Following a successful vote on snapshot, Mai Finance’s QiDAO protocol will be supporting the Kyber Network Crystal (KNC) token as collateral on the Polygon network, through the new KNC vault on https://mai.finance/!
QiDAO is an open source and non-custodial stable protocol for extracting value out of priced assets. Simply create a vault, deposit your crypto assets, and start borrowing stablecoins against your collateral’s value. It is self-sustaining, community-governed, and decentralized. Loans are secured by always having more value locked than the amount of debt given out. Loans are paid out and repaid in MAI (a stablecoin soft pegged to the USD) and at all times, MAI stablecoins are fully backed by collateral. QiDAO already has $65M in TVL!
KNC is a utility and governance token and an integral part of KyberSwap. KNC holders can stake their KNC and vote on initiatives to receive trading fees generated on KyberSwap, along with other benefits.
✨New $KNC Vault on mai.finance✨
KNC being supported as a collateral asset on QiDAO adds another valuable utility for token holders! QiDAO allows you to keep your KNC and still be able to spend its value. You are able to borrow the MAI stablecoin with KNC without having to sell your crypto assets, and do so at 0% interest on Polygon!
💠No hidden fees:
How QiDAO works
You have 100,000 KNC tokens in your portfolio but you heard some positive news about the MATIC token and you want to buy some fast. The dilemma that you have now is whether to sell your KNC to buy MATIC or keep your KNC because you are also bullish about its long term potential to be worth more.
By using QiDAO, you can deposit your 100,000 KNC in a vault and borrow MAI against that collateral to purchase MATIC. You get MATIC early before a potential rise in value and get to keep all of your KNC. So, if KNC prices increase next week, you will still be able to realize those gains. Meanwhile, the MAI you received against your KNC collateral can be paid back at any time and do not incur any interest.
When you pay back a loan, you will pay a ‘repayment fee’ of 0.5% of the stablecoin debt being repaid to unlock the underlying KNC collateral. This fee is denominated in the collateral token. More information can be found here: https://docs.mai.finance/
KNC Parameters on QiDAO
- 140% minimum collateral to debt ratio
- Minimum borrow: 10 MAI
- Maximum borrow per vault: 100,000 MAI
How to use KNC on QiDAO and KyberSwap effectively
Here are 2 easy ways to use KNC on QiDAO and KyberSwap to maximize your yield on Polygon!