What is Qi Dao and MAI
QiDAO is a multi-chain stablecoin issuer. They were one of the first stablecoin protocols to increase the variety of collateral, and to include yield bearing assets. QiDAO first launched on Polygon, but has expanded to many other networks, like Fantom, Arbitrum, Avalanche, etc. Their stablecoin is MAI and is paired against FRAXBP for liquidity and has a FXS gauge.
MAI’s staying power
The last few years have been very difficult for stablecoins, but MAI has been able to survive. Benjamin attributes this to their diverse set of partnerships, with every major L1. He says that after the collapse of UST, "everyone thought, all stable coins were like Terra." Additionally, the team has a great analysis tool at Mai.watch where they track liquidity, slippage, centralization of the LPs, and more. Using this analysis tool, they're able to effectively manage liquidations across all networks. After the USDC depeg, they had no bad debt or lasting issues.
QiDAO’s relationship with Frax
MAI is paired against FRAX in 6 pools, the largest being the MAIFRAXBP on Curve. Surprisingly, this pool has an APR of 33.6% if staked in Convex. MAI is also paired against FRAX on OP in Velodrome, Thena on BNB Chain, Moonbeam and Polygon.
FXS is also a collateral asset that can be used to borrow MAI.