Qi Dao | Mai.Finance

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qip: 225 network: Fantom author: Benjamin.lens implementor: Guardians implementation-date: immediately after approval created: 2024-02-18

Summary

This proposal aims to deprecate all xBOO-backed MAI loans on Fantom given the imminent closure of the BOO Chainlink feed.

Only around 300 MAI tokens have been minted against xBOO, so the DAO’s exposure is very limited.

Abstract

For this proposal to be fully implemented, all existing loans backed by xBOO must be repaid. In order to faciliate a speedy closure of all outstanding vaults, this proposal requests the use of the minimum CDR parameter to compel borrowers to repay soon.

Motivation

Chainlink is deprecating their BOO price feeds, which will not allow vaults to price their collateral. The DAO could onboard a different oracle to track BOO’s price, but its current volume is too low for loans to be safe with a different oracle.

Specification

Rationale

By deprecating the vaults before Chainlink’s price feed closure, QiDao will shield itself from any losses.

Technical Specification

Min. CDR parameter should be gradually increased until all debt is repaid. Chainlink has not set a date for this closure. However, due to this asset’s low volume, it is this proposals suggestion that the DAO offboard the few xBOO loans outstanding within 3 days of this proposal passing.

Configurable Values

• Min. CDR upon proposal approval: 300%
• Min. CDR one day after approval: 400%
• Min. CDR two days after approval: 500%
• Min CDR three days after approval: 50000%

Debt ratio: 1