MAI update: MIMATIC Live price, price chart, news and markets

The MIMATIC price update as of now is $0.9934. In the previous 24 hours, its trading volume was $38,582, and its value has decreased by -0.10%. As of now, MIMATIC's live market cap is $27,946,571, and it is ranked as the #3344 on the Coincu. MIMATIC has a circulating supply of 312,822,550 and a maximum supply of 312,822,550.

Introduction to MAI (MIMATIC)

MAI (MIMATIC) is a stablecoin that is backed by collateral and can only be generated by using the corresponding approved collateral. This stablecoin is created when a user deposits approved tokens, such as MATIC, as collateral in QiDao Vaults and obtains a loan against that collateral.

Alternatively, MAI can also be minted through the Anchor protocol by using accepted stablecoins. Like other stablecoins, MAI is pegged to the value of the USD, with 1 MAI equal to 1 USD.

Process of Generating the MAI Stablecoin

The MAI stablecoin can only be generated by locking approved collateral in QiDao Vaults or exchanging other stablecoins through Mai Finance’s built-in Anchor protocol.

To mint MAI through Vaults, users can deposit collateral into their Vaults and initiate the minting process. The collateral can consist of static tokens like LINK or CRV, as well as interest-bearing assets like Beefy and Yearn.

Minting MAI through Vaults does not involve any interest charges, allowing users to hold MAI debt for an extended period without incurring additional costs.

Users also have the option to mint MAI using stablecoins like USDC, DAI, or USDT on Anchor. These stablecoins will be held as collateral in the treasury. Similar to Vaults, MAI is burned when users trade it for stablecoins on Anchor.

Exploring QiDao Protocol

Understanding Mai Finance

Mai Finance is a user-friendly dashboard that provides access to QiDao Protocol through a web page. This platform enables the creation of Vaults and allows users to borrow stablecoins at 0% interest.

Getting to Know QiDao Protocol

QiDao Protocol is the first stablecoin protocol built on the Polygon network. This decentralized and community-based protocol enables anyone to create Vaults and deposit collateral for borrowing. All you need to start is acceptable collateral and a small amount of MATIC for transaction fees.

The Unique Features of QiDao Protocol

While QiDao Protocol takes inspiration from other stablecoin protocols like MakerDao, it stands out by not charging interest on loans, accepting a wide range of collateral (including interest-bearing assets), and being built natively on the Polygon network.

This results in significantly reduced transaction times (under 15 seconds compared to approximately 8 minutes for other stablecoin protocols). By utilizing the benefits of Polygon, QiDao allows users to conduct more transactions and interact with protocols without worrying about gas fees.