TORTOLA, BRITISH VIRGIN ISLANDS / ACCESSWIRE / December 23, 2020 / MahaDAO, the defi platform that allows users to mint ARTH valuecoins that maintain purchasing power, has launched a staking program. The initiative will provide an initial use case for the governance token in MahaDAO's dual token system, MAHA.
The MAHA token was issued on December 17 in an Initial Dex Offering (IDO) that sold out in under three minutes and gave early investors a return of over 20x. MahaDAO is now preparing to launch a staking program that will provide an APY of close to 40%.
The program will lock in 200,000 MAHA tokens, which accounts for nearly 25% of the current circulating supply. To qualify for the maximum available APY, users must stake tokens for 90 days.
Steven Enamakel, Founder of MahaDAO, said: "MAHA staking is an eagerly awaited program that will allow our community members to lock and earn MAHA tokens, whose scarcity on the open market will only intensify as a result. MAHA has more than 3,700 wallet holders, each of whom now has a chance to earn MAHA tokens in a decentralized manner akin to earning interest from a high-yield savings bank account. We believe the community will comfortably fill up the quota within the seven-day staking window."
The launch of MahaDAO's protocol, which will allow users to open and manage collateralized debt positions (CDPs), is scheduled for January 2021. In the meantime, the project's staking program gives the community an opportunity to earn yield on their assets. Additional yield generating opportunities will follow when Uniswap liquidity mining follows in a few weeks.
The initial staking program MahaDAO is launching will be delivered with the support of Ferrum Network, which specializes in staking-as-a-service. Within the MahaDAO ecosystem, MAHA will orchestrate governance rights. Token-holders can vote on proposals that will add value to the protocol and strengthen its network effects, attracting more users and in turn increasing demand for the dual tokens.
About MahaDAO
MahaDAO is a set of defi protocols governed by a decentralized autonomous organization. Its smart contract-controlled vaults are used to mint ARTH, an innovative new kind of currency backed by a basket of assets. ARTH is designed to counter wealth depreciation by maintaining its purchasing power, regardless of the fluctuation in other market assets.
Learn more https://mahadao.com
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Kim Bazak, MarketAcross
Kim@MarketAcross.com
SOURCE: MahaDAO
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