Jarvis Network announces QiDao's injection of 1 million USD in MAI into the forex mining pool
Jarvis Network is pleased to announce that Qidao has approved the injection of $1 million of MAI into the mining pool, which is a stablecoin pegged to the US dollar, allowing users to leverage yields for lending.Author: Jarvis Network
Compiled by: ChainCatcher
After launching our Jarvis Forex Pool in the market, we are pleased to announce that QiDao has approved the injection of $1 million worth of MAI into the pool, which is a stablecoin pegged to the US dollar. It allows users to leverage their jFIAT and jFIAT-related Beefy yields!
QiDao is the issuer of the largest synthetic CDP-based US dollar stablecoin MAI on Polygon, with 79M MAI in circulation. QiDao also issues MAI on other EVM-based chains, such as Avalanche or Fantom.
QiDao allows users to deposit various types of collateral, including yield-bearing collateral, to mint MAI.
To maintain the peg of MAI to the US dollar, QiDao has two mechanisms in addition to incentivizing liquidity pools that pair MAI with other US dollar stablecoins:
QiDao's DDM allows for the minting of uncollateralized MAI, which can be directly deposited into money markets like Market. Users can then borrow these MAI by depositing collateral, thus ensuring that the MAI exiting the money market is over-collateralized.
QiDao minted 1 million MAI using their DDM and deposited it into the Jarvis Forex Pool in the market.
Users can now borrow MAI by depositing jFIAT or Jarvis-related Beefy vault tokens (such as moo2cad, moo2jpy, and mooJRT-ETH).
There are multiple use cases for borrowing MAI:
If demand increases, QiDao can mint new MAI and deposit it into the pool to maintain low interest rates.
Jarvis Network is a set of protocols and applications on EVM-compatible chains that connect legacy finance and decentralized finance (DeFi). Its mission is to build an infrastructure layer that anyone can leverage to develop use cases that promote DeFi adoption and build applications to attract the next billion users. Its first protocol, Synthereum, pioneered an innovative and capital-efficient way to issue and exchange synthetic fiat currencies called jFIAT, thanks to a fully on-chain foreign exchange market. jFIAT is designed to be usable: they maintain their peg, are highly liquid, and scalable.
