Thread by @QiDaoProtocol

🔨We’ve been quietly building and now it’s time to show the results🔨

🔥QiDao V2 is here and introduces some brand new features 🔥

Here’s a quick twitter-thread to showcase some of those new features👇

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✨QiDao V2 will look & feel familiar for the users but allows for the protocol to manage risk better, improve community participation & maintain a strong $MAI peg

This means users will still have the normal #QiDao experience but with important improvements behind the scenes

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⚙️ First of all, we’ve completely rebuilt our liquidation engine.

We’ve seen how in market turmoil vault liquidations are of extreme importance and thus to keep ensuring $MAI ’s collateralization, we’ve made a new liquidation engine.

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⚕This V2 engine means that when under certain thresholds, liquidators can now acquire vaults just by repaying the necessary amount to bring them back to healthy ratios.

V1 liquidations will keep ensuring health ratios on V1 vaults until a full transition to V2.

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📊 Secondly, we’ve upped our risk management features:

Global and vault borrow caps: vaults under each collateral + chain combination will have a maximum borrow amount. Size of vaults will be limited to ensure all liquidations are doable in a timely and profitable manner.

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⛓Chain-specific tailoring

Every chain is unique! Liquidity, gas fees and user activity calls for tailoring. We’ve now optimized our debt ceilings to consider the chains they’re in. This means more suitable debt ceilings for every chain!

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🪦Vault deprecation tools

💔We’ve clarified our process to facilitate the deprecation of old vaults. If collateral is deemed no longer viable, QiDao can either vote to add an interest fee to the vault or add a global borrow maximum which prevents new debt from being created

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🗽Multiple frontends

Thanks to our partner @Manhattan_fi, other protocols can create $MAI vaults and display them on their own frontend for revenue sharing. By community vote, QiDao will seed new collateral markets in exchange for fixed interest revenue.

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🚀 Introducing QiDao V2 🔥

📜 Check our medium article to get all the details:

0xlaozi.medium.com/introducing-qi…