Qi Dao | Mai.Finance

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network: All Chains author: Yohaan implementor: QiDao Guardians implementation-date: May 2024 created: 2024-04-07

Summary

This proposal seeks to deploy QiDao on X Layer

About X Layer

X Layer is a zkEVM Layer 2 network built on Ethereum, powered by Polygon CDK a zkEVM stack for building Ethereum L2 scaling solutions. Developers can easily deploy their existing contracts on zkEVM, and users can move their assets from Ethereum and conduct transactions off-chain. These transactions are bundled into groups with a zero-knowledge proof to verify their validity.

Abstract

OKX have been in long dicussions with QiDao and are hoping to provide our 50m user base and $OKB holders access to overcollateralised loans powered by $MAI. QiDao will play a crucial role towards our mission of onboarding millions of new users to ethereum via our zkEVM Layer 2 ‘X layer’. The X Layer team also have a good understanding of QiDao and will also work hand in hand with the QiDao team to onboard quality assets as collateral to meet the demands of the current DeFi landscape such as interest bearing collateral and we are extremely excited for what is to come.

Vault specifications:

• Collateral asset to be used: OKB (gas token for X Layer)
• Minimum collateral to debt ratio: 140%
• Fees: 10% interest rate
• Minimum debt: 100 MAI
• Maximum debt: 1M MAI
• Redemption premium: 2%
• Oracle provider: API3
• Risk grading: A-
• Risk methodology: risk assessment

Motivation

Get first mover advantage and access to a huge amount of $OKB, LRTs and bluechip tokens onboarded on X Layer from OKX’s CEX to become the premier stablecoin of X Layer.

Why Build on X Layer?

Boundless scalability: enable ZK-powered DApps on X Layer, with 100% EVM compatibility and easy-to-use developer tools for deployment.

Powered by OKX: seamless OKX product integrations, all-in-one Web3 gateway, and access to 50M+ users in the OKX ecosystem.

Security: rely on robust secure mechanisms from Ethereum, with trustless interoperability.

Low fee: same coding experience as Ethereum, with 100x less in costs.

Portal to Web3: enter the world of Web3 via OKX Wallet, built with compact infrastructure modules to create innovative DApps.