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.

Strategy

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.

Revenue management

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.

Buying Qi:

  • You can buy Qi on exchanges such as Slingshot, or QuickSwap

Farms earning Qi rewards:

QiDao Bounties

  • 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.

--

--

--

When I let go of what I am, I become what I might be

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Introducing GameFi HODL: invest in the Metaverse and profit from the P2E economy

Water Finance has fallen!

BitYard x FUN AMA Recap (2021/10/20)

LAST CHANCE AUCTION AT ITS BEST What is last chance?

MGG AMA Recap: Ternary Capital

UPFI — UPS Insight

Our contribution to the Unicly ecosystem

Untapped Potential: UpOne Attracts Attention from Non-Coiner Market.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Lao Zi

Lao Zi

When I let go of what I am, I become what I might be

More from Medium

Presenting the Initiator

Platypus Finance — An Ideal Stables Farm with High Upside

Platypus.finance – Medium

QiDao Fundamentals Review: Week 42 (Feb 14— 20)

Francium Is Integrating Chainlink Price Feeds to Help Secure Lending & Yield Strategies on Solana