SpookySwap Partners With Mai Finance
The Fantom Foundation 370M FTM incentive has brought new developers and projects onto the Fantom Opera ecosystem, and Spooky Swap is proud to announce a new zero-interest crypto lending which seeks to help investors in this rapidly growing ecosystem. Introducing, Mai Finance (ticker: MAI) which will be launching its initial Fantom DEX liquidity through SpookySwap’s DEX today.
Mai Finance is a way for you to keep your crypto and still be able to spend its value. That means you’re able to borrow stablecoins without having to sell your crypto assets, and do so at 0% interest. This process now includes SpookySwap’s LP, for high liquidity pairs that have Chainlink oracles. Simply create a vault, deposit your LP tokens, and start borrowing stablecoins against your collateral’s value. Mai Finance acts to connect users to the QiDao Protocol, which is where the vaults are created and stablecoins are borrowed.
First, create LP using equal parts liquidity on SpookySwap’s liquidity page. Both tokens in the pair must have Chainlink oracles to be added as collateral. Then head over to Beefy Finance to deposit the LP tokens you just received. Beefy then gives you a receipt token representing your position. Depositing the Beefy receipt token on Mai Finance allows borrowing MAI at zero interest, only paying a repayment fee at the end of your loan.
About Mai Finance
QiDao enables users to be their own banks. Lao Zi has developed an open source and non-custodial stable protocol for extracting value out of priced assets. This means investors are able to sell MAI to buy more collateral tokens, leveraging long positions. The QiDao Protocol does not charge interest fees, only a repayment fee at time of closing. This means that collateral token holders can maintain a leveraged long position in their collateral with minimal financial stress. The QiDao protocol does not have monthly payments or deadlines; debt is repayable at any time that is convenient to investor needs. Also for lending protocols which require stablecoins to borrow tokens, MAI is supported as stablecoin collateral in those platforms, essentially using your original tokens as collateral for debt in popular lending protocols.
SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) for the Fantom Opera network. SpookySwap actively invests in building a strong foundation by using the BOO token for governance, rewards on diverse farms, and to provide developer grants encouraging a healthy ecosystem of other Fantom projects. As of its launch in April 2021, SpookySwap has earned endorsement and support from the Fantom Foundation, developed a bridge for Fantom — Ethereum — BSC — Arbitrum — Polygon — Avalanche , and been fully audited by CertiK.
We look forward to working closely with the QiDao Protocol team to create exciting investment opportunities for the Fantom community at large during this period of rapid growth and discovery for the Fantom Opera network.