MAI
Crypto Overview
Overview
MAI (formerly called miMATIC) is a decentralized stablecoin launched by QiDao Protocol. It is designed to maintain a 1:1 peg with the US Dollar and is generated through overcollateralized lending positions.
Purpose and Utility
The primary purpose of MAI is to serve as a stablecoin that allows users to obtain liquidity against their cryptocurrency collateral without selling it. Users can deposit supported cryptocurrencies as collateral to mint MAI tokens.
Business Model and Operations
The protocol operates through smart contracts that manage collateralized debt positions (CDPs). Users deposit collateral and can borrow MAI up to a certain loan-to-value ratio. The protocol earns revenue through liquidation fees and stability fees.
Real-World Adoption
MAI has achieved significant adoption across multiple blockchain networks including Polygon, Avalanche, and Fantom. It is widely used in DeFi protocols for lending, liquidity provision, and as a stablecoin for trading pairs.
Development Activity
QiDao Protocol maintains active development with regular updates to the protocol. The team consistently implements security improvements and new features.
Crypto Impact
To assign a comfort level investing in MAI from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MAI.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.