QiDao Weekly Updates — Week 4 (5/24–5/30/2021)

QiDao Protocol

3 min readMay 31, 2021

Recent Announcements

QIP 004 resulted in 30% of repayment fee revenue being distributed to Qi stakers and 70% being sent to the treasury. More information about Qi staking will come soon.
miMatic staking on PolyCake
miMatic-MONO LP rewards on Monopoly Finance
Released the first revenue update

Fireside Chats

Polygon Head of DeFi: https://www.youtube.com/watch?v=VQnliLmgvQM
Polywhale founders: https://www.youtube.com/watch?v=TLKriqEu3AI
BlockVigil founder: https://www.youtube.com/watch?v=Vh4gtw385gg&t=48s
CoinGecko Head of Product: https://youtu.be/ApapEAeG9-4
SushiSwap Project Manager: https://youtu.be/8YQSaRRXVCQ
Aave Integration Lead: https://www.youtube.com/watch?v=3sJq2j7v3Wo

Product Improvements

Solved blank screen issue with rewards page
Added deposit display to pools in new rewards page

Added new liquidation warning on vaults

miMatic Update

The Protocol minted one million miMatic and sold it on the open market to alleviate the buy pressure for miMatic and stabilize the peg. This miMatic is backed by 1,225,460 USDC, as it was sold at a premium until the peg returned to normal levels.

Moving forward, the Protocol will add USDC as collateral for miMatic, in addition to Matic. Users will be able to swap USDC for miMatic through the app site. miMatic vaults will still accept Matic as collateral, which allows users to enjoy the value of their Matic without having to sell it.

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