QiDAO Launches 0% Interest Stablecoin Loans

Users can now borrow stablecoins with no interest rate by supplying $BNB and $CAKE as collateral. 

QiDAO Joins BNB Chain Ecosystem 

QiDAO (MAI Finance), creators of an algorithmic stablecoin, miMATIC ($MAI), collateralized with Matic tokens, is now part of the BNB Chain ecosystem. The protocol is integrated with the network as part of its vision to make Decentralized Finance (DeFi) accessible to all. 

$MAI is one of the most utilized stablecoins due to its cross-chain compatibility. With QiDAO, users have the opportunity to lend $MAI with zero interest across different chains using different tokens as collateral. Additionally, the token can be swapped for other tokens and stablecoins. According to the QuiDAO’s announcement article by 0xNacho, bridging to BNB Chain will allow users to lend $MAI tokens by supplying wrapped $BNB and $CAKE. The innovation went live on April 28 at 17:00 UTC. 

“We have the vision to incorporate BNB Chain as a cornerstone for the future of Mai Finance. In anticipation to another DeFi Summer like 2020 one, we want as well to be part of a BNB Chain Renaissance. That’s why we’ve joined now the Binance ecosystem, and we do so, allowing its users to mint stablecoins with 0% interest against its two most popular tokens: wrapped $BNB and $CAKE,” 0xNacho wrote. 

$CAKE is the governance token of PancakeSwap, the most popular Decentralized Exchange (DEX) and leading DeFi protocol on the BNB Chain. With a market capitalization above $2 Billion and more than 1 million holders, the token is arguably the most recognized on the network. $BNB, on the other hand, is the transaction token for BNB Chain, with a market cap just shy of $70 billion. 

Given the popularity of both tokens, users would be able to acquire them easily and enjoy minimum collateral to debt ratio of 130%. This means that users who deposit $CAKE or $WBNB as collateral on the platform will borrow up to 77% $MAI before being positioned for liquidation. 

Interested users should visit the website, create a CAKE or WBNB Vault, deposit their assets and start borrowing $MAI against the amount of collateral deposited. 

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Incentivized Pool on BNB Chain 

As a result of incorporating the BNB Chain, QiDAO launched a partnership with three projects to incentivize users. The DeFi protocol teamed up with Ellipsis Finance, Velas Finance, and DotDot Finance to create its first incentivized MAI pool on BNB Chain. 0xNacho also wrote about the collaboration in the publication:

“We are happy to announce our partnership with Ellipsis Finance, Valas Finance, and DotDot Finance. A 4-way collaboration to launch the first incentivized MAI pool on BNB Chain.”

QiDAO’s collaboration will provide numerous benefits. For instance, users will be able to farm with $MAI on Ellipsis Finance to earn EPS and VALAS tokens, the governance tokens of Ellipsis Finance and Valas Finance, respectively. Other benefits can be found in the blog. 

QiDAO is building an open-source and non-custodial stablecoin platform through the Mai Finance website, connecting users to its unique offering. Users can extract value from prized assets and earn $MAI tokens through its vaults. Additionally, the collaboration with the BNB Chain projects is a huge step towards its rapid growth in the crypto space. 

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What is QiDAO: 

QiDAO offers users a way to keep their assets and still be able to spend their value. In short, users can borrow stablecoins without selling their assets at 0% interest. Users can start borrowing stablecoins against their deposited holdings as collateral by supplying crypto assets into a vault. 

Where to find QiDAO: 

Website | Twitter | Telegram |

‍Source BSC News