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[Track: Qi DAO] MAI Money Legos - BogoHacks

Organization

qi-dao-mai-finance

Deadline

over 2 years ago

Status

ENDED
2000 USD

INSTRUCTIONS

Challenge Title:

MAI Money Legos

Prize:

$2k USDC

Description of the challenge:

We want your team to build innovative ways of using the QiDao protocol as a building block. Teams can build strategies/dapps/dashboards that help improve or increase the usage of the MAI stablecoin. Use your imagination and don’t forget to reach out to QiDao team members or the discord community to bounce your ideas around.

Examples of things that have been built/could be built on top of QiDao/mai.finance

  • Manhattan Finance - Fixed rate lending: Manhattan allows other protocols to run MAI vaults. Under these arrangements, Manhattan will create vaults to mint MAI against assets that partners wish to run. QiDao will then seed these markets in exchange for an interest rate fee.
  • Gotchi Vaults - Building off Gotchi style vaults for other collateral types. Allow users to deposit assets, these vaults will mint MAI against the assets, maintaining a given CDR, and then use the minted MAI for more yield.
  • Auto leverage - ability for users to seamlessly increase their exposure to their tokens through qidao vaults. Deposit-> mint->swap->deposit
  • Self repaying loans - ability for your vaults debt to be paid off by the interest/appreciation of your collateral collateral Examples of this:
  • Debt migration - Ability for users to migrate their debt from one collateral type to another
  • Debt close out - Ability for users to close out their debt position through the sale of their collateral to cover debt
  • Yield optimizer for MAI - Users can deposit MAI and it will find yield opportunities for the MAI deposited
  • Grouped vaults - Allow other collaterals to top up debt for risky vaults
  • Liquidations - Liquidations are an important part of making sure MAI is always solvent. Liquidations tend to be reserved for the technically inclined, how might we make it to where anyone can easily partake in liquidations
  • Comprehensive analytics dashboard

What is QiDao?

QiDao is the protocol that powers the collateral-backed stablecoin MAI. QiDAO allows for isolated lending against decentralized assets at 0% interest on the mai.finance front end. This allows users of the protocol to unlock the power of their crypto capital in whatever way they choose and pay back their loans at whatever pace suits their needs.

Minters simply deposit their chosen collateral and can mint the stablecoin MAI in return up to a minimum collateral to debt ratio. Thus, QiDAO users can hold their favorite cryptos and remain exposed to any potential upswings whilst unlocking its capital without needing to sell.

MAI has over 60 collaterals. Its collaterals are all decentralized assets, making it one of the most decentralized and diversified stablecoins in defi. MAI can be bridged and traded on over 20 different chains, making it the most cross-chain decentralized token.

Info links for QiDao

  • Website: https://mai.finance/
  • Docs: https://docs.mai.finance/
  • Twitter QiDao: https://twitter.com/QiDaoProtocol
  • Medium: https://0xlaozi.medium.com/
  • GitHub: https://github.com/0xlaozi
  • Community Docs: https://guide.qidao.community/

Judging criteria (scale of 1-5)

  • Applicability to theme
  • Impact/Usefulness (will people use it)
  • Scalability (can it be implemented at scale?)
  • Creativity/Originality
  • Use of technology

Post event opportunities:

Whether your team is the final winner of this challenge or not there may be grant opportunities available from QiDao to see your project further.

  • *Grants are not guaranteed