Essentially it is a stablecoin protocol that lets users deposit tokens (and interest-bearing tokens!) into 'Vaults', and borrow the QiDao stablecoin $MAI against them.
4/x
Its sort of like @MIM_Spell, but with 0% loans and veCRV-style tokenomics + gauge votes.
The governance token is $QI (yes- it has the same ticker at @BenqiFinance unfortunately- but @QiDaoProtocol used it first! lol)
So again...
$MAI = stablecoin
$QI = governance token
5/x
Qidao got started on @0xPolygon in the spring of 2021, and has since then added a number of additional chains (see below).
I'm not 100% sure who the founders were vs other og's, but noted QI-Chads include:
The way the protocol works is extremely interesting.. (re-pasting #FrenchChart below)
Users deposit tokens (ETH, Fantom, etc) into 'Vaults', and then borrow $MAI against them.
Loans are 0%, but with a 0.5% payback fee. Liquidations can occur, but they are quite gentle.
7/x
Some vaults accept IB-tokens - or interest-bearing tokens - that continue to produce yield WHILE serving as collateral.
Many of these are @beefyfinance receipt tokens, since Beefy's auto-compounding makes this process seamless.
8/x
Some @QiDaoProtocol vaults are incentivized with emissions of the governance token, $QI (see CoinGecko stats below).
This means you can be paid to borrow for some vaults.
These vault incentives just started being ran by Gauge Voting (more on this later).
9/x
$QI is the token that potential QiDao investors will be focused on, and there are three things one can do with it.
1. Lock it up in Qidao for 1-4 years, in exchange for emissions of $QI (apr) and voting rights on gauges and DAO decisions.
10/x
2. Farm it paired with other tokens, on AMM's like @QuickswapDEX, @traderjoe_xyz, etc. (many of these pools are also incentivized with $QI emissions so they have great apr's)
3. Earn it by bonding/minting (a new feature Qidao is experimenting with).
11/x
Right now there is just over 200M $MAI in circulation, but that $MAI is spread across numerous chains, and built into a variety of important protocols.
Its also collateralized by an extremely diverse set of vaults.
As a result...
12/
...I think the market cap of $MAI should keep growing at a rapid pace, and by the end of Q1 it should be regarded alongside $FRAX, $MIM, and $DAI as one of the top stablecoins in #DeFi.
The success of $QI should follow suit...
13/
..While @QiDaoProtocol is not as profitable pound for pound as @MIM_Spell, since it offers 0% interest rate loans, it is developing increasingly important power on the protocol<>protocol level.
14/x
Protocols can benefit immensely from having their tokens locked up long-term in @QiDaoProtocol vaults, AND from the ability to borrow against their tokens vs having to raise capital by selling their tokens and negatively impacting price.
15/x
Indeed, the @QiDaoProtocol team has been insanely successful at developing cross-protocol partnerships, and $MAI and its vaults are now integral aspects of numerous other protocols.
This brings us back to the issue of Gauge Votes...
16/x
We've all seen from the Curve Wars just how huge Gauge Voters and bribes can be, and this concept presents another interesting angle re: @QiDaoProtocol.
While Curve is an AMM and QiDao is a stablecoin vault/lending protocol, they both determine emissions via Gauge vote.
17/x
As @QiDaoProtocol grows, it seems logical that vault incentive emissions will grow in importance.
This could/should catalyze 'bribes' a'la what we've seen with @CurveFinance.
18/x
Another thing I'm keeping a lookout for is the possibility of protocols like @LiquidDriver or others creating liquid versions of locked $QI, as we're seeing with inSPIRIT on Fantom, or @ConvexFinance w/ $veCRV.
19/x
No matter what happens though, I am super bullish for the future, as the @QiDaoProtocol team has shown themselves to be relentless shippoors and partnership-builders.
As a result, I am both farming $QI and have quite a bit locked (around 4% of port for the latter).
20/x
In conclusion, plz RT and follow if you found this helpful!
Below I will link to great resources on @QiDaoProtocol:
21/
-Page on @coingecko for $QI: coingecko(dot)com/en/coins/qi-dao
-Docs: at docs(dot)mai(dot)finance
-The Amazing Lao Zi QiDao YouTube channel (including tons of interviews with devs and founders from other projects): youtube.com/c/LaoZiQiDao/v…
22/x
-QiDao-Qimps Unofficial Guide To Mai Finance: guide(dot)qidao(dot)community/
Thread: Why @GMX_IO Could Be The Next Defi Cash-Cow
So for the last week or so I’ve been doing a massive deep dive into @GMX_IO $GMX...
1/x
Its extremely complex, and I don't understand all of the mechanics, but its a fascinating protocol generating massive organic cashflow, and I wanted to do a thread breaking down everything I've learned about it.
2/x
This thread is a very basic overview, however there is absolutely incredible institutional-grade research on it available totally free on this here bird-app and on Medium, which I'll be linking to throughout (really incredible stuff tbh).
3/x
Thread: How Should A Humble Farmer Navigate Risk-Off Mode?
So with the market getting beat like a red-headed stepchild and @CryptoHayes going all @DoombergT on us... the question of "risk-off" is front and center, even for us humble yield farmers...
1/x
To wit, it was the distinguished @TaikiMaeda2 that popularized the "humble farmer" archetype, back in the 13th year of our Lord Satoshi (aka 2021), and I think its a great heuristic.
The idea... (cont)..
2/x
...is that we can't know for certain which assets are going to go up, what side of the coffin Jerome Powell will wake up on today, what the crazies in DC will screw up next, etc.
So.. the new L1 that is making waves today is $FUSE. I had seen talk of it the last few days on here, and today the good cowfolk at Beefy added it…
1/x
I have immense faith in Beefy, and as soon as I saw they had added it I decided it was worth bridging over to at least explore the farming opportunities.
More on that below, and a tutorial on the whole bridging process including screenshots, etc.
2/x
$FUSE had an extremely small market cap until very recently, when it started shooting up.
However, despite that huge spike, its still massively lower in marketcap than any other L1… which puts it in a very interesting position for we humble farmers to consider.