The Qi DAO/ MAI Finance and Relay teams are excited to announce a new multi-chain collaboration. The partnership will enable cross-chain bridging of the MAI stablecoin between Polygon, its native chain, and other networks, starting with Avalanche, followed by Huobi ECO Chain and Binance Smart Chain.
QiDao, built by the MAI Finance team, is a decentralized borrowing protocol developed on the Polygon network, which went into production in May 2021. It allows users to draw interest-free loans against accepted tokens used as collateral. Loans are paid out in MAI (= miMatic), the 1st ever Polygon based stablecoin, which is soft pegged to the US dollar (1 MAI is worth around 1 USD).
QiDao is an overcollateralized (150%) stablecoin protocol and is not an algorithmic model. It can be compared to MakerDAO, but some key differences are no charge interest on loans and the acceptance of a diversity of collateral types.
As of August 29th, they had $71,365,142 in TVL and a market cap of $20,762,808.
There are currently 64 Million MAI in circulation and it is consistently one of the top 4 liquidity pairs by volume on Quickswap.
RelayChain enables fast and secure cross-chain token transfers between the world’s leading blockchains. The platform offers Bridging as a Service (BaaS) to partner dApps wishing to expand their footprint beyond a single chain. RelayChain currently supports bridges between any combination of Ethereum, Polygon, Binance Smart Chain, Avalanche and Huobi ECO Chain. Multiple other networks including KSM/DOT, Fantom, Solana and Cosmos, will be added in the near future. A unique feature of RelayChain is that liquidity providers will be rewarded in the native gas tokens (ETH, AVAX, BNB, MATIC, etc) of the chain where they provide the liquidity.
What can these innovative projects achieve together? The partnership will begin with MAI Finance using the Relay bridge to transfer MAI tokens between Polygon and Avalanche. Other chains, such as BSC and HECO will be enabled in the near future. Liquidity pools with rewards are being explored with partner decentralized exchanges on these platforms. This collaboration will allow MAI holders the freedom to seamlessly move their capital to the world’s most popular blockchains. They will be able to stake their collateral with Qi DAO on Polygon and take their funds to other smart contract platforms to take advantage of the best DeFi opportunities. It will also be a safe and stable way to import new capital into Polygon. Many digital asset enthusiasts say that cross-chain is the future. The QiDAO/RELAY partnership says that the future is now.
About RelayChain
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