Market cap
$11.82M
0.04 %
Volume (24h)
$1.07K
0.04 %
Circulating supply
27,563,987 MIMATIC
Total supply
302,380,931 MIMATIC
MAI (MIMATIC)
$ 1.00
0.04 %
Main info
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Key data
updated $0Market cap$11.82M
Volume 24h$1.07K
Circulating supply27.56M
All-time high$1.35-26% from peak · 2021-05-29
MAI (ticker MIMATIC) is a stablecoin pegged to the US dollar, created by the QiDao Protocol on the Polygon network. In simple terms, users lock up their crypto assets in a vault and can then borrow MAI against them, similar to how a house is used as collateral for a mortgage loan. The token is designed to hold a value close to one dollar.
Frequently asked questions
What is MAI and how is it different from other stablecoins?
MAI is a collateralized stablecoin minted through the QiDao Protocol, primarily on Polygon. Unlike stablecoins backed by cash in a bank account, MAI is backed by crypto assets locked in smart-contract vaults. This makes it more decentralized, though it depends on the value of the collateral staying healthy.
How does the technology behind MAI work?
MAI operates through smart contracts on Polygon and other EVM-compatible chains. Users deposit crypto into a vault as collateral and mint MAI against it, with each vault required to stay overcollateralized. If the collateral value drops too low, the vault can be liquidated to keep the system solvent.
How is the supply of MAI managed?
There is no fixed supply — MAI is minted when users open vaults and borrow, and burned when loans are repaid. This means the circulating supply grows and shrinks organically with demand. The protocol's stability mechanisms are designed to keep the peg close to one dollar.
How can you store and use MAI?
Since MAI is an ERC-20 token, it can be stored in any wallet that supports Polygon, such as MetaMask or hardware wallets. Common uses include providing liquidity in DeFi protocols, using it as a stable medium of exchange, or borrowing against your crypto without selling it. Always make sure you're on the correct network when transacting.