QiDao Fundamentals Review: Week 31 (11/29–12/05/2021)

Note: all figures as of Sunday (12/05).

Week Highlights

  • Launched ETH and ETH-USDC vaults on Moonriver
  • Protocol earned $140,001 in revenue last week
  • 10,764 addresses holding Qi
  • 13,228,059 Qi staked (38% of circulating supply)
  • 2.3M Qi were locked this past week

Table of contents

  1. Summary Metrics
  2. Total Value Locked Breakdown
  3. Liquidity Tracker
  4. Qi Staking Overview
  5. Revenue Breakdown
  6. Prices Update

Summary Metrics

Total Value Locked Breakdown

Total value locked for the QiDao Protocol encompasses collateral tokens used to mint MAI as well as Aave market tokens being compounded on the Yield page.

Non-USDC TVL based on 5-week average prices

TVL based on 5-week average prices

TVL based on weekly prices

Liquidity Tracker

Qi Staking (eQi) Overview

When you stake Qi you will receive eQi (escrow Qi). eQi is calculated based on the amount of Qi a user locks up and the duration they choose to lock it for. Locking Qi will increase your Qi Powah (voting power) by the amount of eQi you gain. It will also enable you to receive part of the protocol’s revenue. Below are the revenue streams Qi stakers receive:

  • 100% gains from farming deposit fee revenue
  • 30% of repayment fee revenue
  • 30% of Anchor/Swap fee revenue

Requirement to receive revenue distributions: Qi must be staked for at least a week on Sunday before the snapshot block. You can find the snapshot block on the boost page. That means that on Sunday (at the snapshot block), your Qi must be locked for a period longer than a week.

You can stake Qi at https://app.mai.finance/boost

Revenue Breakdown

1. Repayment Fee Revenue

Users pay a repayment fee equal to 0.5% of their debt when repaying their stablecoin debt to unlock the underlying collateral. This fee is denominated in the collateral token.

Example: A user has 100 USD worth of Matic and 50 MAI (miMatic) in debt. They then repay 10 MAI. The fee paid by the user would be 0.05 USD worth of Matic (10 MAI * 0.5% fee).

Below is a breakdown of what tokens made up this week’s repayment fees:

2. Deposit Fee Revenue

Deposit fees are paid by users when they submit their liquidity pool (LP) tokens to participate in liquidity mining rewards. The fee is denominated in LP tokens and is equal to 0.5% of the LP token value.

Example: A user that provided 100 USD in liquidity will pay a 0.5 USD fee (100 USD * 0.5% fee) when depositing their LP tokens on the MAI rewards page.

The protocol uses accumulated deposit fee revenue (from all liquidity pools) to farm QI-WMATIC on QuickSwap. All gains are distributed to Qi stakers on Wednesdays.

3. Anchor Revenue

There’s a 1% fee when minting MAI with stablecoins or redeeming stablecoins from MAI through Anchor. As a result, the price to mint 1 MAI is 1.01 accepted stablecoin and 1 accepted stablecoin can redeem 0.99 MAI.

Example: A uses 100 USDC to mint MAI on Anchor. The user will receive 99 MAI (100 MAI — 100 * 1% fee).

Prices Update

Get Involved!

Join the discussion at https://discord.gg/! We have lively investment and price-talk channels for all degens and Qimps alike.

--

--

--

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

GIFT Weekly Update #1

ForTube announces strategic partnership with Tokocrypto and lists TKO

AMPL Office hours 04/21/22

NFTs: Beyond the Hype — How NFTs Will Impact E-Commerce & the Economy

LABEL to complete IDO on NFTb — How it works

Finding DRIP after getting Rekt

Bitcoin Belief (BTCB) & SofaSwap reached a single token pledge cooperation, and the trading will…

AMM: Solutions to impermanent loss and front-running

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

QiDao Fundamentals Review: Week 29 (11/15–11/21/2021)

Seven Uniswap V3 Vaults For Index Coop Are on Their Way!

Multi-Chain Routing Decentralization

QiDao Fundamentals Review: Week 39 (1/24–1/30/2021)