adds mimatic-usd as a pegged asset

[cooganb]

NOTE

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(fill in below form only for new listings)

Name (to be shown on DefiLlama):

Mimatic -- USD

Website Link:

https://www.mai.finance/

Logo (High resolution, will be shown with rounded borders):

Chain:

Polygon

Coingecko ID (leave empty if not listed): (https://api.coingecko.com/api/v3/coins/list)

mimatic

Coinmarketcap ID (leave empty if not listed): (https://api.coinmarketcap.com/data-api/v3/map/all?listing_status=active,inactive,untracked&start=1&limit=10000)

https://dex.coinmarketcap.com/token/polygon/0xa3fa99a148fa48d14ed51d610c367c61876997f1/

Short Description:

User deposits a pegged asset, such as USDC into the PSM. The user is then immediately able to mint MAI at a 1:1 ratio to the deposited asset value.

mintRedeemDescription:

The redemption process allows users to exchange their MAI for the collateral deposited. Similar to the minting process, the redemption process begins with a user sending their MAI into the PSM. The users will then join a public withdrawals queue for 3 days, where their redemption request remains public to other participants. Users can only have one pending withdrawal at a time.

Time delay within the queue allows for manageable outflows. It also helps to promote liquidity pool usage on partner AMMs. After reaching the top of the queue, users are able to redeem their MAI at a 1:1 ratio, though they must pay a redemption fee for the collateral asset. The redeemed asset is then immediately withdrawn from the PSM and transferred into the user’s connected wallet.

Token address and ticker:

https://polygonscan.com/token/0xa3fa99a148fa48d14ed51d610c367c61876997f1

miMATIC

pegType:

peggedUSD

pegMechanism:

crypto-backed

priceSource:

https://www.coingecko.com/en/coins/mai/usd

wiki:

https://docs.mai.finance/

Twitter Link:

https://x.com/QiDaoProtocol

List of audit links if any:

https://bramah.systems/audits/Mai_Finance_Audit_Bramah.pdf

https://cloakwire.com/qi-dao-security-audit/