QiDao is a stablecoin protocol utilizing collateralized debt positions (CDPs), allowing users to mint the stablecoin MAI pegged to the U.S. Dollar with 0% interest. QiDao allows users to hold on to assets they expect to appreciate in value while still being able to use them as collateral.
One of the more popular collaterals available to borrow against at QiDao is WBTC, as millions of dollars worth of WBTC has already been used to mint MAI. WBTC holders have been able to access the value of their tokens through MAI to yield farm, lever their positions, or even spend their stables in real life.
QiDao has over 30 supported collateral types across five blockchains that users can use to mint MAI. Many of the collateral types that QiDao supports are interest-bearing.
To start borrowing against a crypto asset, the process is simple: create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value. What you do with your borrowed funds is up to you.