Mai finance и Leverage Tokens. Оригинальная история!

Have you ever tried to take out a loan against your crypto? If you ever go to a traditional bank and try to get one of these loans, you will probably get laughed out of the building.

But thanks to the rise of Decentralized Finance, we are now able to access zero-interest lending.

There are a few platforms out there that allow you to take out these interest-free loans, but my favorite at the moment is QiDAO Protocol, also known as Mai Finance.

Disclaimer

Keep in mind that a strategy that works well at a given time may perform poorly (or make you lose money) at another time. Please stay informed, monitor the markets, keep an eye on your investments, and as always, do your own research.

Check this guide an others on the unofficial guide available in many languages https://qidao-qimps.gitbook.io/mai-finance-tutorials/

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Wallets that support $MAI ERC-20 tokens on Ethereum

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But a thousand words are also not that bad

The picture above demonstrates how you can utilize Mai Finance to increase the earning power of your crypto investments.

Let’s assume that you really like MATIC, and think that it’s currently undervalued. You think it has the potential to reach $2, $5 or even $10 per token (and you may actually be totally right). However, as a small investor, you only have $100 worth of MATIC token in your wallet on Polygon. Through this tutorial we will show how you can generate more MATIC from your current tokens, because hodling is good, but putting your investment to work is better.

175% Collateral to Debt Ratio

Adding more debt past Loop 9 will not increase my investment by more than $10, so this is an appropriate place stop. The resulting CDR from 9 loops is 175.49%.

We can easily see that with a more aggressive approach the final APY is also more attractive. This is typically true with any DeFi strategy: the greater the risk, the greater the potential reward.

Benefits of Using MAI Finance

So why would you use this protocol? Here are a few good use cases for zero-interest loans:

✅ 0% Interest Leverage

✅ Debt consolidation

✅ Instant lines of credit

Leverage can be a dangerous tool, so always use caution and do your own research.

But these interest-free loans really open up a new world of possibilities to deploy your crypto assets.

For example, if you own some Bitcoin you can wrap it into wBTC, deposit it into a Mai Finance vault and borrow against it to invest in other crypto-assets such as Fantom.

In the example above, if both Bitcoin and Fantom increase in price, you realized more gains because you still own both the BTC and FTM, rather than selling one asset to buy the other.

But remember, it works the other way as well. You would see more losses if both BTC and FTM were to decrease in price.

Here are the available crypto assets you can currently borrow against via Polygon and Fantom respectively.

Assets available on the Polygon Network

Assets Available on the Fantom Network

How does MAI Finance profit without charging any interest? There are 3 main revenue streams for the protocol.*

Repayment Fees. When you pay back a loan, you will pay a repayment fee equal to 0.5% of the debt when repaying their stablecoin debt to unlock the underlying collateral. This fee is denominated in the collateral token.

Anchor Fees. There’s a 1% fee when minting MAI with stablecoins or redeeming stablecoins from MAI through Anchor. As a result, the price to mint 1 MAI is 1.01 accepted stablecoin and 1 accepted stablecoin can redeem 0.99 MAI.

When should you exit the loop

In terms of steps, the best approach is to stop when you deposit you camWMATIC in the vault. Doing so increases the collateral to debt ratio, which lowers your risk of being liquidated. Depending on the last amount you deposit, this may be negligible though. As for the number of iterations, I generally stop when I am within 1% of my initial investment. Here, I would continue the loop until I deposit 0.002 camWMATIC. I may also stop before if the gas price paid for the transactions becomes more important than what I can gain by continuing the loop.

Buy more MATIC

Let’s buy more MATIC

After the swap, I have more MATIC in my wallet.

Use Aave to increase your capital

AAVE is a lending and borrowing platform where you can deposit your MATIC tokens (among other tokens). By lending on Aave, your deposited tokens will earn yield. As an example, your $100 of MATIC will potentially generate a 1.2% rate of return over the span of 1 year (APY). Sometimes, Aave will also have specific programs that provide additional rewards on top of the base lending APYs.

As your MATIC tokens are in the Aave pool, the interest generated is automatically compounded, which means that the amount of MATIC you hold will grow over time.

On this example, I lended 0.2 MATIC

By lending your MATIC token on Aave, you receive an equivalent amount of amWMATIC (aave market wrapped MATIC). You may not see these tokens directly in your wallet unless you manually add them, but you do own them.

I can see the 0.20 MATIC I lended on DeBank

Use Mai Finance to compound your Aave tokens

Mai Finance will accept your amWMATIC tokens on the Yield page of the website. By depositing your amWMATIC on Mai Finance, your funds will be “transferred” from Aave to Mai Finance. You will see that the yield generated by Mai Finance is the same as the yield you would receive on Aave.

‌However, in addition to the base APY, Mai Finance will also compound any additional Aave rewards that are currently available back into the token of your choice, thus passively generating more of the chosen token over time. In our example (see above), Aave provides 1.16% APY for the deposited MATIC, as well as an additional 3.69% APR paid in MATIC, but this APR reward is not generating any yield. By depositing your amWMATIC on Mai Finance, the reward is collected periodically, and put back into your main deposit in order to apply the 1.16% interest rate on it too.

My 0.2MATIC are now deposited on Mai Finance and will generate 4.93% annually

Just depositing your amWMATIC (or any amToken) on Mai Finance will allow you to generate more revenue than if you just lend your money on Aave. Indeed, the fact that your base interest and your additional reward are auto-compounded means you don’t have to manually claim your reward, convert it in the token or your choice, and deposit it again.

What is Mai Finance?

Mai Finance allows you to borrow stablecoins against your crypto assets at a 0% interest rate.

The process is incredibly easy: create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value.

It takes about 5 minutes in total.

When you deposit your crypto assets, you can borrow MAI, the platform’s stablecoin backed by your locked collateral tokens.

MAI can only be made through locking collateral to back its value.

Collateral can be static tokens like LINK and CRV, or interest-bearing tokens like yvDAI.

MAI is Polygon’s first native stablecoin protocol. However, you can also take out loans on the Fantom network.

MAI can also be deployed on Solana and Avalanche. Check out the current makeup of circulating MAI.

The current Total Value Locked within the Mai Finance protocol sits around $86 Million.

More numbers

Where n represents the number of loops you want to apply and CDR is your targeted collateral to debt ratio in percentage.

Using the same method, you can also calculate your final APY with the equation below:

Once again, with our targeted CDR of 200%, an initial APY of 4.93% and 7 loops, we calculate the same final APY as shown above the tables.

Borrow MAI stable coin

Mai Finance allows you to borrow the MAI stablecoin when you deposit collateral. Currently, Mai Finance accepts a broad range of collaterals including camWMATIC from our ongoing example. On Mai Finance, your cam-token collaterals will continue generating yield while deposited as collateral, which means that the amount of your underlying asset will continue to increase over time.

When camWMATIC is deposited into a Vault, the balance on the Yield page will be 0. However, that doesn’t mean that it’s not compounding your AAVE interests and rewards.

When you navigate to the Vaults page and select camWMATIC from the drop-down vault menu, you will be given the option to create a new vault where you can then deposit your camWMATIC. Keep in mind that you need to keep a Collateral to Debt Ratio (CDR) of at least 155% when you borrow against your camWMATIC.

My 0.2 MATIC are now fully used as collateral

Note: On this page, you will be able to see your collateral value in USD, and the value is fluctuating based on your collateral type, the token value, and the benefits generated in the camWMATIC pool.

When I deposit collateral to borrow MAI, I always borrow 50% of the value of my collateral. Ideally, I want to stay above a 200% CDR, and if my collateral value is growing (the token doesn’t lose value, and the interest is adding up) I think that it’s safe enough. Also, if I’m adding more collateral to a vault, I don’t try to match a 200% CDR when I borrow, unless the CDR is bellow 200%. I always borrow up to 50% see the example with numbers below).

You should visit the Vault page from time to time to verify that you’re always above the liquidation ratio, and possibly add more collateral if you start falling bellow a “safe ratio”. Depending on your risk profile, this safe threshold may vary.

I now have a debt of $0.10

I borrowed $0.10 of MAI, which translates to a 214.56% CDR. Now let’s have some fun with my money.

200% Collateral to Debt Ratio

Adding more debt past Loop 7 would only increase my investment by less than $10 (1% of my initial investment), so this is the appropriate time to stop. The increase in APY is negligible at this stage, and I keep a collateral to debt ratio of 200.79%, which is safe enough.

As you can easily see, using a combination of Aave and Mai Finance results in almost 2x the initial APY and significantly more market exposure to the token of choice, when compared to simply holding or using Aave in isolation.

AmTokens VS camToken

‌Let’s assume that when the amToken pool was created on Mai Finance, there was 1,000 amTokens and you deposited 100 of them. Because the pool is just created, the ratio between amTokens and camTokens is 1:1, and you own 10% of the pool. After one year, assuming nobody added any more amTokens nor removed anything, the pool generated 4.93% interest, and now there are 1049.3 amTokens in the pool. However, you still only own 10% of the pool, represented by your 100 camTokens. The ratio is now 1:1.0493, which means that 1 camToken now worth 1.0493 amToken.

Qi Token

The last point to mention is the Qi Token, which is the governance token for the protocol. Holders of Qi are able to vote on changes to the QiDao Protocol.

Here are some of the things Qi holders can vote on:*

Qi tokens have a max supply of 200 Million. Here is a breakdown of the distribution:

Qi has a current market cap of about $11 Million.

You can acquire Qi on Slingshot or by providing liquidity on Quickswap.

You also earn Qi simply by taking out loans on Polygon and keeping your collateral level within a certain range.

Repeat the loop

I initially had 0.20 MATIC in my wallet. This MATIC is now deposited on Mai Finance, generating 4.93% interest annually, and I have an additional 0.09 MATIC at my disposal from the MAI I borrowed. This additional 0.09 MATIC can be deposited on Aave, just like my initial MATIC, and we start the same process over again.

When a picture is worth a thousand words

MAI (MIMATIC) — это алгоритмический стейблкоин, обеспеченный токенами Matic.

Особенности

Mai Finance — это способ сохранить вашу криптовалюту и по-прежнему иметь возможность тратить ее стоимость. Это означает, что вы можете занимать стейблкоины, не продавая свои криптоактивы, и делать это под 0% годовых.

Процесс прост: создайте хранилище, внесите свои криптоактивы и начните брать стейблкоины взаймы под залоговую стоимость.

Mai Finance — это веб-сайт, который подключает пользователей к протоколу QiDao, где создаются хранилища и заимствуются стейблкоины.

Пример:
У Илона небольшой бизнес. Его бизнес имеет 100 000 токенов MATIC в качестве активов. К сожалению, ноутбук Илона внезапно перестал работать, и теперь ему понадобится новый. Перед Илоном сейчас стоит дилемма: продать свой MATIC, чтобы купить новый ноутбук, или оставить свой MATIC, потому что он с оптимизмом смотрит на то, что в долгосрочной перспективе он может стоить дороже. QiDao не хочет, чтобы вам приходилось выбирать. Используя QiDao, Илон может положить свои 100 000 Matic в хранилище и занять стейблкоины под этот залог, чтобы купить свой новый Macbook Pro. Илон получает свой новый компьютер и получает все свои MATIC. Таким образом, если цены на MATIC вырастут на следующей неделе, Илон все равно сможет реализовать эту прибыль. Между тем, стейблкоины, взятые Илоном под залог, могут быть возвращены в любое время и не влекут за собой никаких процентов.

QiDao — это первый родной протокол стейблкоинов Polygon. Он является самодостаточным, управляемым сообществом и децентрализованным. Ссуды обеспечены тем, что у них всегда больше заблокированной стоимости, чем сумма выданного долга. Ссуды выплачиваются и погашаются в MAI (мягкая привязка стабильной монеты к доллару США). Компоненты QiDao включают следующее:

QiDao стремится предоставить простой в использовании протокол DeFi, который снижает порог участия в децентрализованных финансах. Мы хотим сделать криптоэкономику прозрачной, доступной, простой для понимания и инклюзивной для всех во всем мире. Мы разрабатываем и будем продолжать разрабатывать функции и услуги, которые дают нашим пользователям больше свободы и контроля над своей криптовалютой, чем доступно в настоящее время.

Стейблкоины и кредитование являются строительными блоками экосистемы децентрализованных финансовых услуг. Мы надеемся создать стабильную монету MAI, которая поможет любому члену криптосообщества использовать свои токены в качестве залога и послужит катализатором инноваций DeFi на Polygon.

Что такое MAI (miMatic)?

MAI — это стабильная монета, обеспеченная заблокированными залоговыми токенами. Займы MAI децентрализованы и не связаны с хранением, а это означает, что только пользователи могут контролировать свои средства.

Как создаются эти стейблкоины?

MAI можно сделать только с помощью блокировки залога для поддержки его стоимости — либо через утвержденный залог в хранилищах, либо через Anchor. Обеспечением могут быть статические токены, такие как LINK, CRV и другие. Это также могут быть экзотические активы, такие как стратегии Beefy и Yearn. Процентное обеспечение, такое как токены квитанций Beefy, Yearn и Aave, позволяет пользователям накапливать доход от своего обеспечения, пока оно хранится в хранилищах MAI.

Чтобы сделать MAI через хранилища, пользователи могут вносить залог в свои хранилища и чеканить MAI против него. С вас не будут взиматься проценты за создание MAI через хранилища. Это означает, что вы можете удерживать долг MAI в течение длительного времени без начисления затрат.

Преимущества для пользователей

QiDao позволяет пользователям быть своими собственными банками.

Преимущества для проектов

QiDao дает проектам возможность «удерживать» свои токены, сохраняя при этом возможность использовать их стоимость в виде стейблкоинов. Мы предполагаем, что любое криптосообщество сможет создавать, управлять и извлекать выгоду из стейблкоинов, обеспеченных их токенами в качестве залога.

Через QiDao «ходлеры» смогут брать кредиты под свои токены и получать стейблкоины. Это добавляет варианты использования для принятых токенов и обеспечивает повышательное ценовое давление на токен из-за его блокировки из обращения.

К другим преимуществам проектов относятся:

Команда

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Conclusion

To summarize, MAI Finance allows you to take out interest-free loans on your crypto in minutes.

With a TVL of $86 Million and a current market cap on its governance token, Qi, of just $11 Million, Mai Finance is a protocol to keep an eye on in the coming months.

Thank you for taking the time to read this deep dive into Qi Dao. I will see you next week!

Did you know I have a Youtube channel? Check out my video Olympus Dao and DeFi 2.0!

*This information was pulled directly form the MAI Finance docs.