QiDao will elaborate some notices that users should be aware before taking the quest to establish an efficient schedule with optimal resources including time, attention and capital.
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Optimism Quest (OP Quest) is a campaign in which you can earn NFTs on Galxe by completing a variety of missions from trading, lending, staking, and borrowing… By that, the campaign could help users experience the ecosystem in a smooth way as much as possible. There are total of 18 projects are involved in this campaign with the deadline from the end of September 2022 to January 18, 2023. Holding these NFTs may be one of the criterias to be eligible for the remaining 14% of $OP airdrop (5% have already been airdropped at the end of May 2022.)
QiDao quest is categorized as “dive deeper into DeFi” level after users got used with ecosystem by bridging and swapping. Similar to other quests in this level which require more commitment and attention from users, QiDao quest is fulfilled by borrowing at least 100 MAI with eligible Collateral to Debts (CDRs) for a 7-day period to be eligible for NFTs. However, before taking the quest, users need to notice:
QiDao protocol has managed its platform by weekly snapshot at 5 PM UTC+0 every Sunday, which will take a snapshot of all existing positions across the platform to implement its scheduled activities such as vault incentive aidrop, staking reward distribution, and update eligible vault list… Users could monitor the left time of the next snapshot through a Discord bot in Discord server:
In order to be eligible for NFTs, your 7-day period have to be between two weekly adjacent snapshots. Therefore, users have to deposit and borrow before the first snapshot then users could repay and withdraw after the second snapshot as the below the figure illustrates:
QiDao quest has only accepted WETH and OP tokens as eligible collaterals, which means other derivative types of ETH tokens such as Beefy Aave ETH or mooAaveWETH will NOT be counted as eligible. You have to notice that will save waiting time due to be confused by different vaults on the QiDao platform.
The eligible CDR ranges are described on #optimism-quest on QiDao discord:
However, currently, we have witnessed numerous cases in which users were ineligible accidentally due to setting their CDRs too high from upper ranges ( higher than 400% CDR for WETH vault or 425% CDR for OP vault) by depositing too many collateral assets compare with 100 borrowed MAI. Therefore, to avoid the possibility of such unexpected situations, users should also notice the upper CDRs ranges, ideally, the vault with around 300% CDR should be considered, which is relatively safe from market volatility.
After snapshot every Sunday, the eligible vault list will be updated by checking manually before sending it to the Galxe team in order to update their website. The period of checking time depends heavily on the number of attendance from last week, which is variable every week. However, you will receive your NFTs, in case your vaults are eligible, no longer than Sunday of the current week, and the update process could be finished anytime during the week without noticing, so you should check your Galxe account frequently.
Being aware of the snapshot, eligible CDRs, and the process will help users establish an efficient schedule by optimizing capital and time which could also avoid any misunderstanding, leading unecessary complaints toward the QiDao support team.
