsueFbnrQhx1lMdf1FfXRw1tnIXJE/edit?usp=sharing)
**Motivation**
Explain the expected value-add to QiDao.
**Quorum Standards**
For new asset onboard, use this quorum standrd: "The option with the most votes will be adopted."
**Options**
* Approve proposal
* Further discussions needed
* Abstain
# Proposal Procedures (/docs/governance-proposals/proposal-procedures)
### Overview of Proposal Procedures [#overview-of-proposal-procedures]
1. Post QIP on Governance Page
2. Engage in community discussions around draft
3. Post proposal for voting
4. Implementation
### What is a QIP? [#what-is-a-qip]
QIP stands for QiDao Improvement Proposal, which has been in use at QiDao for several years. The purpose of these proposals is to ensure changes to QiDao are transparent and well governed. A QIP is a document providing information to the QiDao community about a proposed change to the system. Auth responsible for building consensus within the community and documenting dissenting opinions.
### Governance Page [#governance-page]
Parties involved in the process are the author, the editors, QiDao Core Contributors, the QiDao community.
Important notice for authors: before beginning this process, please make sure to vet your idea with the QiDao community. Ask the QiDao community first if an idea is original to avoid wasting time on something that will be rejected based on prior research. It also helps to make sure the idea is applicable to the entire community and not just the author. The appropriate public forum to gauge interest around your QIP is the QiDao Discord.
Each status change is requested by the author and reviewed by the editors. Use a pull request to update the status. The editors will process these requests as per the conditions below.
1. Draft - The initial state of a new QIP before it has been assessed
2. Review Pending - a QIP that is being assessed for feasibility with an assigned Core Contributor
3. Vote Pending - a QIP that is awaiting a vote.
4. Approved - a QIP that has successfully reached sufficient support from the DAO via voting
5. Rejected - a QIP that has failed to reach sufficient support from the DAO via voting
6. Implemented - a QIP that has been released to mainnet
New proposals must follow the templates [here](https://github.com/publu/QIPs/tree/main/contents/Templates).
For new draft proposals, please write "To be assigned" for QIP.
#### Auxiliary Files [#auxiliary-files]
Proposals may include auxiliary files such as diagrams. Such files must be named QIP-XXXX-Y.ext, where “XXXX” is the proposal number, “Y” is a serial number (starting at 1), and “ext” is replaced by the actual file extension (e.g. “png”).
#### Editors [#editors]
The current editors will be
* [https://github.com/publu](https://github.com/publu)
* [https://github.com/benjamin891](https://github.com/benjamin891)
#### Editor Responsibilities [#editor-responsibilities]
For each new proposal that comes in, an editor does the following:
* Read the proposal to check if it is ready: sound and complete. The ideas must make technical sense, even if they don't seem likely to get to final status.
* The title should accurately describe the content.
* Check the proposal for language (spelling, grammar, sentence structure, etc.), markup (Github-style Markdown), code style
* If the proposal isn't ready, the editor will send it back to the author for revision, with specific instructions.
Once the proposal is ready for the repository, the editor will:
1. Assign proposal number
2. Merge the corresponding pull request
3. Send a message back to the author with the next step
The editors don't pass judgment on proposals. They merely fulfill administrative & editorial duties.
### Posting proposals [#posting-proposals]
When a proposal is ready for voting, any community member that meets the minimum token requirements below can post proposals for voting.
Thresholds for proposals
* minimum voting power to post proposals directly to the DAO: 150,000 aveQI
* mimum voting power to reach quorum on a proposal: 600,000 aveQI
While any proposal may be posted to the DAO, proposers are encouraged to first seek feedback from the community. This can greatly increase the chances of a proposal passing.
# Links & Resources (/docs/resources/links)
* Docs:[ https://docs.mai.finance/](https://docs.mai.finance/)
* Website:[ https://mai.finance/](https://mai.finance/)
* Twitter: [https://twitter.com/qidaoprotocol](https://twitter.com/qidaoprotocol)
* Discord:[ https://discord.gg/FVBeuryQfR](https://discord.gg/AYKKWhJeN9)
* Telegram:[ https://t.co/ttG5c1cxfZ?amp=1](https://t.co/ttG5c1cxfZ?amp=1)
* Medium:[ ](https://0xlaozi.medium.com/)[https://qidaoprotocol.medium.com/](https://qidaoprotocol.medium.com/)
* Github:[ https://github.com/0xlaozi](https://github.com/0xlaozi)
* Youtube:[ ](https://www.youtube.com/channel/UCruwkC4VSOfNuVMECadXnNg)[https://www.youtube.com/c/LaoZiQiDao](https://www.youtube.com/c/LaoZiQiDao)
# Press and Branding Kit (/docs/resources/press-and-branding-kit)
You can find logos, brand colors, and QiDao messaging [HERE](https://mai-universe.notion.site/e74e878c0bb6456ebe8f54892f9173fe?v=8162b9214cdc4bbe8ee7eae1bf985c01)
# Qi Glossary (/docs/resources/qi-glossary)
**Mai Finance -** A frontend for the QiDao Protocol
**QiDao -** The protocol that enables the minting of MAI stablecoins
**MAI (previously miMatic) –** The stablecoin generated by users of the QiDao Protocol
**Qi (气)-** The governance token for QiDao
**aveQi -** advanced escrowed Qi
**Collateral -** These are any existing digital asset (ie: MATIC) stored in vaults.
**Stablecoin -** A cryptocurrency whose value is stable.
**Vault –** Where users deposit their token collateral and mint MAI.
**Risk parameters –** Levers used by the protocol to maintain the stable value of MAI (i.e. liquidation ratio, debt value, etc.)
**Debt available to borrow (debt ceiling) –** Maximum amount of MAI that can be borrowed from a vault without breaching the liquidity ratio
**Repayment fee -** The fee paid to the treasury when MAI debt is fully or partially repaid
**Liquidation ratio -** This ratio sets the minimum collateral to debt value allowed in vaults. This varies from vault to vault, depending on the underlying. A 150% liquidity ratio means that for every $1-worth of MAI in a vault, users must have at least $1.5-worth of Matic deposited as collateral.
**Liquidation -** When the collateral to debt ratio in a vault falls below the liquidation ratio, triggering the sale of the underlying collateral.
# Service Agreement (/docs/resources/service-agreement)
* Mai Finance is a web-app interface that allows users to use their blockchain wallet to communicate with a decentralized protocol to mint MAI and to provide liquidity. This means Mai Finance wields no control over individual MAI vaults, the MAI token, or the liquidity pools posted on the web-app. It is the user's responsibility to carefully consider the benefits and risks related to using Mai Finance.
* Expected return rates and token prices are estimations and not guarantees.
* Mai Finance is not responsible for user loss of assets, nor for generating profit that is less than projected, resulting from the use of Mai Finance.
* Mai Finance does not guarantee the continuity of Mai Finance service, and the functions within.
* Mai Finance does not guarantee the reliability of any blockchain used by Mai Finance, as well as any other 3rd party services.
* Development and update of the QiDao Protocol aim to rely on a decentralized voting system; however, developers and governance participants of the QiDao Protocol are not responsible in any way for any and all parts of the QiDao Protocol.
* The Smart Contract code used in Mai Finance are susceptible to vulnerabilities, and risk of asset loss exists from hacks and exploits utilizing these vulnerabilities.
# Chain Risk (/docs/risks/chain-risk)
## Introduction [#introduction]
QiDao is the most crosschain decentralized stablecoin protocol. It allows users of many blockchains to choose what collaterals to mint with and what chains to operate on. There is no preference for any chain or blockchain ecosystem. Chains and assets are onboarded on their individual merits via DAO proposals.
Having deployments on different chains allows QiDao to diversify its ecosystem-specific risk. However, this crosschain exposure also comes with added risks associated with each chain. These include varying liquidity concentration risks, validator risk, and other risks.
To mitigate these risks, QiDao has developed a chain risk mitigation strategy.
## Goals [#goals]
1. Mitigate the risk associated with holding MAI (QiDao's stablecoin) on any particular blockchain.
2. Enable users to manage the risk of their stablecoin holdings by selecting which chain to hold MAI on.
3. Protect the overall protocol from any force majeure events.
4. Allow new chain deployments to grow before connecting them to the rest of the protocol.
## Actions [#actions]
* Maintain the ratio between the circulating supply and the total debt on a chain within a given range. This containment approach ensures that any major events on one chain have a limited impact on the entire protocol. Limiting bridge liquidity between chains through bridge pools will achieve the desired ratio.
* Pause bridging between certain chains by removing liquidity from bridge pools.
* Deployments on new chains may be isolated for an initial period to allow for the project to scale and stabilize before being connected to other live chains.
## Parameters [#parameters]
New chain deployments must have the following specifications chosen by DAO governance:
1. minimum CTD ratio
2. maximum CTD ratio
3. term of parameters
4. renewal requirements
**Circulating supply to chain debt (CTD) ratio**
The goal of this parameter is to limit the inflow and outflow of MAI debt from each chain deployment.
```
circulating supply to chain debt (CTD) ratio = [circulating supply in a chain] / [total chain debt]
```
Minimum CTD ratio sets a ceiling for how much MAI debt can be bridged to other chains. 100% min CTD ratio limits the outflow of MAI debt to 0 MAI. The lower the min CTD ratio, the greater the share of MAI debt that can leave a chain.
Maximum CTD ratio sets a ceiling for how much MAI debt can be bridged into a chain from other chains. 100% max CTD ratio limits the inflow of MAI debt to 0 MAI. The higher the max CTD ratio, the greater the share of MAI debt that can enter a chain from other chains.
**Chain Debt**
Calculated as the aggregate debt from all vaults on a given chain
```
total chain debt = sum of total debt from vault contracts in a chain
```
**Circulating MAI supply**
Calculated as the difference between the MAI token supply and the aggregate of the following: MAI in bridge pools, unminted MAI handlers, and vault contracts, burn addresses.
```
MAI circulating supply = total token supply - MAI balance in bridge pools, unminted MAI handlers, vault contracts, and burn addresses
```
**Term of parameters**
This refers to how long parameter decisions last. Having terms for parameters creates a predictable experience for users.
**Renewal requirements**
Given term limits, parameters must have requirements on how these can be extended or updated after terms are reached.
## Terms [#terms]
**Deployments:** QiDao functions as separate protocols on each blockchain it is deployed on. Users can mint and repay MAI using approved collaterals on each chain. Minted MAI is fungible across all chains and can be used to repay debt on any chain.
**Bridging:** MAI can be bridged across multiple chains. However, only the protocol, not any bridge, can mint MAI. This design mitigates cross-chain messaging risks. For more details on MAI bridging, refer to the [bridge page](broken://pages/FKXDhGNzH72K38P67f0j) in this documentation.
**Live Chains:** These are active chains in QiDao where users can mint, repay MAI, and bridge MAI to and from other live chains.
**Isolated Chains:** Deployments on isolated chains are still functional but separated from existing deployments. Users can mint and repay MAI on isolated chains, but they cannot bridge MAI out of the chain.
**Frozen Chains:** Deployments on frozen chains have no live protocol functions.
# Collateral Assets (/docs/risks/collateral-assets)
MAI is backed by crypto token collateral. These collaterals are onboarded through community votes - a full breakdown of this process can be found [here](broken://pages/GU1h2JVnAKhMM7rne2kk).
Below are the metrics that QiDao's community monitors after adding collaterals to the system. Risk parameters are adjusted based on the evolving metrics of tokens. Collateral tokens that exhibit deteriorating metrics are delisted from the protocol.
1. **Onchain Liquidity:** available decentralized exchange liquidity on the each chain that the asset is listed on. This metric is tracked to ensure that there is enough liquidity for debt positions to be liquidated at any point.
2. **Centralization of liquidity pools:** the centralization of liquidity providers for the token's onchain liquidity. This is important as centralized liquidity pools are more likely to experience significant changes in liquidity provided. The minimum standard requires no single liquidity provider to hold more than 20% of the token's onchain liquidity.
3. **Onchain slippage:** the lost that can be expected from selling collateral assets in the open market due to trade slippage. Slippage for collateral assets must always be below the bonus given to liquidators. This is done to ensure liquidations remain attractive for liquidators.
4. **Share of overall collateral:** the total amount of one collateral locked in the protocol over the total amount of collateral in the system. MAI should not be overexposed to any one token. The strategy in adding several collaterals is one of diversification.
5. **Risk grading:** grade given to collaterals based on Aave's grading system. Updates have been made to focus more on market risk. This grade tracts volatility, market cap, trading volume, smart contract age, smart contract permissions, number of onchain holders, and number of transactions executed.
# Controlled Risks (/docs/risks/controlled-risks)
### Risk Parameters Controlled by QiDao Governance: [#risk-parameters-controlled-by-qidao-governance]
Each vault type (e.g., MATIC vault) has its own unique set of risk parameters that enforce usage and help maintain a healthy system. The parameters are determined based on the risk profile of the collateral type, and are directly controlled by Qi holders through voting. The higher the risk of the collateral type (based on its volatility and liquidity), the stricter the risk parameters may be.
### The Key Risk Parameters for Vaults: [#the-key-risk-parameters-for-vaults]
* **Debt Ceiling:** The debt ceiling is the maximum amount that can be borrowed against a particular collateral type. When a vault has reached its debt ceiling, it is impossible to create any more debt of that type until some of the existing debt is paid back or the debt ceiling is raised.
* **Repayment Fee:** The repayment fee is the fee paid to the Treasury when a vault owner closes out their debt position to access their vault’s collateral.
* **Liquidation Ratio:** This ratio refers to the minimum collateral to debt ratio that there can be in a vault, before it is opened for liquidation penalties. A low liquidation ratio means QiDao governance expects low price volatility of the collateral; a high liquidation ratio means high volatility is expected.
* **Liquidation Penalty:** This is the sale of a vault if a vault becomes undercollateralized. This ensures that all debts and fees will be paid back to the system even if the original debt holder is unable to maintain their vault debt.
# Security (/docs/risks/security)
### Who holds your tokens? [#who-holds-your-tokens]
All funds are controlled by the users that deposit them. The QiDao Protocol does not have control over your funds or MAI debt.
### Has the project been audited? [#has-the-project-been-audited]
The QiDao Protocol has been audited twice. Initially by Bramah Systems: [Here is the report](https://bramah.systems/audits/Mai_Finance_Audit_Bramah.pdf). They have audited mStable, dYdX, SetProtocol, IchiFarm, and others in the past.
QiDao was also audit by Cloakwire: [see report here](https://cloakwire.com/qi-dao-security-audit/).
As new features are added, more audits will take place.
### How is QiDao different from algorithmic (algo) stablecoins? [#how-is-qidao-different-from-algorithmic-algo-stablecoins]
The QiDao Protocol does not rely on an algorithm to manage the stablecoin’s peg. The peg is maintained through organic market incentives and penalties. MAI’s value is backed by overcollateralized vaults of accepted tokens. This means that all MAI is always backed by more value than it is worth. Read more about how the peg is maintained [here](https://docs.mai.finance/stablecoin-economics#how-is-the-peg-maintained).
### What safeguards are in place to protect the Protocol from black swan events? [#what-safeguards-are-in-place-to-protect-the-protocol-from-black-swan-events]
#### Debt Ceiling: [#debt-ceiling]
The debt ceiling is the maximum amount of MAI that can be minted. Each vault type has their own debt ceiling, which is periodically raised in response to demand and the MAI peg. The goal of the debt ceiling is to prevent a large amount of MAI from flooding the market that could negatively affect the MAI price.
**Risk Management:**
QiDao's risk management assumes worse case scenarios when architecting loan parameters. This helps MAI remain overcollateralized even in the worst of market conditions.
# Governance (/docs/tokenomics-1/governance)
Major decisions are made by the community by voting on QiDao Improvement Proposals. Voting power is based on a user’s Qi Powah. Below is the voting process for QiDao:
1. Soft proposal to community on Discord
Before a proposal is set for a vote, it will be sent to the community on Discord. This will begin a period of discussion about the proposal: whether it should be voted on, how it should be amended, what options should be voted on, and how the results of the vote will be interpreted (quorum standards).
2\. Community Townhall held for Critical Votes
If a vote is critical, impacting the protocol considerably, there will be a community townhall on Discord to discuss the proposal in depth. Community members can and are encouraged to hold independent townhalls on the Discord. To set one up, users can contact team members.
3\. QIP launched on Snapshot
After the community has discussed how the proposal will be voted on and what the contents of the proposal will be, the proposal will be posted on Snapshot to be voted on. To participate in voting, users must have a Qi balance before the snapshot takes place for that vote.
4\. QIP results are announced and implementation starts
Following the QIP, the community will announce the results of the vote and begin implementation. If new and material information was omitted from the QIP, the vote could be launched again. This is to ensure that community members have all the necessary information they need to make a decision.\
All snapshots can be found at [https://snapshot.org/#/qidao.eth](https://snapshot.org/#/qidao.eth) The QiDao Discord can be found at [https://discord.gg/PZrjtGDdAn](https://discord.gg/PZrjtGDdAn)
# Qi Locking (/docs/tokenomics-1/qi-staking)
**aveQI Overview**
Advanced voting escrowed QI, or aveQI for short, introduces QI-ETH LP locking on Balancer’s Ethereum deployment. Users that lock QI-ETH will be able to boost their voting power over QiDao as well as their share of weekly revenue distributions from the DAO. A user’s voting power and distribution share will be a function of how much QI-ETH they lock and for how long. A minimum of 28 days is needed for new locks, with a maximum of 4 years.
QI-ETH LP tokens from Balancer can be locked via the [Mai Finance UI](https://app.mai.finance/). Once locked, tokens cannot be removed until the unlock date is reached. Locking can also be done directly via the protocol’s [aveQI smart contract](https://etherscan.io/address/0x1BFFaBc6dFcAfB4177046db6686e3F135E8Bc732).
Using QI-ETH instead of QI for QiDao’s new locking mechanism will allow the DAO to maintain liquidity for QI without the need for inflationary rewards. Only tokens earned through the operations at QiDao will be used to incentivize aveQI.
**Token Flow Framework**
*1. Revenue earned*
QiDao is the most widely used CDP stablecoin project in DeFi, with over 10,000 active minters on several chains. Revenue from operations on these chains is constantly collected by revenue contracts.
*2. Consolidation*
Revenue is consolidated weekly from all chains on Optimism. If token balances are too low to be transferred, they are held in the chain where they were earned until token balances are sufficient. Token transfer costs cannot exceed 10% of the value being transferred.
*3. Incentivization*
Every two weeks, 50% of accumulated revenue from all chains is used to incentivized QI-ETH’s gauge on Balancer. This is done via voting markets. veBAL holders that vote for QI-ETH will receive token rewards from QiDao’s revenue. After Balancer’s biweekly gauge ends, QI-ETH’s votes will result in BAL rewards being allotted to QI-ETH. Only users that lock QI-ETH in aveQI will be eligible for BAL rewards as it is this locking mechanism that was approved by Balancer governance for distributions.
If the ROI on voting markets is less than 1x, meaning voting incentives exceed expected BAL incentives, then revenue is distributed directly by QiDao to aveQI lockers.
*4. Claiming*
aveQI lockers will be able to claim tokens distributed on the Boost page at mai.finance or directly through the contract. Users that lock for longer or with a greater amount will have a greater boost in their share of weekly distributions.
*tokenomics overview*
**Bridging**
QI is now native to Ethereum. Bridging to other chains will be handled through a token standard that maintains token sovereignty at QiDao and not a bridge. Whitelisted crosschain messaging protocol will be able to bridge QI between chains. The standard being used for QI tokens outside of Ethereum is Layer Zero’s OFT. Stargate, a bridge built on top of Layer Zero, is the first bridge that will facilitate crosschain transfers for QI.
**Active DAO Participation**
QiDao has always relied on the efforts of its entire community to thrive. Active community members, QI holders, QiDao users, and DAO contributors play an active role in developing new ideas and products. If you want to get involved, join our Discord and get started!
# Qi Token (/docs/tokenomics-1/qi-token)
### What is Qi? [#what-is-qi]
Qi (pronounced CHEE) is the token associated with the QiDao community.
### How can I get Qi? [#how-can-i-get-qi]
* Buy Qi from individuals at an exchange like app.slingshot.finance.
* Receive it through various community activities.
Note: Qi does not represent ownership of the protocol and does not guarantee any profits from being held. QiDao does not assign any particular value to Qi.
### Is my Qi accounted for while it's in liquidity pools? [#is-my-qi-accounted-for-while-its-in-liquidity-pools]
All Qi held by a user, whether vesting, held in liquidity pools, or in eQi, is used to calculate voting power (aka Qi Powah). This includes Qi locked in liquidity pools as well as vested Qi. Currently, it does not include unclaimed Qi rewards on app.mai.finance.rewards.
### On what matters does the community need to come to consensus on? [#on-what-matters-does-the-community-need-to-come-to-consensus-on]
* Collateral types
* Revenue distribution
* Price oracle changes (where pricing comes from)
* Risk parameters (i.e. liquidity ratio, debt value)
* Change repayment fee
* Upgrade to the system
* Qi community treasury decisions
# Token Distribution (/docs/tokenomics-1/tokenomics)
### Summary [#summary]
* Max supply of Qi tokens (hard cap): 200M
* Early partners: \<5% released linearly for 18 months
* Keeper allocation: \~10% total vested over 3 years
* Community Distribution: 85%
## Tokenomics [#tokenomics]
### **Community distribution (85%)** [#community-distribution-85]
The lion's share of Qi tokens will go to the community. We want QiDao to be owned and run by the community that participates in the QiDao project. Below is the breakdown of how Qi tokens will be given to the community.
#### *Community Treasury* [#community-treasury]
These are Qi tokens owned by the community. The community can vote on how to use these tokens.
* Vesting - will be vested linearly at every Polygon block over a period of 3 years (starting launch) in line with the schedule below:
* Year 1: 50% of the treasury tokens vested
* Year 2: 30% of the treasury tokens vested
* Year 3: 20% of the treasury tokens vested
### **Early Partners (5%)** [#early-partners-5]
The community can align incentives with strategic partners through the distribution of Qi tokens. Qi tokens awarded in this distribution will be vested linearly for 18 months.
### **Keeper incentive (10%)** [#keeper-incentive-10]
The role of Keepers is to provide direction to the network in its early stages and to maintain and upgrade the codebase following governance votes. Keeper incentives are vested over 3 years linearly and can be stopped by governance votes if the team does not perform accordingly.