QiDao To Take Flight on Pegasys

Mai Finance, Syscoin & Pegasys Enter Official Partnership

Syscoin’s native DEX & AMM went live this year and is introducing enhancements that will secure its spot as an industry leader. Pollum, the team behind Pegasys, and Syscoin Foundation have a lot of overlap. We work together closely to bring greater value into the Syscoin ecosystem. The QiDao Protocol, also known as Mai Finance, has partnered with Pegasys and Syscoin as a result of this collaboration.

The QiDao Protocol was Polygon’s first native stablecoin protocol. Mai Finance is always working to expand their suite of services. They offer a wide array of DeFi tools such as non-custodial lending and borrowing in exchange for their $MAI stablecoin. This allows users to extract value from their crypto assets without selling them or incurring interest. In addition to the Polygon network, Mai Finance has launched vaults on Fantom, Avalanche, Harmony, Gnosis Chain, Arbitrum, Optimism, and Moonriver. Now they are bringing their service and expertise to Syscoin’s native DEX, Pegasys.

The $MAI token is being listed on Pegasys. The first step of the integration process is complete with $MAI and $QI having been added to Multichain's bridge to Syscoin. The remainder of the integration process is currently underway. In the future, users will be able to collateralize $PSYS and LP token by locking them in vaults in exchange for the stablecoin, expanding utility for each. Our continual work together exploring how we can leverage each other’s capabilities will lead us to new breakthroughs within the DeFi space.

About Mai Finance/QiDao Protocol

Mai Finance is an open-source and non-custodial stablecoin protocol for extracting value out of priced assets. Their value protocol currently exceeds $365m. They do not charge interest and offer a wide range of collaterals to choose from. The QiDao Protocol is community driven whose governance is guided by votes from their community.

About Syscoin

Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.

Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin's proven security and Ethereum's Turing-complete programmability elevated to true scalability via ZK-Rollups and other Layer 2 technologies.

The project is represented by the nonprofit Syscoin Foundation which is registered in Eindhoven, Netherlands.

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Apr 19, 2022 by Syscoin Foundation