QiDao Announces Qi Powah Boost
TL;DR: This article describes Qi Powah and how it will play a significant role in developing the future of QiDao. Starting with voting boost and in the near future adding in revenue boosts.
Following QIP 007, Qi holders will now be able to lock Qi for up to 4 years to boost their Qi Powah (QiDao voting power). The max boost users can receive is 4x for locking their Qi for 4 years. The boost is linear, so if a user locks Qi for 2 years, they will receive a 2x boost. As the lock period passes, the boost will decay linearly. Users can continually extend their locking period to maintain a certain boost.
This Qi Powah boost will initially be for voting power. This is the first pillar of Qi staking. In the future, users will be able to earn protocol revenue boosts through locking Qi.
Why should I lock my Qi?
QiDao is giving power to the community early on in its roadmap. This means that users have the power to shape what this protocol will look like in the future. Boosting your Qi Powah by locking Qi will increase your say in the building and business development processes early on. Below are some areas in which Qi holders shape the protocol.
As the protocol grows, we’re constantly implementing partnerships with other projects and making decisions on key components of the project. Qi holders have already voted on liquidation ratios, adding new collateral types, changing the name of the protocol’s stablecoin, and launching Qi Powah boosting, among other decisions. These votes are shaping the project from an early stage, creating a protocol made for those who use it.
Qi holders have full control over how accumulated revenue is spent. As of week 10, accumulated revenue was $2.6 million. Through QIP 004, the community voted to use 30% of protocol revenue to reward Qi stakers. The remaining 70% will be stored in the treasury until the community votes on what to do with that revenue.
New collateral types
The protocol is expanding the list of accepted collateral tokens to borrow MAI. A vote was already held and approved to add camwMatic as collateral for MAI. Future additions will be made through QiDao’s multi-collateral framework, where users will rank the collateral tokens they want each week. The top pick each week will be added in the following week as a vault type.
How to boost Qi Powah today
To boost your Qi Powah, head over to the app site’s Boost page. Select the amount of Qi you want to boost and for how long. The longer you boost it, the greater the boost will be. As the boost period passes, you can continually extend the period to maintain the same boost amount.
Please remember that your locked Qi is non-transferable & non-reversible until the lockup period is over.
How to get Qi
To get the benefits of Qi Powah boost, you will need to have some Qi to lock up. You can get Qi through rewards (farming, bounties, etc) or through buying it on exchanges.
- You can buy Qi on exchanges such as Slingshot, or QuickSwap
Farms earning Qi rewards:
- QiDao often has bounties available that earn Qi rewards. You can check out the open bounties on the bounties channel on Discord.
You can read more about Qi in our official documentation.