QiDao's MAI Stablecoin Pegs with Sharp Decline on Polygon

The dollar-pegged stablecoin MAI, issued by QiDao Protocol, experienced a sharp decline in value on Polygon. The price dropped to $0.8486, about 15% below its $1 peg, according to CoinGecko.

The trading volume for MAI was under $100k, while the market capitalization is around $10 million. This low liquidity led to a significant price swing in just minutes.

QiDao has not publicly addressed the issue, raising concerns about governance gaps in decentralized finance protocols and transparency.

Blockaid, a blockchain security firm, flagged the depeg on X, identifying the affected token by its Polygon contract address.