QiDAO, with a Total Value Locked (“TVL”) of $168 Million across 6 chains, is now coming to the Cronos chain via a partnership with CROSS, the leading stableswap on Cronos chain.
With an existing TVL of only $421k on Cronos scattered across various AMM’s, the partnership between QiDAO and CROSS features launching a MAI Metapool on CROSS. The new metapool will serve to stabilize $MAI on Cronos by allowing it to be traded alongside USDC, USDT, and DAI — using CROSS’s stableswap algorithm which stabilizes a cryptoasset at peg.
“With our goal of expanding into all stablecoin volumes on Cronos, we are honored to spearhead the way into Cronos for the new echelon of decentralized stablecoins, $MAI.
As QiDAO’s official partner on Cronos, we are committed to stabilizing $MAI with our stableswap algorithm and to ensure sufficient liquidity in our new MAI Metapool so that $MAI users can cost-effectively gain access to the rest of the Cronos DeFi system without prohibitive slippage rates”, said Treblemaker, Co-Founder and Chief Strategist at CROSS.
Cronos chain, launched by Crypto.com in November 2021, has experienced extraordinary growth, achieving $1 billion of total value locked on its chain’s projects in less than a month. It is now a top 10 chain (by TVL) according to DeFi Llama with $1.88 billion in total value locked, ahead of chains such as Arbitrum and Osmosis.
QiDao is Polygon’s first native stablecoin protocol, rapidly growing at a dizzying pace to $168 million of TVL across 6 chains in only a matter of months. It is self-sustaining, community-governed, and decentralized. Its stablecoin, $MAI, is secured by being overcollateralized, and is a decentralized alternative to fiat-backed stablecoins.
“Until now, $MAI users have been hampered by a lack of efficient liquidity which disincentivizes any potential considerations of bridging into Cronos. By joining hands with the CROSS, the premier stableswap on Cronos, we expect to remove one of the largest obstacles to utility on $MAI on Cronos for our many committed users, “ said Nacho, Community Manager at QiDAO.
With CROSS’ new MAI Metapool, thousands of $MAI users on Cronos, as well as on Polygon, Solana, Avalanche, Fantom, and Moonriver, will not only be able to generate attractive yields and swap fees off their $MAI, but also be able to participate in Cronos Defi such as lending, borrowing, swapping, etc. by being able to easily move in and out of $MAI and other stables at a low-slippage that was simply not possible before the launch of this metapool.
“This partnership is a milestone for CROSS as the designated vanguard for QiDAO and $MAI. With Cronos being a rising star itself, establishing an early presence with efficient liquidity and formal endorsement cements $MAI’s position in the stablecoin pantheon”, said Treblemaker.
The landmark partnership will go into effect on 24 January 2022. The MAI Metapool on Cronos will be available on the same day.
QiDAO is a rapidly growing stablecoin protocol featuring $168 Million TVL across 6 chains. Its stablecoin $MAI is decentralized and overcollateralized.
CROSS is the leading stableswap automated market-maker (“AMM”) on the Cronos chain. It is designed for low-slippage trading of stablecoins and other pegged assets.
Learn more about QiDAO / MAI:
Learn more about CROSS (Cronos Stable Swap):
Disclaimer: This article was written by a third party. TheCronicle does not endorse and is not responsible for, or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. The Cronicle is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.