Grants: MAI stablecoin on Harmony (QiDao Protocol)

Name of Project

MAI Finance (QiDao Protocol)

Proposal overview

[Mai Finance is an open source and non-custodial stable protocol for borrowing against your cryptoassets. With Mai Finance, users can deposit their crypto and yield bearing assets into vaults and borrow stablecoins (MAI) against them at 0% interest.

Mai Finance successfully launched on Polygon on May 1st and has become the largest stablecoin protocol in the Polygon ecosystem. Mai Finance is currently the best place to borrow stablecoins on Polygon as we do not charge interest for borrowing, and we have a wide range of collaterals to choose from, including interest bearing assets. Mai Finance is looking to bring the same lending benefits to users on Harmony.

The addition of Curve on Harmony will allow Mai Finance to use the Curve LP Factory for its stablecoin liquidity as well as include Curve yield bearing assets as collateral to borrow against at 0% interest.

Mai Finance has a full-time team of 5. In addition to our full-time team we have a diverse group of talented community members that complete tasks and bounties to help improve the protocol.

Protocol governance is done through community vote. You can follow our current and previous improvement proposals at https://snapshot.org/#/qidao.eth

The grant will be used for:

  1. User incentives programs
  2. Any development costs

Milestones (Will update as TVL on Harmony continues to grow):
Month 1: 100M of TVL & 50M of MAI minted through our vaults.
Month 2: 250M of TVL & 125M MIA minted through vaults
Month 3: 500M in TVL and 250M MAI minted through vaults.

Proposal ask

$250K

Metrics for success

[Month 1: 100M of TVL & 50M of MAI minted through our vaults.
Month 2: 250M of TVL & 125M MIA minted through vaults
Month 3: 500M in TVL and 250M MAI minted through vaults.]

External links

[Website: mai.finance
Docs: https://docs.mai.finance/
Weekly fundamentals updates and general updates: https://0xlaozi.medium.com/]

8 Likes

hey

Good luck, nice to see you here

I support this proposal. @kilaqidao when can we mint MAI with our ONE?

We could get that going ASAP

3 Likes

Love what Mai is doing on Polygon and now Fantom. I’ve been doing some independent research on Harmony for a potential DAO initiative, but happy to see this is already being discussed. Definitely support this, Harmony could benefit from Mai’s offerings (sure, maybe I’m biased).

2 Likes

I am a big supporter of QiDao. The team does an amazing job of working together with other protocols to create net positive impact for the ecosystem. I think they would be an invaluable pillar of the Harmony community.

I also think the implementation of user inventive programs on Harmony would push DAO members to branch out from Polygon (I know I would) and open more vaults using native assets.

2 Likes

As an active member of the QiDao community, I look forward to welcoming Harmony users not only to the protocol where they can generate more value from their cyrpto, but also to the DAO where we take pride in engaging and enabling all members :blush:

I value that the team has elected for the ONE grant to go towards user incentives, as it would generate a great loop for Harmony native token holders to earn more ONE while borrowing at 0% interest (minus 0.5% repayment fee).

As noted by @BackfireCapital above, the team excels at partnering with native protocols to help their users leverage their crypto, so far across Polygon & Fantom. On Polygon they are also a part of the new Polygon Ecosystem DAO helping generate & grow value. I would expect the same level of commitment & partnering efforts to extend to Harmony and its various protocols :up:

I also invite anyone interested to learn more and engage with MAI family, to our Discord, which is the home of our DAO and 6 community-run teams across Content/Design, Marketing, Education, Initiatives, Analysts and Builders. I look forward to welcoming all the wonderful new Harmony Qimps!

1 Like

@kilaqidao we’ll need some time to look into this proposal further. Meanwhile, putting out this poll

  • Yes
  • No
  • More Info Needed

0 voters

NOTE: For “More Info Needed” please hit “Reply” below and ask your question(s)

It would be very good to see QiDao (MAI) in Harmony. I think this could improve strategies to get better APR in stablecoins and with that attract more users to Harmony. Keep working guys!

we’ve been working with the qidao team and have approved going ahead with the first milestone of porting and launching the full app to harmony mainnet with $50k.

per our guidelines on Apply for Grants or DAO

For these projects already live on other chain’s mainnet, Harmony’s Port Grant can boost their reach of users and engagement. As grants, we give $50K for porting to our mainnet and another $25K for forming a DAO on our platform. For any project, a DAO ensures community participation, product sustainability, and open governance. We recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO. We also give five additional $35K grants, totally $250K with the initial $50K+25K grants, each for running joint campaigns to double the key user metrics.

4 Likes