MAI
MIMATIC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
MIMATIC (MAI), the overcollateralized stablecoin of Mai Finance / Qi Dao Protocol, exhibits severe distress, deprecation, and development stagnation. Active development has ceased following major peg destabilization, leading to Aave governance proposal 376 (executed November 25, 2023) formally deprecating MAI by freezing reserves and imposing punitive borrow rates. Community engagement and governance participation are virtually absent, with multiple severe depeg events reported across chains (reaching lows under $0.05). Security and auditing show outdated 2021 evaluations and past oracle manipulation vulnerabilities on QuickSwap. With liquidity heavily contracted and key DeFi integrations actively deprecating the asset, the protocol is considered stalled and high risk.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About MAI (MIMATIC)
MIMATIC (MAI) is an overcollateralized multichain stablecoin developed by Mai Finance (also known as the Qi Dao Protocol) that has faced widespread protocol deprecation following severe depegging events and development stagnation. Designed to maintain a $1.00 peg through collateralized debt positions, MAI is deployed across several networks, including Polygon PoS, Avalanche, and Optimism. The protocol features pseudonymous leadership under the founder alias 'Lao Zi' and was supported by a decentralized autonomous organization (DAO) governance structure introduced in 2022.
The protocol has been affected by critical security vulnerabilities and major peg destabilizations. In July 2023, security reports documented an oracle manipulation exploit targeting the miMATIC market on the QuickSwap decentralized exchange. MAI subsequently experienced a severe peg collapse in 2023, falling to approximately $0.72, followed by further depegs to historical lows between $0.04132 and $0.0123. In response to the asset's distress, Aave governance passed and executed Proposal 376 on November 25, 2023, which formally deprecated MAI across its markets by freezing Avalanche reserves, lowering loan-to-value ratios, and implementing punitive borrow rates.
MAI currently operates in an inactive and distressed state with heavily contracted liquidity and low daily trading volumes. Auditing history is limited to an initial review conducted by Bramah Systems in April 2021, with subsequent security evaluations reflecting low audit and testing scores. Active protocol development, governance participation, and remediation efforts have ceased, leaving the token trading persistently below its intended $1.00 target.