QiDao
Crypto Overview
Overview
QiDao is a decentralized protocol that allows users to mint MAI stablecoins using their cryptocurrency as collateral. The QI token serves as the governance token for the protocol, allowing holders to participate in decision-making regarding protocol parameters and development.
Purpose and Utility
The primary utility of QI tokens is governance rights within the QiDao ecosystem. Token holders can vote on proposals affecting protocol parameters, fee structures, and strategic decisions. Additionally, users can stake QI tokens to earn protocol revenues from stability fees.
Business Model
The protocol generates revenue through stability fees charged when users mint MAI stablecoins. These fees are distributed to QI stakers. The protocol does not charge interest on loans, instead using a fee-based model which is more aligned with Islamic finance principles.
Platform Development and Adoption
QiDao has demonstrated consistent development activity and maintains presence across multiple blockchain networks including Polygon, Fantom, and Arbitrum. The protocol has achieved notable adoption with over $50 million in total value locked (TVL) across various chains as of early 2024.
Token Distribution
The QI token has a transparent distribution model with allocations for community incentives, development, and treasury. Team tokens were subject to vesting periods to align long-term interests.
Crypto Impact
To assign a comfort level investing in QiDao 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 QiDao.
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.