MAI is the first and largest stablecoin protocol on Polygon, now available on 12 chains. It allows users to lock their tokens and use them as collateral to mint MAI at 0% interest.
MAI is one of the most crosschain assets in DeFi, currently on 22 chains through Multichain, Celer, and Stargate. Accepted collateral includes interest-bearing assets like Beefy strategies. Users are not charged interest for borrowing MAI - instead, they are charged a 0.5% fee upon repayment.
All accepted collaterals are priced using Chainlink price feeds. MAI has stayed within its peg through several market downturns.
MAI currently has a TVL of around $56M, and has around 42M MAI outstanding.
Key Terms (N/A)
MAI is a decentralized stablecoin, not backed by centralized assets like USDC. This reduces risks associated with the most recent stablecoin depegging event in our industry.
MAI is also extremely ubiquitous, being used by most major applications and on all major chains. As such, adding MAI is a great way to onboard new users into Radiant.
MAI’s risk profile is low. It is 4 times more stable than its average peer (see below).
Volatility analysis (normalized average daily volatility):
- MAI: 0.17%
- MIM: 0.28%
- sUSD: 0.73%
- alUSD: 0.89%
- LUSD: 1.34%
MAI is also much more used than its peers, seeing a very high volume to market cap ratio. Healthy usage means MAI will see more activity than its peers on Radiant.
Usage (daily volume / market cap)
- MAI: 12.40%
- sUSD: 7.75%
- LUSD: 4.78%
- MIM: 4.37%
- alUSD: 1.43%
- Market Cap: $42M
- 24h Volume: $8M
- Volatility: Very low
- Exchanges: Velodrome, Curve, Balancer, QuickSwap, KyberSwap, Equilibre, Ramses, Solidlizzard, Spookyswap, and others
- Maturity: Launched 5/4/21
- Social channels data (Size of communities, activity on Github) - posted separately due to restrictions on amount of links in a post.
Further information on token
- Date of deployment: May 4, 2021
- Number of transactions: 9M+
- Number of crosschain token holders: 45k+
MAI has undergone 2 thorough audits (see here). Constant internal reviews are performed to ensure MAI’s economic and technical safety.
The protocol currently has around $56M TVL.
Only specification is that a Chainlink oracle should be used to price MAI. MAI is an ERC20 token.
Steps to Implement
Adding a new asset should be fairly simple, as the code for the existing markets should be reusable.
Within two weeks of the vote concluding.
Cost of adding a new market should be negligible as it requires no new operating costs.