MAI (Avalanche) (MIMATIC) Cryptocurrency Market Data and Information

We collect crypto information and data from numerous API sources. Our unique analytical approach and presentation, developed with the aid of AI tools, is designed to offer a distinct perspective. This information is not financial advice, and given the rapid pace of the crypto market, it may not always be perfectly current or complete. We urge you to always verify details and conduct your own thorough research. Consult with a qualified financial advisor before making any financial decisions.
MAI (Avalanche) (MIMATIC) Cryptocoin Logo

MAI (Avalanche) (MIMATIC) Trust Score

Crypto Center's MAI (Avalanche) (MIMATIC) Trust Score

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MAI (Avalanche) (MIMATIC) Bull/Bear Trend Strength

7 Day Market Momentum

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30 Day Market Momentum

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MAI (Avalanche) (MIMATIC) Latest Market Data

Current Values

  • Current Price: $0.6787
  • 24h Trading Volume: $162.94
  • Market Cap: $0.000000
  • 24h Market Cap Change: ▲ $0.000000
  • Fully Diluted Valuation: $1,138,635

Price Changes

  • 24 Hour Price Change: ▼ 0.94%
  • 7 Day Price Change: ▲250.56%
  • 30 Day Price Change: ▼ 7.05%
  • 60 Day Price Change: ▼ 0.89%
  • 1 Year Price Change: ▼ 30.10%

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MAI (Avalanche) (MIMATIC) 30 Day Open, High, Low, Close Chart

What is MAI (Avalanche) (MIMATIC)?

MAI, often referred to as MIMATIC on Avalanche, is a stablecoin soft-pegged to the US dollar. Unlike stablecoins backed by fiat currency held in reserve, MAI leverages cryptocurrency collateral to maintain its peg. Specifically, on Avalanche, MAI is primarily collateralized by yield-bearing tokens like those held in liquidity pools of platforms such as Trader Joe and Platypus, enabling users to mint MAI against their existing crypto assets without selling them. This innovative approach allows users to maintain exposure to their chosen digital assets while simultaneously accessing a stable currency for various DeFi activities.

The MAI stablecoin exists on multiple blockchains, including Avalanche, Ethereum, Fantom, and others. While the core concept remains the same across these chains, the specific collateral types available and the underlying mechanisms might differ slightly. On Avalanche, MAI is particularly integrated into the ecosystem, offering users opportunities to participate in lending, borrowing, and yield farming strategies.

The name MIMATIC is a reference to Magic Internet Money (MIM), a stablecoin created by the Abracadabra.Money platform. MAI is often seen as a more decentralized and secure alternative, as it relies on code-governed mechanisms and over-collateralization to maintain its peg, rather than centralized custodial reserves. Users locking up their assets in secured smart contracts in order to generate an asset tied to a US dollar are taking part in a process that can be seen as decentralized.

How Does MAI Work?

MAI functions through a system of collateralized debt positions (CDPs) managed by smart contracts. Users deposit accepted collateral types (such as LP tokens) into a vault, which then allows them to mint MAI, up to a certain collateralization ratio. This ratio ensures that the value of the collateral held in the vault exceeds the value of the MAI minted, providing a buffer against price fluctuations and helping to maintain the stablecoin’s peg. The collateralization ratio will vary based on the specific risk parameters of the asset. If the value of the collateral falls below the required ratio, the CDP may be liquidated to repay the outstanding MAI and maintain the system’s solvency.

The system also incorporates mechanisms to maintain the peg, such as arbitrage opportunities. If the price of MAI deviates from $1, arbitrageurs can either buy MAI below peg on the open market and redeem it for $1 worth of collateral, or mint MAI above peg and sell it on the open market for a profit. These actions help to restore the peg and maintain the stablecoin’s stability. Furthermore, some platforms may incorporate automated market makers (AMMs) with incentives to keep MAI close to its peg, further reinforcing its stability.

The specific collateral types and their corresponding collateralization ratios are determined by a governance process, taking into account factors such as the asset’s volatility, liquidity, and overall risk profile. This allows the system to adapt to changing market conditions and incorporate new collateral types as they become available. Regular audits of the smart contracts are crucial to ensuring the security and integrity of the system, protecting user funds from potential vulnerabilities.

MAI Key Features and Technology

MAI boasts several key features that contribute to its functionality and appeal within the DeFi space:

  • Decentralized Collateralization: Unlike centralized stablecoins, MAI is backed by a variety of cryptocurrency collateral, reducing reliance on traditional financial institutions and promoting transparency.
  • Yield-Bearing Collateral: The ability to use yield-bearing tokens as collateral allows users to earn passive income while simultaneously minting MAI, maximizing capital efficiency.
  • Over-Collateralization: The over-collateralization mechanism provides a safety net against price volatility, ensuring that the value of the collateral always exceeds the value of the minted MAI.
  • Algorithmic Stability: The system employs arbitrage incentives and other mechanisms to maintain the peg, reducing the need for centralized intervention.
  • Multi-Chain Support: MAI is available on multiple blockchains, expanding its reach and usability across different DeFi ecosystems.
  • Governance: The governance process allows token holders to propose and vote on changes to the system, ensuring that it remains adaptable and responsive to the needs of the community.

The technology behind MAI relies on smart contracts deployed on the Avalanche blockchain. These contracts manage the minting and burning of MAI, the collateralization of vaults, and the liquidation of under-collateralized positions. The code is typically audited by reputable security firms to identify and address any potential vulnerabilities. Transparency and immutability are key features of the blockchain technology underpinning MAI, promoting trust and security within the system.

What is MAI Used For?

MAI serves a multitude of purposes within the DeFi ecosystem:

  • Stable Store of Value: As a stablecoin, MAI provides a hedge against the volatility of other cryptocurrencies, allowing users to preserve their capital in a relatively stable asset.
  • Medium of Exchange: MAI can be used to facilitate transactions and payments within the DeFi space, offering a stable and reliable alternative to volatile cryptocurrencies.
  • Lending and Borrowing: MAI can be used as collateral for borrowing other cryptocurrencies, or lent out to earn interest, providing users with opportunities to generate passive income.
  • Yield Farming: MAI is often used in yield farming strategies, where users provide liquidity to decentralized exchanges and earn rewards in the form of other tokens.
  • Cross-Chain Transfers: The availability of MAI on multiple blockchains allows for seamless transfers of value between different DeFi ecosystems.
  • Leveraged Positions: Users can leverage their exposure to crypto assets by minting MAI against their collateral and using it to purchase more of the same asset.

The versatility of MAI makes it a valuable tool for a wide range of DeFi participants, from individual users to institutional investors. Its stability and liquidity make it an essential component of many DeFi protocols, contributing to the overall growth and adoption of the decentralized finance ecosystem.

How Do You Buy MAI?

Acquiring MAI involves several steps and can be done through various platforms. The most common method is through decentralized exchanges (DEXs) that operate on the Avalanche blockchain. These DEXs allow users to swap other cryptocurrencies, such as AVAX or other stablecoins, for MAI.

Here’s a general outline of the process:

  1. Choose a Decentralized Exchange (DEX): Popular DEXs on Avalanche that support MAI include Trader Joe, Pangolin, and others. Research and select a DEX that offers sufficient liquidity and a user-friendly interface.
  2. Connect Your Wallet: You’ll need a Web3 wallet like MetaMask, Trust Wallet, or Avalanche Wallet to interact with the DEX. Ensure your wallet is configured to connect to the Avalanche network.
  3. Acquire AVAX or Other Cryptocurrencies: To swap for MAI, you’ll need another cryptocurrency to trade. AVAX is the native token of Avalanche and is commonly used. You can purchase AVAX on centralized exchanges like Binance or Coinbase, and then transfer it to your Web3 wallet. You can also bridge other assets over to Avalanche.
  4. Swap for MAI: Navigate to the swap section on the chosen DEX and select the cryptocurrency you want to exchange for MAI. Enter the desired amount and confirm the transaction. Be sure to check the slippage tolerance settings to avoid unexpected price changes.
  5. Confirm the Transaction: Your wallet will prompt you to confirm the transaction. Review the details, including the gas fees, and approve the transaction.

It’s important to note that interacting with DEXs involves gas fees, which are paid in AVAX. The amount of gas required can vary depending on network congestion. Always double-check the contract address of MAI to ensure you are trading the correct token.

How Do You Store MAI?

Storing MAI is relatively straightforward and involves utilizing cryptocurrency wallets compatible with the Avalanche network. The type of wallet you choose will depend on your security preferences and usage patterns.

Here are the primary types of wallets suitable for storing MAI:

  • Web Wallets: MetaMask is a popular browser extension wallet that supports the Avalanche network. It’s convenient and easy to use, but it’s important to secure your private keys.
  • Mobile Wallets: Trust Wallet is a mobile wallet app that supports multiple cryptocurrencies, including MAI on Avalanche. It offers a user-friendly interface and convenient access to your funds on the go. The Avalanche Wallet is also a mobile wallet you can use.
  • Hardware Wallets: Ledger and Trezor are hardware wallets that provide the highest level of security. They store your private keys offline, protecting them from online threats. To use a hardware wallet with MAI on Avalanche, you’ll need to connect it to a compatible Web3 wallet like MetaMask.
  • Desktop Wallets: These are software wallets that you install on your computer. While they offer more security than web wallets, it is critical to secure the computer where the desktop wallet is installed.

When choosing a wallet, consider the following factors:

  • Security: Prioritize wallets with strong security features, such as two-factor authentication and multi-signature support.
  • Ease of Use: Choose a wallet with a user-friendly interface that you find comfortable navigating.
  • Compatibility: Ensure the wallet supports the Avalanche network and MAI tokens.
  • Backup and Recovery: Verify that the wallet provides a secure method for backing up your private keys or seed phrase, allowing you to recover your funds in case of loss or damage.

Regardless of the wallet you choose, it’s crucial to keep your private keys or seed phrase safe and secure. Never share them with anyone, and store them in a secure location, preferably offline.

Future Outlook and Analysis for MAI

The future outlook for MAI on Avalanche, and across other blockchains, appears promising, driven by the growing demand for stablecoins and the increasing adoption of decentralized finance. As the DeFi ecosystem expands, the need for reliable and decentralized stablecoins like MAI will continue to grow. Its unique approach of using yield-bearing collateral sets it apart from many other stablecoins and positions it favorably to capitalize on this trend.

However, several factors could influence MAI’s future trajectory. The regulatory landscape surrounding stablecoins is evolving rapidly, and increased regulatory scrutiny could pose challenges for MAI and the broader DeFi ecosystem. Additionally, competition from other stablecoins, both centralized and decentralized, is intensifying. To remain competitive, MAI will need to continue innovating and adapting to changing market conditions.

Further, the stability of MAI is directly tied to the strength of the collateral used to back it. A Black Swan event that impacts one or more of those assets may have the potential to cause devaluation of the MAI stablecoin, or cause users to lose the value of their collateral.

Furthermore, the success of MAI depends on the continued growth and development of the Avalanche ecosystem. As more projects and users join the Avalanche network, the demand for MAI will likely increase. However, any setbacks or challenges faced by the Avalanche network could negatively impact MAI’s growth prospects.

Overall, the future outlook for MAI is positive, but it’s essential to consider the potential risks and challenges. Its success will depend on its ability to adapt to changing market conditions, maintain its peg, and continue providing value to the DeFi community.

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