Don't Lose QiDao to Other Chains

QiDao is the premier native stablecoin issuer on Polygon, which has seen massive traction and has surpassed ~$160M in TVL across 5 chains, with Polygon being the largest liquidity sink.

Following QIP047, a total of 0.65 Qi per block (around 180k Qi per week) will be distributed to all the vaults across all chains. This will allow eQi holders to move incentives for borrowing to the specific vaults of their choice.

As of late December, certain whales have been accumulating Qi in order to divert more Qi outside Polygon. There have also been OTC deals with Harry Yeh, who is the chairman of Tomb Finance, for 1M Qi which would further divert more TVL and Qi away from the Polygon vaults.

Based on some Napkin Math here are some of my findings:

eQi Qualifying next week = 43,016,111.581

Unknown Fantom whale = 6.19m eQi

Harry Yeh (Tomb Finance) eQi = 1m * 4 (locked for 4 years) = 4m eQi

eQi held by 2 FTM whales = 6.1m + 4m = 10.19m eQi

FTM whales control over QiDao = 10.19 / 43 = 23.69% (This is as good as a veto on the governance of a Polygon native protocol)

Impact on Qi vault incentives:

Accumulation of eQi by FTM whales threatens Polygon users from earning vault rewards used to leverage their favourite assets on QiDao.

eQi held by Fantom Whale voting for mooBIFI vault (On Fantom) = 6.19m eQi. Soon Harry Yeh will probably divert Qi incentives to Fantom as well or is already doing so.

Has vote locked very recently for 4 years as unlock is only on 09/01/2026 04:35 (max Qi Powah)

Where is all the Qi going outside Polygon?

The whale and other users have managed to move a majority of the Qi vault borrowing incentives to the mooBIFI pool, which is used to leverage and farm

Proposition / Appeal / Solution to Polygon Ecosystem DAO

A short term solution would involve giving bi-weekly bribes of 10k USD worth of MATIC to all those who vote for Polygon pools. The long term solution would be for the Polygon ecosystem DAO to do a similar OTC purchase to help keep the rewards on Polygon for the Polygon community to enjoy.

This purchase would be seen as a sign of support and boost people’s confidence in QiDao, helping it cement its status as “Polygon’s own Maker”.

We are all aware of the CRV / CVX bribe wars that are happening right now. Similarly, this could end up being the same between Polygon and Fantom and other chains for control over QiDao. Hence, the safest play is to buy and stake Qi for eQi before it is too late and we lose it to other chains.


This seems really an important initiative for our ecosystem. QiDAO perfmorms an essential role for Polygon’s DeFi interoperability and we should do our best to support the protocol. Otherwise we are going to underperform compared to other competitive chains in terms of TVL.


QiDAO is performing a crucial service on the Polygon PoS chain, I would think this initiative is very important to continue the development of DeFi interoperability and deserves our full support. We have to work hard not to lose performing important teams to other chains, it should pay to be polygon native also in the short term!


I’m in complete support in this. QiDao is one of the best protocols on Polygon and, being a native one, it’s a star of our ecosystem that we cannot loose and “gift” to a competitor chain like this. Given that it’s ok for the protocol to go multichain like they are doing, Polygon needs to step up to support the rewards system on our blockchain.

Looking at other ecosystems, the topic of the voting power to drive the incentives already is and will be even more important to not get involved to.

The biggest one is now the “Curve wars” but we are seeing also interest on tokemak as the next war and I can totally see a Qi wars coming, better be prepared and take action accordingly fast.

Thanks @concernedqimp for bringing this up!


This is by far best proposition i have seen for integration for the protocol. Hopefully other dao members do consider the proposition


Not having a Chainlink price feed for collateral assets like BIFI forces users to use other chains, speaking from personal experience.


The main purpose of the post was to highlight the outflow of Qi rewards from Polygon —>>> Fantom and that something should hopefully be done regarding the same. The examples were just to give more detail as to where the Qi was going. Apologies to the BIFI community if any misunderstanding was caused. Capital comes in to the mooBIFI vault as it is probably the most profitable strategy involving QiDao, just wanted some competition from the other side :grinning: :grinning: :pray: :pray:

Plus this would just make everything more interesting for us degens :wink: