What is QiDao?
QiDao allows users to store their crypto assets in vaults and borrow 0% interest loans against their collateral. All loans are paid in stablecoins, whose value will be closely pegged to the USD. This allows for long-term holders to keep their crypto positions while still being able to extract value from them. The worst feeling in the world is to sell something that you know will appreciate just because you need the cash right now. QiDao is a case of having your cake and also being able to eat it too.
How does QiDao make revenue?
The Protocol has two main revenue streams: repayment fees, and deposit fees for rewards. A repayment fee (0.5%) is paid by users when they pay their stablecoin debt to unlock the underlying collateral. This fee is denominated in the collateral token. Deposit fees are paid by users when they submit their LP tokens to participate in liquidity mining rewards. The fee is denominated in LP tokens. All revenue from these two fees are sent to the Protocol’s treasury, which is wholly owned and run by community members through holding the Qi governance token.
In the first 3 weeks since launch, the protocol has made 121,670 Matic from repayment fees (5,290 Matic / day). The protocol has also earned 188,080 stablecoins and 17,522 Qi from deposit fees (9,404 stablecoins / day and 876 Qi / day).
The Protocol’s market cap at the time of writing is around $1.8mm, with an annualized revenue of around $6.7mm.
We have onboarded two mods from our community due to their continuous help with managing the chats. We’ve also onboarded three developers to speedily implement changes to our Protocol based on community feedback. Our total monthly spend on payroll for these team members is around 15,000 Qi.
Treasury contract address: 0x86fE8d6D4C8A007353617587988552B6921514Cb
Vault 0 in the following link shows accumulated repayment fee revenue: https://app.mai.finance/vaults/0