MahaDAO Community Catchup #3 — January 2021 Highlights
In the third article of our community catchup series, MahaDAO would like to walk through the community through the 31-day exhilarating ride that we have witnessed in what has been an amazingly exciting month of January.
ARTH Seigniorage Share
The MahaDAO mission has always been to create a new type of currency that maintains its value stability. In that respect, MahaDAO announced that ARTH will follow the elastic seigniorage share model. Therefore, allowing ARTH to scale and grow faster to meet demand. This overcomes the downside to fully collateralised stablecoins, which must be physically backed by underlying assets.
Based on this the roadmap of ARTH was updated, to begin with a fully elastic stablecoin model, with a view to evolving into a hybrid model with collaterals plus the integrated elastic supply. The team also fast-tracked the launch of the ARTH platform in order to showcase what has been in the making in the last quarter of 2020.
The ARTH seigniorage model was announced on January 6th & on January 16th the ARTH portal was live.
ARTH Beta Program
After announcing the strategy & approach for launching ARTH, it was imperative for MahaDAO to conduct community-wide testing for the ARTH protocol.
After internal testing, the Beta program was opened up for the community on January 11th & lasted for 2 days. Some key takeaways from the Beta Program were:
- 1000+ responses received for participating in the Beta Program
- 190 testers selected with more than 100+ MAHA wallet balance/staking balance 🥳
- Upto $5000 in rewards for 190 selected testers in $MAHA tokens
- Special Telegram group announced for Beta Testers
- More than 1000+ messages exchanged between testers & core team within 24 hrs. — Check out here.
- Testing phases 1 & 2 completed on the same day, ahead of the schedule
Launch of ARTH valuecoin
On 16 January 2021 3pm GMT, the initial distribution for ARTH was released over 5 days. ARTH is the people’s currency and was given out according to those who stake into the various smart contracts to promote a fair and equal dispersal.
$ARTH Valuecoin Genesis Distribution & Uniswap Launch
Top APYs for LP pools:
- ARTH-DAI-LP -4973%
- MAHA-ETH-LP -3293%
- MAHA-ETH-LP -653%
$ARTH Protocol Launch
Post a successful genesis distribution, The ARTH valuecoin protocol launched on January 22.
A day prior, that is on January 21st, the core team released the official ARTH Gitbook for the community that explained in detail the working of the ARTH protocol.
ARTH Expansion Phase
As described in the MahaDAO Gitbook, the ARTH protocol was to go in the expansion phase as soon as its launch because of its mechanism. The purpose of this was to bring down the price to $1 and begin the peg to our Global Measurement Unit (GMU). For the community, this was an opportunity for them to not only join in an entirely new journey but to earn fantastic rewards in the process. Over the course of 4 days, or 8 epochs, the following was achieved:
- Circulating Supply of ARTH increased from 500k to 4 million
- Liquidity Provided went from 0 to 4 million+
- Top APY for LP stakers — 59,000% APY
ARTH Contraction Phase
After the ARTH supply was sufficiently expanded, the selling pressure sent ARTH below $0.95 and into its first contraction phase. This triggered the release of ARTHB at a 20% discount to buy back excess supply and therefore raise the price of ARTH.
One of our key innovations is that ARTHB is tied to the UniSwap price, which strongly impacts on the price of ARTH by selling DAI on the ARTH-DAI Uniswap pool and reducing the ARTH supply (ARTH is burnt for ARTHB).
4PM GMT on Tuesday 26th January was a moment not only for MahaDAO but for the entire crypto community as the price of ARTH bounced back to the $1 peg & demonstrate an operational elastic supply protocol.
Official MahaDAO Discussion forum
In a bid to empower community members & creating healthy, reasonable & meaningful changes to the ARTH protocol, MahaDAO launched a long-form discussion forum, where each member of the MahaDAO community & the wider crypto community could pen their thoughts & ideas regarding the ARTH protocol & its future.
Although, being just a couple days old, the discussion forum is gaining massive attraction & we are more than glad the community is participating to further advance the ARTH Protocol.
Launch of Governance Portal
In the true spirit of decentralization, MahaDAO proudly announced the launch of the much-awaited Governance Portal on January 28. With the launch of the governance portal, all MAHA holders can now vote on pressing issues within the MahaDAO community.
Within the first 3 days of the launch, 2 proposals have been put under vote by the community. Details of the same can be found below:
[Proposal 1] Drop the 12hr TWAP in favor for the 1hr Price
[Proposal 2] Allow Bond Redemption to be vested and pooled
Partnerships
CertiK Foundation
The official smart contracts of ARTH & MAHA passed a security audit by the CertiK Foundation, a leading audit firm. The audit procedures included the standard ERC20 audits performed by CertiK Foundation. MahaDAO smart contracts passed all scrutiny tests except one trivial issue flagged by CertiK that has been addressed.
Nord Finance
A strategic partnership with Nord Finance was formed on January 29th, paving way for the initial adoption of ARTH by other DeFi protocols.
As part of the partnership, the ARTH valuecoin will be integrated into the Nord SAVINGS product enabling lending of ARTH, thereby providing passive income for users.
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In line with ARTH adoption & expansion, MahaDAO promises more partnerships in the coming weeks, with some very critical ones to ensure ARTH utilizes its potential.
While January was all about Product, February will be a month about partnerships & adoption of ARTH.
In the Media
In the month of January, MahaDAO & ARTH launch was covered by multiple news publications including Nasdaq, Coindesk, Business Insider & the likes. Below is a list of all the relevant articles:
Nasdaq | Yahoo Finance| CoinDesk| TheDailyChain | CryptoDaily | NewsVoir | Business Insider |
Looking forward to the much-anticipated 2021
The ARTH protocol has been designed as something entirely new, not only for the crypto community but for everyone. Our efforts over time will be on educating and enabling non-crypto users to unlock the power of ARTH too.
Next month we have so much more, including fresh partnership announcements, more product updates and the passing over of governance to you, the MahaDAO community(which has already begun).
With your support and backing, MahaDAO is rising in popularity, both in media coverage (covered in Nasdaq, Yahoo Finance) & growth in the community (17k Twitter followers, 12k Telegram members, 5.5k unique wallets)
At times when a project moves this fast, there is often a possibility of it losing its long term vision — that is, making a truly decentralized ecosystem. For MahaDAO, that is not the case. We have not & will never lose sight of what we really want to achieve in the long run — creating a decentralized valuecoin that preserves and appreciates your purchasing power over the years…
A grand thank you to all!
About MahaDAO
MahaDAO is a community-powered, decentralized autonomous organisation on a mission to empower billions to preserve their purchasing power through the world’s first valuecoin, ARTH.
MahaDAO Official Links
Telegram | Twitter | Discord | Github| Website | Governance Portal | Discussion Forum | Gitbook | Product
