MAI

The idea behing the project is borrowing MAI stablecoins at 0% interest. It works that way that users deposit as collateral different types of assets: BTC, ETH, DAI, AAVE, etc., to create Vault where you can borrow MAI. The current supply of MAI is 25.8m. MAI has debt ceiling mechanism, it helps to limit the amount of mint MAI againts collateral. However, most of time MAI is depeg, because they have bad debt due to exploit of Multichain. QiDAO posted information about debt on their platform, but after exploit they remove this information from their dashboard. They don't answer users questions about the amount of bad debt. Moreover, they can try to move MAI to peg by increasing the borrowing rate of MAI. It will definitely work, because users should pay high interest on MAI or buy it (it will push the price) and then redeem MAI and get their collateral. So mechanism is easy, but it has a problem that TVL of the QiDAO will decrease. It is the answer why QiDAO does not do it right now as it is tradeoff between zero borrow rate and higher TVL, and they choose the last one. That is why I put 3 starts here, as the idea of stablecoin is to be stable, but it does not work for MAI. Show Less