SpookySwap Partnership with Mai Finance

Published on: 13.11.2021

Through this partnership, Mai Finance will be launching its initial Fantom DEX liquidity through SpookySwap’s DEX.

Users will be able to borrow stablecoins without having to sell crypto assets, and do so at 0% interest. This process now includes SpookySwap’s LP, for high liquidity pairs that have Chainlink oracles. Simply create a vault, deposit your LP tokens, and start borrowing stablecoins against your collateral’s value. Mai Finance acts to connect users to the QiDao Protocol, which is where the vaults are created and stablecoins are borrowed.

First, create LP using equal parts liquidity on SpookySwap’s liquidity page. Both tokens in the pair must have Chainlink oracles to be added as collateral. Then head over to Beefy Finance to deposit the LP tokens you just received. Beefy then gives you a receipt token representing your position. Depositing the Beefy receipt token on Mai Finance allows borrowing MAI at zero interest, only paying a repayment fee at the end of your loan.

Mai Finance

QiDao enables users to be their own banks. Lao Zi has developed an open source and non-custodial stable protocol for extracting value out of priced assets. This means investors are able to sell MAI to buy more collateral tokens, leveraging long positions.

SpookySwap

SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) for the Fantom Opera network. SpookySwap actively invests in building a strong foundation by using the BOO token for governance, rewards on diverse farms, and to provide developer grants encouraging a healthy ecosystem of other Fantom projects.