MAI Stablecoin Minting
Supercharge your DeFi yield farming
We're excited to be the first protocol on Polkadot and Moonbeam to welcome Qidao into the ecosystem with the launch of their stablecoin, MAI. StellaSwap users would be able to supercharge their DeFi yields and optimize their capital efficiency!
We have streamlined the entire MAI minting process by allowing users to mint/borrow MAI directly on StellaSwap, without even needing to go to Qidao's application.
MAI is the brainchild of Qidao protocol, representing a stablecoin backed by collateral, and can only be minted with collateral backing it. MAI is created when users deposit accepted tokens (currently WGLMR & xSTELLA) as collateral in vaults and in turn receive a loan against that collateral. MAI is soft pegged to the USD, meaning that 1 MAI is around 1 USD.
At its core, MAI allows you to be your own bank. This means that on your own, you can undertake the function of a bank by borrowing and opening lines of credits on your own, in a decentralized and non-custodial way.
On a deeper level, MAI is a way for you to keep your crypto and still be able to spend its value. That means you're able to borrow stablecoins without having to sell your crypto assets
Here's some use-cases for MAI for StellaSwap users;
- Borrow Stablecoin w/o Selling Your Favourite Coins: Borrow stablecoins backed by your tokens to use the value of your tokens without exiting your long position.
- Borrow to Buy Other Assets: Borrow against your existing wealth and buy more assets, expanding your investment portfolio. You could, for example, borrow MAI to buy other tokens such as DOT.
- Consolidating Debt: Borrow MAI to pay down high-interest debt, saving on interest payments. The only fees you will incur through borrowing MAI will be a repayment fee at the end of your loan.
- No scheduled payments: You won’t need to commit to monthly payments or deadlines; you can repay your debt at any time that is convenient to you and your needs.
- Instant lines of credit: You don’t need credit checks or someone else's permission to borrow MAI. You are your own bank.
- MAI as collateral: Lending protocols require stablecoins to borrow tokens. You could use MAI as stablecoin collateral in those platforms, essentially using your original tokens as collateral for debt in lending protocols.
It is a simple 4-step process;
Here's a full-guide for minting MAI on StellaSwap: https://docs.stellaswap.com/resources/how-to-guides/mint-mai
For more information relating to MAI, please have a look at Qidao's documentation here: