[Serenity Premium] MAI's Peg Post Multichain Hack [Initial Review Jul 2023]

Jul 20, 2023

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*This article in modified from the emailed version on 20th July, mainly on the total bad debt as a result of Multichain hack. On 24 July, the team revealed more bad debt information pre-existing before the hack and can be referred here.

Following Multichain's hack on 7 July, many protocols are affected. Some cases are straight forward, some are confusing. MAI, the overcollateralised stablecoin by QiDAO and originated from Polygon, has depegged approximately 3.5% after the hack. This article discusses the peg and the Multichain relevant issues in this regard.

MAI's Peg and Calculation of Bad Debt

Overview

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