[Grant Update] QiDao's Integration of cUSDC

Hi Comp frens! Here with QiDao to provide an update to our grant under CGP.

Special thanks to Allcolors, Ruchil, and the Alpha Growth team for their collaborative spirits and help during this process :handshake:

We’re happy to report that all milestones have been met! Below is a review of each milestone.

Milestone 1: Launch PSM on Base

QiDao voted to add cUSDC as an approved strategy to its Peg Stability Module. This allows MAI to be minted and redeemed with USDC, while the protocol earns yield via Beefy and Compound integrations.

Detailed explanation of PSM here.

Milestone 2: Become 15% of USDC deposits on Compound-Base

QiDao’s PSM is currently 23% of USDC deposits on Compound-Base!

TVL chart for cUSDC from QiDao:

Milestone 3: Protocol Assessment by GFX team

Lead by PaperImporium, the GFX team made a high level economic review of QiDao’s current stablecoin system. The completed report can be seen here.

Milestone 4: Expanding to other chains

Another PSM was launched on Polygon PoS with cUSDC as the initial approved strategy. This integration now accounts for >8% of USDC deposits on Compound-Polygon!

PSM page on Polygon

Next Steps

Now that all the milestones have been met, QiDao will complete the administrative tasks required to receive the grant. Additionally, we will work with OpenZepplin to audit the PSM’s code.