KNC is a utility and governance token and an integral part of KyberSwap. QiDAO Supports Kyber Network, KNC holders can stake their KNC and vote on initiatives to receive trading fees generated on KyberSwap, along with other benefits.

New $KNC Vault on mai.finance

KNC being supported as a collateral asset on QiDAO adds another valuable utility for token holders! QiDAO allows you to keep your KNC and still be able to spend its value. You are able to borrow the MAI stablecoin with KNC without having to sell your crypto assets, and do so at 0% interest on Polygon!

How to use KNC on QiDAO and KyberSwap effectively

Here are 2 easy ways to use KNC on QiDAO and KyberSwap to maximize your yield on Polygon!

1. Maximum Yield Loop (MAI-KNC farm)

• On QiDAO, borrow MAI by depositing KNC as collateral
• On KyberSwap, add liquidity and farm more KNC on the MAI-KNC farm
• With your KNC yield, borrow more MAI, and repeat the process above
• When you borrow MAI using KNC, you may also get bonus QI token rewards (pending QiDAO vault incentive vote)!

2. Simple KNC Farming (MAI-USDC farm)

• On QiDAO, borrow MAI by depositing KNC as collateral
• On KyberSwap, with your borrowed MAI, add liquidity and farm more KNC on the MAI-USDC farm
• With your KNC yield, borrow more MAI, and repeat the process above
• When you borrow MAI using KNC, you also get bonus QI token rewards (pending QiDAO vault incentive vote)!

About Kyber Network

Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, flagship Decentralized Exchange (DEX) aggregator and liquidity platform, provides the best rates for traders in DeFi and maximizes returns for liquidity providers.

KyberSwap powers 100+ integrated projects and has facilitated over US$10 billion worth of transactions for thousands of users since its inception. Currently deployed across 13 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis, BitTorrent and Optimism.

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About QuiDAO

QiDAO is an open source and non-custodial stable protocol for extracting value out of priced assets. Simply create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value. It is self-sustaining, community-governed, and decentralized. Loans are secured by always having more value locked than the amount of debt given out. Loans are paid out and repaid in MAI (a stablecoin soft pegged to the USD) and at all times, MAI stablecoins are fully backed by collateral. QiDAO already has $65M in TVL!

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SOURCE:

https://medium.com/@kyberteam/55514240ace7

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QiDao integrated Chainlink Price Feeds to help secure collateral calculations with reliable and tamper-proof market data.

The QiDao Needs Secure Price Data to Help Secure Its Multi-Chain Borrowing Protocol

• QiDao needed high-quality price oracles to secure its loans.
• To maintain its competitive advantage, QiDao needed a ready-made multi-chain oracle solution for its wide range of supported collateral assets.
• Many existing oracle solutions are subject to single points of failure, exposing protocols to a wide variety of potential risks and exploits.

Stablecoins are a fundamental building block in the crypto asset economy, whether they’re used for payments or as collateral in DeFi. QiDao a stablecoin protocol allows users to unlock their liquidity & mint the stablecoin MAI by depositing collateral assets into an overcollateralized vault. QiDao supports a wide range of tokens as collateral—including interest-bearing assets—and the protocol charges no interest for borrowing.

To support its overcollateralized stablecoin, QiDao needed highly secure market data to help open, close, and liquidate loans on the platform. To help ensure that the assets in its vaults are price according to reliable and tamper-proof market data. In addition, robust price oracle infrastructure helps ensure that every MAI stablecoin is back by at least $1 of value.

The QiDao Integrated Chainlink Price Feeds To Support Tamper-Proof Borrowing Operations

After considering a number of oracle solutions, QiDao decided to integrate Chainlink Price Feeds to help ensure protocol solvency and make the system more resilient against manipulation attacks and outlier events.

The Chainlink the most time-tested decentralized oracle solution in the smart contract economy. Backed by high-quality data, secure node operators, and a robust reputation framework. Price Feeds already help secure tens of billions of dollars of value in the DeFi ecosystem across 12+ blockchain networks and hundreds of Web3 applications. With their unparalleled standard of data quality and oracle infrastructure security. The Chainlink provide highly accurate & secure price data directly to QiDao’s smart contracts, helping the stablecoin protocol better manage risk.

The QiDao Can Continue To Expand Across the Multi-Chain Ecosystem While Seamlessly Integrating New Collateral Assets

With Chainlink’s time-tested infrastructure supporting its loans. QiDao able to maintain rapid pace of expansion across the multi-chain ecosystem & seamlessly add support for new collateral assets. The Chainlink Price Feeds also saved the QiDao team significant development resources. They were not required to design, build, & constantly maintain their own oracle network.

About QiDao 

The QiDao aims to lower the threshold to participate in decentralized finance by providing an easy-to-use multi-chain stablecoin protocol. The protocol enables the minting of MAI, a stablecoin soft-pegged to the US dollar. MAI relies on overcollateralized vaults, users can deposit on supported collateral to borrow the stablecoin with 0% interest.

Website | Twitter |

About Chainlink

The Chainlink the industry standard for building, accessing, & selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.

Website | Twitter |

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