QiDao Votes to Change Stablecoin Name
miMatic, QiDao’s stablecoin, will now be referred to as MAI. The change will take place on the frontend, meaning that its name will change on sites where miMatic was shown. The smart contract, however, will remain the same.
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.
Why did the vote take place?
Following suggestions from the community to change the name of the stablecoin, the Protocol released QIP 006 to vote on the new name. With 196 votes and 1.6 million Qi, the community voted for MAI as the new name.
How can I get involved?
Join our Discord community for the latest updates on QiDao: https://discord.gg/KFj4cVfbQu.