QiDao and Balancer Announce Incentives Partnership
QiDao has partnered with Balancer to incentivize two of the first Balancer pools on Polygon (Qi/WMATIC/MAI/BAL and MAI/USDC/USDT/DAI). These pools will each receive rewards from Balancer (2,500 BAL / week), Polygon (37,500 MATIC / week), and QiDao (QI 15,000 / week). Rewards will be given out every Wednesday.
Balancer joins a number of major Ethereum projects in launching their platforms on Polygon. Incentivized pools are now live, with the exception of the stablecoin pool which is expected to be available in the following week or two.
What is Balancer?
Balancer is an automated portfolio manager and trading platform. Balancer enables efficient trading through crowdsourced liquidity and using its Smart Order Router to find traders the best available price. The platform also allows for automated rebalancing of your portfolio, maintaining predetermined allocations and rewarding liquidity providers with trading fees.
What is QiDao?
QiDao is a way for you to hold on to your crypto while still being able to spend its value. It allows you to borrow stablecoins (tokens pegged to $1) at 0% interest, without selling your crypto. The stablecoin you borrow from these loans is called MAI (previously known as miMatic).
Anyone can create QiDao vaults and deposit collateral to borrow against. All you will need in order to start is some of the accepted collateral types in your wallet, and some MATIC to cover any transaction fees. More details can be found in our How To Guide.
How can I participate in rewards?
Go to https://polygon.balancer.fi/#/ and provide liquidity to one of the incentivized pools (Qi/USDC/WMATIC/MAI(miMatic)/BAL or MAI(miMatic)/USDC/USDT/DAI). If you’re new to Balancer, you can follow their official walkthrough on how to provide liquidity and earn rewards here. All rewards will be air dropped to wallets holding balancer pool tokens every Wednesday, meaning you can expect the first reward distribution around July 7th.