Prop-004, USDC-MAI New farm and farm adjustment
This new farm change proposal has a goal to direct BOO rewards to the highest performing pairs and the adjustments are data-backed based on 30 day volume and liquidity.
One thing some may notice is the changes result in a net 1.5x weight gain resulting in a positive APR gain across ALL farms.
Our new Farm introduced in this proposal is USDC-MAI with a weight of 0.7x. MAI is the stable coin minted at the Mai Finance protocol using a variety of assets, including interest bearing ones from beefy.
If this Farm is implemented, Mai Finance will introduce Spooky LP tokens as collateral, represented using beefy.finance receipt tokens. What this means is you will be able to borrow MAI using spooky LP tokens that have been deposited in beefy. So you are minting MAI with an auto compounding farm position! Layering of yield and leverage is now possible!
How it will work is as follows:
- Deposit liquidity on SpookySwap
- Deposit the just received LP Tokens on beefy.finance. You are now farming BOO and it is auto compounding. Beefy gives you a receipt token representing your position.
- Deposit the receipt token on mai.finance
- Borrow Mai
- ???
- Profit!
| Farm | Weight (old) | Weight (new) |
|---|---|---|
| FTM-CREAM | 0.3 | 0 |
| FTM-WOOFY | 0.6 | 0 |
| FTM-SUSHI | 1.8 | 1 |
| FTM-SNX | 0.6 | 0.3 |
| FTM-AAVE | 1.1 | 0.7 |
| ETH-YFI | 1 | 1.2 |
| New Farm | Weight |
|---|---|
| USDC-MAI | 0.7 |
To learn more about the MAI Community, Grim advises you to visit their official communication channels:
- Website: https://www.mai.finance/
- Twitter: https://twitter.com/QiDaoProtocol
- Telegram: https://t.me/QiDaoProtocol
- Medium: https://0xlaozi.medium.com/
- Discord: https://discord.com/invite/mQq55j65xJ
- CoinGecko: https://www.coingecko.com/en/coins/mimatic
- CoinGecko: https://www.coingecko.com/en/coins/qi-dao
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xae1F...2e9466 | 1.028M | Yes, proceed with the changes |
 0x1b51...AA9Fac | 918,610 | Yes, proceed with the changes |
 0x4CAe...FA3C2D | 197,766 | Yes, proceed with the changes |
 0xB489...989009 | 111,349 | Yes, proceed with the changes |
 0xf95C...a8a0FF | 86,002 | Yes, proceed with the changes |
VOTE POWER
Proposal Status
- Wed November 10 2021, 05:00 pmVoting Period Starts
- Fri November 12 2021, 07:00 pmEnd Voting Period
Current Results
1-Yes, proceed with the changes
2.732M
2-No
1,208.326