Last updated at 2022/10/04
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MAI, $MIMATIC

USD-pegged Stablecoin

KPIs & Market Data

Market Cap
$51M
Market Cap 7d %
-0.05%
Market Cap 30d %
-5.74%
Volume 24h
$104.0K
Volume 7d
$13M
Mechanism
Governance
Decentralized
Issuer
n.a.
Jurisdiction
n.a.

MAI (MIMATIC) is a crypto-backed stablecoin pegged to the value of the USD and issued via MAI finance and the QiDAO protocol while its governance is conducted via the Qi governance token. It is the first native stablecoin protocol on the Polygon network and specializes in interest-free borrowing. Borrowers can lock a variety of digital assets including interest-bearing tokens into the vaults to borrow MAI. Thereby, a minimum collateralization ratio of 150% is required. Its architecture makes MAI comparable to DAI from MakerDAO although MAI finance works without interest for the borrowers.

Risks

  • Smart contract risk
  • Risk of devaluation of on-chain collateral due to high-volatility
  • Risk of a negative contagion effect in case of any of the centralized stablecoins in the collateral vaults de-peg
  • Loss of funds due to de-peg

$MIMATIC Newsticker

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