In this article, we’ll go over how to participate in the staking and liquidity mining rewards for the QiDao Protocol.
Liquidity mining is a process where dapps reward users for providing liquidity to a given token pair. This promotes the market for the tokens in the pair, as more liquidity is available for purchase. Whenever liquidity is deposited into a pool, users receive a token known as liquidity tokens. These are sent to the liquidity provider’s address, in proportion to how much liquidity they contributed to the pool compared to the total amount of liquidity in the pool.
- Go to the Pool page to Provide Liquidity to the one of the token pairs on our rewards program on QuickSwap.
- Click on “add liquidity”.
3. Click on “Select a token” and “Matic” to select both tokens in the liquidity pair.
4. Search for tokens. To do this, insert the token address. For USDC, you can search by the name “USDC” or click on “USDC” in “common bases”.
Qi address: 0x580A84C73811E1839F75d86d75d88cCa0c241fF4
miMatic address: 0xa3fa99a148fa48d14ed51d610c367c61876997f1
5. Enter the token amounts and click “enter an amount”.
6. Receive LP Tokens (also called “Pool Tokens”) in exchange for your deposit (this is a proof of deposit).
7. Visit the QiDao Rewards page here.
8. Connect your wallet by clicking “Connect Wallet”.
9. Select the LP pair you provided liquidity for and click on “approve” to connect your wallet to our liquidity mining rewards.
10. Click on “deposit” to add your LP tokens to the rewards program.
Now, you’ll start earning LP rewards for providing liquidity to the miMatic-USDC pair. You can see how many Qi tokens you’ve accrued in the Qi Earned field.
To withdraw your LP tokens, simply hit “withdraw” and they will be returned to your address. To collect your Qi tokens, click on “Harvest”.
About the QiDao Protocol
QiDao is the first Polygon-based stablecoin protocol, designed by the Mai.Finance team. The QiDao Protocol is made up of two tokens: miTokens and Qi tokens. MiToken is the stablecoin and Qi is the governance token. 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 be worth around 1 USD. Our first miToken is miMatic, a stablecoin backed by Matic.