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

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.

Upcoming Activities

Protocol liquidity tracker

Things in the works

  • Building a subgraph
  • Launching Qi staking

Community growth

  • Twitter: 1,725 followers
  • Telegram: 565 members
  • Discord: 1,005 members

Asks for the the community

Partnerships — If you think of partnerships that can help with the following please suggest them or introduce us:

  • Increase use cases of miMatic
  • Help miMatic peg
  • Increase protocol value
  • Increase community growth
  • Fireside chat guests

Suggestions — Send them on our Discord suggestions channel

Create original content

  • Articles
  • Memes
  • “How to” videos
  • Retweet and tag us on Twitter

Weekly Polygon Rundown

Things that stood out to me in the Polygon space this week

  1. Google Cloud Now Provides Blockchain Insights for Polygon Network. — CoinDesk
  2. Mark Cuban Invests in Ethereum Layer 2 Polygon — CoinDesk
  3. Ren Launches Polygon Bridge with Support for Bitcoin — Crypto Briefing

Learn more about QiDao and get involved in the community