Qi Glossary

Understanding is the key to the doors you never knew existed.

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.