The idea behing the project is borrowing MAI stablecoins at 0% interest. It works that way that users deposit as collateral different types of assets: BTC, ETH, DAI, AAVE, etc., to create Vault where you can borrow MAI. The current supply of MAI is 25.8m. MAI has debt ceiling mechanism, it helps to limit the amount of mint MAI againts collateral. However, most of time MAI is depeg, because they have bad debt due to exploit of Multichain. QiDAO posted information about debt on their platform, but after exploit they remove this information from their dashboard. They don't answer users questions about the amount of bad debt. Moreover, they can try to move MAI to peg by increasing the borrowing rate of MAI. It will definitely work, because users should pay high interest on MAI or buy it (it will push the price) and then redeem MAI and get their collateral. So mechanism is easy, but it has a problem that TVL of the QiDAO will decrease. It is the answer why QiDAO does not do it right now as it is tradeoff between zero borrow rate and higher TVL, and they choose the last one. That is why I put 3 starts here, as the idea of stablecoin is to be stable, but it does not work for MAI.

Martin Kruger

A scam IMO. Seems too good to be true. Feels like it won't work if you think about it for more than a minute (which I didn't have the time to do). The marketing is not great.

This image explains their strange proposition which intuitively sounds unsustainable, especially if crypto were to ever go down. There's also many unanswered questions like how Elon gets his MATIC back once he's spent his QiDAO:



Negative:
The website is too minimalist. There's a bunch of actual information in their docs that should be on the main page. A video would help them to actually explain how this is supposed to work.
Stuff is called MAI on their website but QiDao in their docs.
Social media is not great. Telegram isn't exciting and it's difficult to get into Discord. Twitter is also pretty dead.

I just don't believe enough that this will work in order to spend more time thinking about this. I'd rather rate this 1 stars to avoid anyone getting scammed by this. Intuitively I would bet that this stablecoin depeggs if MATIC crashes and a bunch of MAIs have been spent. Who would accept the MAI currency is also a big question. Can you trade MAI for MATIC and then get more MAI for your MATIC? Something's just off about this.

A scam IMO. Seems too good to be true. Feels like it won't work if you think about it for more than a minute (which I didn't have the time to do). The marketing is not great. 

This image explains their strange proposition which intuitively sounds unsustainable, especially if crypto were to ever go down. There's also many unanswered questions like how Elon gets his MATIC back once he's spent his QiDAO:

![](https://s3-ap-southeast-1.amazonaws.com/media.coinfox/220826/O6DrEPEor_p.jpg)

Negative:
- The website is too minimalist. There's a bunch of actual information in their docs that should be on the main page. A video would help them to actually explain how this is supposed to work. 
- Stuff is called MAI on their website but QiDao in their docs.
- Social media is not great. Telegram isn't exciting and it's difficult to get into Discord. Twitter is also pretty dead.

I just don't believe enough that this will work in order to spend more time thinking about this. I'd rather rate this 1 stars to avoid anyone getting scammed by this. Intuitively I would bet that this stablecoin depeggs if MATIC crashes and a bunch of MAIs have been spent. Who would accept the MAI currency is also a big question. Can you trade MAI for MATIC and then get more MAI for your MATIC? Something's just off about this.

MAI MIMATIC