QiDao

QiDao lets holders borrow stablecoins against crypto collateral without selling it, using a collateralised debt position: lock an asset, mint against it, repay to unlock. It has been running since 2021 across a wide set of chains, fourteen at present, with Base a small share. Its long history includes periods of stress on its stablecoin peg, which is the usual place to look when assessing a CDP protocol.