TORTOLA, BVI / ACCESSWIRE / January 15, 2021 / Cross-chain defi protocol MahaDAO has unveiled plans for the mainnet launch of ARTH, the algorithmic stablecoin at the heart of its decentralized platform. Using a seigniorage share model to control the price of ARTH, MahaDAO will ensure relative price stability while incentivizing defi users to pool cross-chain assets and mint the protocol's native valuecoin.
ARTH is the world's first valuecoin, described as such due to its ability to maintain its purchasing power over time, unlike fiat currencies that erode due to inflation. The MahaDAO mainnet will launch on Ethereum initially, before being followed by a corresponding launch on Matic.
Users will be able to deposit a range of assets into MahaDAO pools such as YFI, COMP, CURVE, MATIC and 10+ assets to claim the initial distribution of ARTH starting today at 15:00 GMT.
Unlike existing elastic stablecoins, which are prone to spending lengthy periods in expansion or contraction phases, and subject to whale manipulation, ARTH has been designed to provide a fairer and less volatile system. Users who elect to purchase ARTH bonds will exert a direct effect on the Uniswap price of the ARTH-DAI pool instead of just reducing the supply of ARTH. This will exert a stronger effect on the ARTH-DAI price, resulting in greater price stability for ARTH.
A secondary feature MahaDAO will utilize is a stability fee (paid in MAHA tokens) to slow the rate at which users redeem bonds, which will further reduce ARTH price velocity. An evolution of the pioneering work undertaken by projects such as MakerDAO, Empty Set Dollar, Basis.io, and Basis Cash, MahaDAO's ARTH valuecoin will achieve stability while catering for growth in demand for the ARTH valuecoin.
Steven Enamakel, Co-Founder of MahaDAO, said: "Elastic supply stablecoins are one of the most exciting and innovative verticals within defi right now. Having closely examined existing algorithmic stablecoins, and learned from their successes and shortcomings, we've engineered ARTH to ensure that it will be much more stable, making it suitable for a range of defi applications from lending to staking as well as real world, non crypto use cases."
MahaDAO completed its Initial DEX Offering (IDO) on the Polkastarter platform in December 2020. Over $1.6 million of MAHA tokens were then locked into MahaDAO's staking pool during a seven-day window over the Christmas period. The launch of ARTH will provide the MahaDAO community with its first opportunity to interact with the cross-chain protocol while earning rewards for providing liquidity and regulating the price of ARTH.
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 pegged to 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.
For Media Contact:
Kim Bazak, MarketAcross
Kim@Marketacross.com
SOURCE: MahaDAO
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