"Frens of Push" is our weekly content series to spotlight outstanding projects that are building with Push. If you want to be featured, reach out to us and you could be our next Fren in the series.
This week, we’re delighted to have on a leading decentralized stablecoin protocol and our fren, QiDao, to talk about their journey with Push.
A bit about QiDao. How do you keep your crypto assets while still being able to spend their value? QiDao stablecoin protocol allows you to lock your tokens out of circulation and be used as collateral to borrow stablecoins. As a borrowing and lending protocol, QiDao is self-sustained, community-run, and completely decentralized.
For a borrowing protocol, updating its users about their debt positions is immensely important to keep their positions from liquidating. This is where Push steps in. By sending Push notifications directly to users, QiDao is able to update users about the health of their debt positions, thereby preventing potential losses.
In this episode of ‘Frens of Push’, we sat down with Benjamin from QiDao to talk about the problem QiDao is trying to solve, their vision, and their journey with Push.
Hi Benjamin, how did you first get involved in building in the blockchain space? What’s your story?
Benjamin: I’ve been in crypto for a few years now. Started launching some infrastructure projects in early blockchains. When the DeFi movement really started, that became more of my focus.
Tell us about QiDao — what’s it about, and what problem does QiDAO solve?
Benjamin: QiDao is a stablecoin protocol that allows you to mint MAI against the value of your tokens. What makes MAI special is that you can mint it natively against your favorite collaterals on your favorite chains. As a result, you don’t have to trust bridges to access stablecoins. You can create them on your chain.
Additionally, MAI loans are 0% interest, so your debt amount does not change. QiDao only charges a 0.5% repayment fee, which stays constant in value no matter when you repay.
What’s your 2023 plan for QiDao?
Benjamin: We have a ton planned for 2023. Here are the 3 I’m most excited about.
A stability pool to liquidate debt positions at QiDao will soon be rolled out. This will offer MAI holders a new yield opportunity that won’t rely on inflationary tokenomics. It will also have a component for arbitrageurs to buy collateral assets with MAI at a fixed MAI price of $1.
Liquidation-protected vaults. Our team is working on vaults that will protect users from being liquidated. What’s interesting about this product is that it will be fully onchain, unlike alternative liquidation protection products.
We’re one of a handful of protocols alpha-testing Chainlink’s brand new CCIP — a cross-chain messaging system. QiDao will likely use this for cross-chain governance and improved bridging.