Upcoming Governance vote on QiDAO <> Dfyn Integration
An upcoming proposal on QiDAO is for the community to decide whether or not to extend liquidity mining incentives and if so what AMM and liquidity pairs to incentivize.
Various Polygon-based AMMs are participating in the process and Dfyn is one of them.
The QiDAO LPs — MAI/USDC and QI/MAI have over $100 million in TVL on the Polygon ecosystem and we at Dfyn would love to be host to this liquidity. QiDAO is a decentralized protocol that lets the community vote on key business decisions. On Tuesday at 9 PM ET time, a governance vote will go live on the Snapshot voting page, allowing the community to vote for which AMM and pairs they want to be incentivized for the liquidity program.
The QiDAO team will be taking a wallet snapshot on August 23 (Monday) around 9 PM(ET time) at Block Number 18329000 — this will help them determine who is eligible to vote. Everyone with Qi in their wallet at the snapshot time will be eligible for voting. So please ensure that before Monday 9 PM ET time you have QI tokens in your wallet or staked in the boost program to participate in the governance process. QI token holders can lock their QI tokens for a duration (1 week to 4 years) and boost their votes while earning attractive APYs. If someone locks their tokens for 4 years, they can earn a 4x boost in the number of votes.
Those interested in acquiring Quick tokens for the governance vote can explore various available markets on Coingecko.
Dfyn pairs will be part of that vote and we want our Dfyn community to vote for our pairs in maximum numbers so Dfyn can be the new home to the QiDAO token pairs and so the QiDAO community can also benefit from the smooth gasless trading experience on Dfyn and we at Dfyn with our cross-chain mission will also ensure to help launch QiDAO tokens on other exchanges and help build inter-chain transfer and swap functionality for these tokens.
Dfyn has offered higher rewards when compared to other AMM participants in the vote and choosing Dfyn will ensure that the QiDAO community will get a much higher APR for staking their tokens. Dfyn rewards offered will ensure at least 100% (2x) more APR than other AMMs so it’s very important for not just the Dfyn community but also the QiDAO community to take an informed decision.
Following is the summary of Dfyn rewards committed for the QiDAO liquidity program :
DFYN Rewards committed:
● Stablecoin pool(s): 24,750 Dfyn per day ($30k value per day)
● QI-MAI LP: 8,250 Dfyn per day ($10k value per day)
● MAI will be added as a default routing asset. Adding MAI to routing would promote its volume and reduce price impact on MAI transactions.
●AMM Metrics: TVL: $226.5 million; Volume: $10 million
Following options will be present in the voting (not exhaustive list) :
● 4 pools on Dfyn: 3 Stable pairs (MAI-USDC, MAI-DAI, MAI-USDT) and 1 QI pair (QI-MAI)
● 3 pools on Dfyn: 2 Stable pairs (MAI-USDC, MAI-DAI) and 1 QI pair (QI-MAI)
● 2 pools on Dfyn: 1 Stable pair (MAI-USDC) and 1 QI pair (QI-MAI)
The voting link will be updated in this article when the voting starts.
QiDao is a leading lending and stablecoin protocol native to Polygon. Users can lock various tokens to mint MAI (our stablecoin), including yield-bearing tokens like Aave market tokens.
The process is simple: create a QiDao vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value.
QiDao enables users to hold on to their crypto while still being able to spend its value, and do so at 0% interest!
Twitter (Founder): https://twitter.com/0xLaoZi
Twitter (protocol): https://twitter.com/QiDaoProtocol
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Discord : https://discord.gg/yjM2fUUHvN
Telegram Announcements: https://t.me/dfynofficial