Introducing the First Polygon-Based Stablecoin: miMatic

QiDao Protocol
3 min readMay 2, 2021

The QiDao Protocol introduces the First Polygon-Based Stablecoin: miMatic.

What we are building

QiDao is the first Polygon-based stablecoin protocol. The Protocol enables projects to create stablecoins (miTokens) backed by their tokens as collateral. Our goal is to lay the foundation for a thriving DeFi community on Polygon by providing a necessary tool for building financial dapps. The first miToken will be miMatic, a stablecoin backed by collateral in Matic tokens, where 1 miMatic is worth around $1 USD.

QiDao itself is made up of two tokens: miTokens and Qi tokens. MiTokens are the stablecoins created through the Qi Dao while Qi is the governance token used to manage the Qi Dao Protocol contracts. QiDao was made to allow borrowers to access a new source of capital by generating miTokens through leveraging crypto tokens as collateral. The value of miTokens is backed by token collateral, and will fluctuate around $1 USD.

To learn more about how miMATIC maintains its peg, check out our docs.

Why should I care

miMatic not only provides the price stability that stablecoins are known for, but also allows you to keep your Matic. No need to exit your long position and lose out on the Matic upside. Since miMatic is backed by Matic, users can lever their Matic positions through miMatic. This can be done by borrowing miMatic and then buying more Matic. There are is no interest fee or tenor for our stablecoin loans, so you decide when you want to pay back!

Why Polygon

The Mai.Finance team picked Polygon because it is one of the most innovative projects seeking to improve the scalability and interoperability of the blockchain. Polygon is a sidechain solution that aims to solve some major Ethereum drawbacks, including poor user experience (delayed transactions), insufficient throughput, and lack of community governance. Technically a commit chain of sorts, Polygon POS chain shares its security with Ethereum L1.

The Polygon team has built an environment that enables developers to launch dApps cheaper, easier and faster. The network is compatible with all the existing Ethereum tools (Metamask, Truffle, Remix etc), and has full interoperability with Ethereum. For example, you can mint an ERC20 token (for <1c) and bridge it to Ethereum at a later time. Polygon also has some exciting partnerships like Decentraland and Aave, with many more to come!

Why Polygon needs this

Users can already use USDC, USDT, and Dai on Polygon. However, the network doesn’t have any stablecoins backed by Matic tokens. As a result, the network doesn’t enjoy the benefits of its tokens being locked out of circulation (to be used as collateral for stablecoins). Polygon believers also have to exit their Matic token positions to acquire these stablecoins. What Polygon deserves is a stablecoin that believes in its token’s value and allows users to keep their Matic exposure.

Reward Distribution

The QiDao Protocol was developed and programmed to benefit the Polygon Community. We’ve designed a token distribution mechanism to reward liquidity providers with Qi governance tokens in proportion to the liquidity posted on Polygon’s exchanges. Stay tuned for more info about our rewards program!

You can start making miMATIC today! Check out our how to guide here.

More About the Project

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QiDao Protocol

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