QIP 018: Adding USDC Swap fees to Revenue Distribution
Summary:
How might we better reward current Qi stakers and increase the demand for Qi?
The protocol’s largest revenue stream comes from USDC Swap fees. When users use the Swap they pay a 1% fee.
This is a proposal to distribute 30% of weekly USDC Swap fees to Qi stakers. Since the USDC swap was implemented (week 5) it has generated an average of $180,000 per week in revenues for the protocol.
Current Qi staking rewards
Qi stakers currently receive:
- 30% of weekly repayment fee revenue (plus a 25% boost)
- 100% of LP rewards received from using deposit fee revenue to farm QI-MAI on QuickSwap.
What is the USDC Swap?
The Swap allows users to swap USDC for MAI and MAI for USDC. The price to buy MAI sets a price ceiling of $1.01 and the price to sell MAI sets a price floor of $0.99. The price of MAI should trend close to $1, given that MAI can only repay $1 worth of debt. The ceiling and floor on its price keeps it from diverging from its peg too much. If you would like to read more about the inner workings of the USDC Swap please read : https://docs.mai.finance/stablecoin-economics#usdc-swap
Motivation:
- Return more value to our loyal supporters
- Encourage more Qi holders to lock Qi
- Increase demand for Qi
Options
Option 1: Distribute 30% of weekly USDC Swap fees to Qi stakers Option 2: Do not distribute 30% of weekly USDC Swap fees to Qi stakers
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xDFc4...537e8b | 475,299 | Option 1 |
 0x4127...Ad5bF6 | 339,223 | Option 1 |
 0xEf11...994234 | 237,061 | Option 1 |
 0x4bED...4491a5 | 200,750 | Option 1 |
 0x0032...6B26a0 | 152,483 | Option 1 |
VOTE POWER
Proposal Status
- Thu August 12 2021, 02:00 amVoting Period Starts
- Sun August 15 2021, 02:00 amEnd Voting Period
Current Results
1-Option 1
2.542M
2-Option 2
12,719.414