Community AMA - December 3rd 2021 (Full Transcript)

AMA Community Catch-up

For the audio recording, please view the Telegram link message ID here:

Below contains a script format of the AMA;

Steven: Alright guys, lets begin this ‘AMA’… or rather community catch-up with the Mahadao team. So we’re going to keep this very organized and I will try me best to answer your questions, comments and concerns. So we’re going to split this call into three different parts. First part is going to be about updates. So we’re going to update you guys about what the progress has been - what we’ve been building so far, the work the team has been doing. The second part is going to be queries - so we’re going to answer some of the top ‘burning’ questions the community has - mainly concerns and issues that have arisen in the last week, we will try out best to answer them. And the last part is the 'AMA - you guys can ask us whatever you want and we will obviously try our best to answer it.

So the updates we will take mostly 20-25 minutes to go through all the different updates, 5 minutes for the queries that have been arisen, and the remainder of the call we will do the ‘AMA’ questions.

There is a lot of surprises today - I think that is going to be very exciting to share, and one thing I hope is that you guys are entertained in this video call. With that, lets get started right away with the updates.

What we’re going to talk about today is hiring - we’re going to talk about the Team, what has been the growth. We’re going to talk about Governance, we’re going to talk about community, we’re going to talk about the different products that we have been working on. We also have a special announcement about MahaTrade - which is a market making arm that we have just recently launched, and also we will talk a bit finally on the investors. And so these are the updates we’re going to go through today.

I’m going to start the first bit with respect to hiring - let me see if I can share screen. Urvesh can you see my screen?

Urvesh: Yes, it’s clear.

Steven: Perfect. OK I’m just switching my screen to show you guys what’s happening.

So we are right now hiring and expanding our marketing team. We’re hiring a content marketing manager, we’re hiring a community manager - and these will be full time people that will be working with us in our Mumbai office. This is important because we’re looking to expand our marketing efforts so that by the month of ‘Jan’ - or the end of December when we’re having our major breakthrough, we’re all geared-up and ready to go. We’re also hiring a stronger ‘dev-team’ specifically Python developers who again will work with us in our Mumbai Office. On bit to notice is that we are expanding our team, and as you can see possibly behind me that there is already developers working on multiple screens building different products that we have. So that is the quick update on the hiring aspect of things - next is Governance.

One of the cool things that we have had going for over the last month has been our governance, and this has a lot to do with one of our community members - Michael. This is a link we will share in our announcement channel (Monthly Contribution Report - November) which sort of summarizes the different contributions that people have been doing - our wonderful community that have been working towards grow the MahaDao ecosystem, and so this is like a short brief post talking about the contributions that the community members have done. Also, currently we have been using a tool called ‘Coordinape’ - which is used to sort of attribute Maha tokens as rewards for people that contribute. As you can see there is a good healthy network - a very DAO, decentralized network of people rewarding each other for contributions that they make in the DAO. So I think that is a very fantastic thing to note - that our community is growing strong and we’re getting more people joining our DAO. So that is with respect to Governance. The next bit is the community aspect of things.

In terms of community we have two new regions that the MahaDao is expand too - and that in particular is the ‘MahaDao Nigeria’ community, and the ‘MahaDao Venezuela’ community. Again I’m going to share my screen to show you what is happening here…

So this is the ‘MahaDao Nigeria’ community (Telegram Channel), it is led by @Fisayo6 who is also a member of our business development team. And so essentially we’re trying to grow the Nigeria community to help launch the Arth and Maha vision over there. And the second is the Venezuela community (Telegram Channel) - so the MahaDao Venezuela community is led by @Ghustanov - and again, Venezuela is a country where would love to see Maha and Arth launch over there. So these are two communities that have only recently just got started, and hopefully we will soon see communities in Argentina, Turkey and other high inflation nations started, as soon as these two countries get established.

Just a quick question - are people able to see my screen?

Urvesh: They’re on mute so they can not answer, but yes I can see your screen.

Steven: Can we just have a small confirmation in chat… ahh ok thank you.

So that’s the community aspect of things so far. So we’ve gone through hiring, we’ve gone through governance, and we’ve gone through community. As you can see there is already a lot of stuff happening and now we will talk a bit more now about the products. In terms of the products, so again we have really amazing stuff that I’m so excited to share with you. In particular we’re going to talk about ‘Mahalend’ - which is our lending protocol that the team has been working on, and we’re going to talk about the mobile app. So I’m going to share my screen again and show you guys sort of like a demo on the Mahalend and app. So first will start with Mahalend.

Mahalend is our leveraged yield-farming protocol, and this is how it looks (demo display). So before I continue, Urvesh can you see the full-screen video?

Urvesh: Yes yes, it’s clear

Steven: Perfect, thank you. So what I’m going to show you guys is the actual app - it is still under development but i’ll show you guys the progress of where we are. This is out leveraged yield-farming protocol, it is a DeFi protocol or DeFi product which will allow users to take leverage too 20x in various yield farms. So essentially lets see how it goes (demo of Mahalend).

You click on ‘launch the app’ and then you reach up to the dashboard where users can take leverage positions on various farms. Initially we will be looking at stablecoin farms, because stablecoin farms have the least impermeant loss and have low risk. So here you can see a user trying to enter into a stablecoin farm, and in this screen in particular you can see he is putting down $20 as collateral and can take leverage up to 4x in this scenario, but borrowing an extra $30 for a net position of $40, and if you look at the APY you can see it is boosted by 3x, because that person is staking that much leverage. And so this is Mahalend…

Urvesh: Steven, I can only see your telegram screen right now, I thought I would mention.

Steven: oh ok, let me just share that screen again. I will just share my entire screen to make it easier… and just interrupt me if you guys cant see the screen. Do you see this now?

Urvesh: Yes, now I can see that much more clearly now yes. Can you just go through this again now that users can see your screen? Thank you

Steven: Ah fantastic, ok I am going to let the video play now on its own so you guys can have a look. And also to note, these are all… i mean, the numbers you see are test-net numbers, but the smart contract integration is all done and these are all smart contract transactions that are happening behind the scenes…

So this is the borrowers screen, you can choose how much leverage you want to take. In this case he is staking 4x… borrow, and this is the confirmation screen. Yes, and it goes on from there… there you go.

So I’m just pausing it right here. This is where we are with Mahalend, now the only issue with the Mahalend is that the launch was supposed to happen this month (end of November) but recently cream finance got hacked, and the mahalend code is a fork of cream finance - or had some part of it that was dependent on cream finance. And so because of it, we had to replace that code by replacing cream finance with something more secure like Aave. We hope that the development ends by mid next week, after which we will do a beta round and take it from there. Also another thing to share is that our launch strategy is also quite solid - Urvesh can you see my screen here?

Urvesh: Yes, yes I can see it.

Steven: So this is our biz dev team, we have a plan for biz developers to reach out to various protocols, dex’s, lending protocols. One thing to notice is they’re all on the Binance smart chain, so we are launching on the Binance smart chain, and this is the status of where we are with these different dex’s. So this is the launch strategy of when we launch Mahalend after the development and testing is done. So that is it, the next this is the mobile app.

So very excited to share with you guys something so revolutionary, something so magical that I believe can save the economies of a lot of families - and that is our mobile app, or the ‘gasless wallet’ as some of you might be more familiar with. Again, another screen share - hope you guys enjoy this one. Urvesh can you see my screen again?

Urvesh: Ya ya, it’s visible.

Steven: So I’m showing you guys and actual live screenshot…screen share… sorry, we did a recording of the app that the team has built. It’s a multilingual gasless wallet, as you can see through the screens here people can enter their seed recovery phrase like any normal wallet, but the magic will start in just a bit… this is the normal pin, you just enter any pin you want… perfect, ok.

The magic here is that Arth is a currency to be the answer to the inflation narrative right - that the US dollar, fiat currencies are losing value over time and Arth is the solution that will protect your wealth. So in the next screen I’m going to show you guys what this is going to look like to the end user, and pay attention to a couple of details if you can.

Right, now can you guys note that the dollar balance here is slightly increasing? So what is happening here is the user, or the wallet owner is holding 50 Arth coins in his wallet, but he is seeing his dollar balance appreciate at an ever so slightly percentage, that sort of fights against inflation. Which means, by simply holding your Arth coin you are actually seeing your dollar balance rise - and thats magical for many people, especially in countries where the inflation is so high, that you’re actually losing value on your holdings right? So this is beautiful because to citizens of a country where there is high amounts of inflation, this is a boon to them in many ways. So as you can see many things in the app have been built - there is a send, there is a receive functionality, there’s a referral functionality built. This is sort of what Libra by facebook, should have been doing 2 years ago, but what they should of done two years ago we’re doing in a month.

I can’t wait to show you guys how this is going to launch in the month of December - so this is sort of like what we have here. Continuing forward we have the main home screen with sending, referrals, transaction history. And this is how you send to another person, and as you can see you can enter how much you want to send. One thing to note, you can send Dollars, you can send Bolivars, you can send Euros, you can send British pound. It does not matter what currency you are representing the transaction with, because in the end you are sending Arth to the end user - and this is how it works… and continue… Review, send and so on.

Ok, so this is exciting, we’re hoping that the development for this finishes sometime in December. I think this is going to be ground breaking for a lot of families; a lot of countries - that suffer through high inflation. So that’s the mobile app guys - I hope are excited as we’re to have this launched. The last thing on the product side that we would like to give you guys and insight about, is that we’re working on version two of our whitepaper - our December update is so massive that we have actually been working on it for about 6 months. We are working with a few economists to build out version two of our whitepaper, and so that should come out sometime around end of December.

The next update I would like to share with you guys is MahaTrade. MahaTrade is our market-making arm… OK again, Urvesh can you see my screen?

Urvesh: I don’t see it now… ok now I see it, it’s clear.

Steven: OK perfect. So MahaTrade is basically a new arm that we have launched that allows for deeper liquidity, arbitrage, and market-making for Arth, Maha, and some of our incubated projects including Scallop. Our progress with MahaTrade has been fantastic - I will share some numbers with you, but a lot of the success behind scallop has also been because of our market making with scallop. This sort of our actual kucoin market making account - as you can see in less than two weeks the bots and activity we’ve done has crossed more than 1000 BTC. This is 956 BTC of trading volume that has been done by us in about two weeks, and so essentially we have already crossed I think 1000 BTC of trading volume, and we believe that we’re going to become more liquid, and create more volume and help make Arth. Maha and Scallop more liquid for full traders to go about. So that is with respect to MahaTrade. Lastly is the investors (Private sale).

If I had know would have occurred with private sale investors, I would have never taken… you know, we would have never have done a private raise back in Jan of last year. But I am happy to say that two things have happened. Number one, all the private sale vesting and investors are over. So there is no more private sale investors in the MahaDao ecosystem. Second, is we have bought back one of the biggest private sale investors, essentially showing the bullishness of how much we are confident on the success of Maha, and also how important it is for us to get rid of some of the crypto VC’s out of our ecosystem. Lastly to show you guys and elaborate how bullish or confident we are in what we are trying to do. Urversh can you see my screen again?

Urvesh: Ah, yes sir

Steven: So this is like our market making bots, as you can see we’re buying back what ever Maha people can shoot at us (order examples). What ever Maha you can shoot at us we’re aggressively buying back because we’re so confident about what’s going to happen so this is sort of like a little surprise to you guy. My request is please don’t push the price up so much because we are trying to buy back as much as possible - but yes, that is an update that goes back to about the private sale investors and the future of MahaDao. OK, I hope that was entertaining now I’m going to answer some queries. So these are questions and concerns raised by the community, that have been raised to us by the mods. The first bit is ‘where are the products’, 'where is the stability of products, and where is the stability of Arth.

So I am happy to share with you guys that there was an issue with one of the Matic deployments for our Arth Valuecoin which could not allow people to redeem their Arth tokens for the underlying collateral - happy to share with you guys that as of today that the ‘Redeem’ functionality has been re-enabled, or has been fixed rather. Which means people can sort of redeem their Arth for the underlying collateral. And a lot of fear was around the Arth has lost its peg, and that’s true - the Arth coin has lost its peg in the last couple of days or so as you can see here, but now the redeem functionality is back in action we have seen… I mean yeah, it’s not really back to its peg, its kind of over the peg. So that is one thing to note - a concern that the community has had.

The second concern is the community has raised up is the debt pool and where are we on that. So a lot of users has been added into the debt pool already. We had about 50 to 60 different support tickets raised over which we have resolved over half of them, and we expect to resolve the other 30 enquiries by this weekend. So that is in respects to the debt pool and where we are on that - of course we are also very committed to make sure that the profits from Mahatrade, profits from the IBO, profits from what ever we do, kind of go back into the debt pool to repay the debt pool holders. And then lastly is Staking - people have raised concerns on when is staking and so on. So staking is something that is already built and ready to go, but rather than doing things halfarsed we’re going to make sure we do it right. And so staking is kept for a very special day in December where we will strategically push it out with good PR, good marketing and good awareness so that people obviously stake and lock more Maha. So that is with respects to staking. This is it guys so I’m going to open the floor for any ‘AMA’ questions. We have quite a lot of time - I think we’re fantastic on time, I think we have about 35 minutes to answer all your questions, queries or concerns. Urvesh can you help…

AMA section

Urvesh: Thank you Steven for all the updates, we see a few of the users now have questions, and I will unmute them so you can answer them properly.

Steven: OK, sure

Urvesh: So “MrZ” I’ve unmuted you and you can now ask a question.

MrZ: Ah hello, can you hear me?

Steven: Hey, MrZ - whats up?

MrZ: Hey Steven, everything’s good. Looks so, just a simple question probably - I joined the MahaDao for the IDO for Scallop, so I’m not very old in here… just to remind me and maybe someone else - when we stake Maha we get MahaX right? so then MahaX is I gather with how much time we stake it… so ah, for the time being we have the right to vote on what ever the pool that would be proposed - and so as well the earning part of MahaX?

Steven: So thank you for first of all locking your Maha to earn MahaX. Now what is happening is that when the staking gets announced - when we plan to strategically launch the staking, two things happen. One is for all those that have already locked their Maha, there will be a bonus given, to accommodate for the time where you have locked your Maha but have not earned any rewards. And Two, when the staking is announced rewards are immediate. Rewards you earn for staking and locking Maha is; Maha, Scallop, future IBO projects, USDC, and ARTH for transaction fees and trading activities. So I hope that answers your question.

MrZ: And so for example if we get more Maha, can we stake it and compound our stake overtime?

Steven: Yes you can. You can absolutely compound - the rewards are instantaneous, so which means if you stake your Maha, and you’re claiming every second, you can re-stake and compound. Rewards are by the second, so it’s instantaneous yes.

MrZ: Great, thanks.

Urvesh: So moving forward, we have Sebastian that would like to ask a question. Sebastian can you hear us, I have unmuted you to ask a question.

Sebastian: Hi, It was mentioned that MahaX works as a booster for farming, can you tell us more about it?

Steven: Absolutely, so sure. Some of the guys have actually found the pages for MahaX boosted farming, so yes… We’re going to launch more farming pools - not right now. We’re going to launch farming pools sometime either end of December or early Jan. And essentially these are going to be Maha pairs - so something like ‘Arth/Maha’ for example. And essentially what this is going to do is… what we’re going to allow MahaX holders to do is, if you hold MahaX then your APY in these farms gets boosted. It is similar to Curve finance, where in Curve finance if you lock your CRV tokens for VE-CRV, you can also boost your farming rewards. So it is a fork of Curve finance, so it will work exactly like curve finance in that regard.

Sebastian: That’s great, thank you. Well I have another one if you can… Do you have any plans to add any decent liquidity on polygon?

Steven: So it’s a great question. I mean at the moment some of the issues with the price moving off the peg is polydex - the current dex we’re in is not listed on CMC or Coingecko, and it’s also harder to get visibility. One is there is going to be more liquidity added on the Quickswap pools most likely. Of course, binance smart chain is a bigger ecosystem and we’re going to launch over there as well. but in the month of Jan there is also something even bigger coming about in terms of liquidity, which to give you a small hint, it involves a couple of bitcoin miners as well. So to answer your question, polygon second priority, BSC first priority for now and this month.

Sebastian: OK thanks.

Steven: Awesome Great.

Urvesh: Thank you Sebastian for your question. Hamza you’re up next… Hamza can you hear us?

Hamza: Hello?

Steven: Hey Hamza, whats up?

Hamza: Fine and you?

Steven: Good good, yeah. Thanks for asking.

Hamza: Good thanks, just I want to ask you about… if there is an IBO?

Steven: Ah yes, so sure. I mean there is many people in the chat asking when is the next IBO. So one to know is the IBO’s have to meet a certain criteria. One is that they have to integrate ARTH - because that’s the whole point, we’re less of a launchpad and trying more to create a new kind of currency yeah. There are quite a few projects already in the pipeline out of which one of them does seem viable, but we are still yet to announce or rather, make a final decision on that. But when that happens you will get two weeks of notice, like we will announce it a week or two prior. But at the moment yes I do understand there is a lot of hype, a lot of interest for the IBO platform, and there is a couple of them in the pipeline - but none have reached the final stage because we’re very strict on the process, like we don’t want any ‘shitcoin’ to launch on the MahaStarter - we want something legitimate like Scallop right.

Hamza: OK, that’s great. Ah, another question… Do you plan to draw a tier on the Maha?

Steven: Yeah, a tier on the Maha? Yeah, so at the moment we’re going to re-evaluate how much people have participated in the whitelisting forms and so on. Like there is a lot of people that have staked Maha but are not interested in the IBO. So what’s going to happen is that well before the launch we will obviously conduct a whitelist campaign and assess how many people we can fit into the allocation. If it does not make sense then we will tiers to make sure enough people get enough pieces of the pie. So ya, hopefully that answers your question.

Urvesh: Thank you Hamza for your question.

Hamza: OK, thank you.

Urvesh: Lets move forward.

Steven: Who is next?

Urvesh: Ok we have @Michael in here who would like to ask a question Steve.

Steven: Ahh Mike, amazing. Alright go ahead Mike.

Me: Good evening Steven, I see it’s late evening there and you guys are still in the office.

Steven: Haha yeah yea - we work 24/7, no breaks from them.

Me: So I’ll just reiterate on what you were mentioning about Venezuela and Nigeria - we also have an Italy channel and a Polish channel starting up as well. Yes so that will all work very good with the app and sort of on ground adoption there in Venezuela. So, I collected a few questions from people who wouldn’t be here, so I’ll just ask on behalf of them. One is, if Maha will move to binance smart chain, will it be possible to withdraw from the BSC network from kucoin? And second question is; is there any plans to add extra collateral options for Arth on the Vaults page? Thanks.

Steven: Yes ok, so this first question is Maha going to the BSC chain - the answer is yes obviously. We’re already in talks with Uniswap to complete out bridge for Maha to go from ETH to the BSC chain, so already that is in process. And second is, will there be withdrawals from Kucoin to BSC chain - So Kucoin - the answer is yes - however it will take time because Kucoin is charging us extra for that and at the moment we would prefer to use that in marketing - with the amount of money they are asking for, to rather use this is marketing and community building. So maybe in the month of Jan or Feb, you’ll be able to withdraw into Maha on to the BSC chain and Polygon as well. That is currently, medium to low priority. And the last bit is… what is it again? is it; is there any plans to add liquidity is that correct?

Me: So last question was… is there a plan to add extra collateral options to Arth on vaults.

Steven: Ah collateral. The answer is yes, because adding collateral is our way of building a strategy partnership with some of the top-tier projects. And so the answer is yes - it’s going to happen post the launch on the BSC chain, and I think the team is going to focus on the BSC chain moving forward, and try our best to integrate with as many dapps over there. So yes, there will be more collaterals, like the ‘cake’ tokens and others and so on as a sort of very strategic partnership. There is already conversation with some ‘meme coins’ to be used as collateral - their community will be integrating/talking about our community and so on and so forth. So the answer is yes, as far as timeline is considered, it will be post the BSC chain launch.

Me: Great, thanks very much for that - keep up the good work.

Steven: Thank you, awesome.

Urvesh: I’m just waiting for another question… ok @luciamucia you’re up.

Steven: Ah Lucia, fantastic.

Lucia: Hello guys, actually I am following on from the ‘Sebastian question’ - because I am a bit confused and lost. Actually I thought you were going to develop product on polygon to make it stable, and then we can move forward to other chains. So what I hear today is lets move to binance smart chain and then focus on polygon, but again we are losing momentum - ah, I dont want to again be in the situation where it was in Arth we had to fix some problems and then establish product. Like now tell me you know what you’re doing.

Steven: Yes yes, I understand what you’re trying to say. So in terms of what’s going to happen on the polygon ecosystem - one thing to note is that the Mahalend product - so essentially for any stablecoin to grow right, you need to create interest from yield, and there is a couple of issues with polygon, one is that there has been tones of cases of network congestion, and that has been a particular issue for us and some of the users as well. And second is in terms of continuing the ecosystem, there’s still going to be farms, and of course the launch of Mahalend. So now the interesting thing about Mahalend, is that it is a cross-chain lending protocol, and what that is going to do is create a lot more interest for the stablecoins. If you look at the growth of DAI - a lot of interest came for DAI when Aavi launched, and you were able to lend your DAI and earn yield. So Mahalend is going to generate that interest and demand. However, the connections and the opportunities that currently the Biz dev team have captured is a lot bigger - it’s just the ecosystem is a lot bigger. So I would say it’s a parallel attempt - it’s not like one is being kept aside, there is still biz dev and activity happening there. The BSC chain, surprisingly has been a lot more open, and obviously a lot bigger as an opportunity - so that is the reason why we are not going to ignore I-would-say, the BSC chain. However, as far as where the direction is, it’s a very clear path on to what’s going to happen in terms of Maha and Arth. In the month of December we’re going to see adoption - or in the month of Jan we’re going to see adoption from retail - and that really is the main focus, it has been since I would say day zero of writing the first line in the whitepaper. To create something that can be used by the people. But however yes, the focus this month will be on DeFi - I would say you can measure it like you know; 80% BSC chain, 20% polygon - simply because the BSC chain is more receptive. Some of the partnerships we have already forged are so hard honestly in the polygon ecosystem. So that’s just how the market is and we will have to sort of deal with that right. Hope that answers your query.

Lucia: Yes ah, also I am curious about the liquidity in polygon because we have our tokens there - as you mentioned, even though polydex is not listed the liquidity is really low. Nevertheless you’re planning to do this BSC chain plans - we shouldn’t forget about polygon liquidity.

Steven: It’s very simple, absolutely. It’s very simple - liquidity is attracted by yield farming, so the moment you have these yield farming rewards liquidity comes - it’s like magic, it’s like bees to a honey trap. At the moment we have stopped the yield farms simply because there is an opportunity to launch on the BSC chain, but there is also going to be a farm launched on Quickswap. And so obviously listing on Quickswap is more visible and more liquid, and we want to see Arth being more liquid on both chains - it’s not like there is going to be one chain abandoned in full right. And also there is plans at the end of Jan to launch on more chains as well. So to keep up with all of these things, there’s also a ‘Governance portal’ where the governance token holders can decide how much liquidity rewards should go to BSC chain, or Polygon chain, or any other chain and so it will be kept depending on how much token holders vote for it. Hope that answers your question.

Lucia: Ok thanks.

Urvesh: Thanks Lucia for your question, moving forward (… inaudible)

(User not responding to prompt…)

Urvesh: We have ‘Kin Crypto’ - hey Kin, please go ahead and ask your question.

Kin_crypto: Thank you, yeah yeh thank you guys, and I like the way you guys are doing your project - it is quite refreshing to see the ideas coming up with the team, and we fully support you, and we’re behind you. My question is pretty much, could be unrelated to what’s going on today - I have a problem, and I’ve tried to speak to some of you. What are the mechanism to support the team - members like us - when we get to the position where some of our wallets have been compromised. The reason why I am saying this is, when I was doing the IDO my metamask was compromised (user had followed instructions of a hacker to phishing website and input seed words). Obviously now I can not participate in IDO using the same address because, whoever stole my money will continue to steal it - what is the mechanism to assist people like us who are in such situations? (Referring to locked Maha on now compromised wallet).

Steven: Yes, I can easily answer that. So in this case, some of the functions… - so essentially we would have to pass a governance vote to sort of refund the tokens. Essentially, most of the contracts are refundable or retrievable - where if you have lost your crypto you can retrieve it. Raise a ticket at and give adequate proof - we will converse with you there, and if you are able to prove that you have been hacked, or that you have ownership of the wallet - then we can pass a governance vote to get the community to help you recover the funds. Obviously, mistakes happen and we understand - which is also the reason why some of these smart contracts have the functionality to make changes as well incase of a black swan event or something bad happens. So just raise a ticket at and we can take it up to high priority and have that addressed.

Kin_crypto: I have raised the ticket already - and my question is actually quite strait. Obviously I have lost the money and I’m not keen to go back to the recovery anyway, because you know - it’s history now. But because I have already locked my Maha with you guys until 2025, so my concern is there is going to be several IDO’s between now and 2025. Im not really worried about recovering the money because it is already gone and there is nothing we can do but, is there a way we can actually change the address on that wallet so that I can actually participate.

Steven: Yes.

Kin_crypto: I’ve raised that ticket already, and I’ve…

Steven: The answer is Yes Kim.

Kin_crypto: Yes, someone, and I’ve already tried but there is nothing they can do to me so I was a bit disappointed.

Steven: No no, so the answer is yes - because we just have to pass a governance vote for it ok, and have it resolved. Because it is basically driven by governance, and the community will understand your situation I’m pretty sure about it. So all you need to do is prove you have ownership of this wallet, like a signed message or whatever, and thats it, we just have to pass a governance vote and we can get that changed.

Kin_crypto: Ah ok then, well I will reapply then because I have already done it so I will probably do again to the team.

Steven: Awesome no, so that’s great, we will follow up everything on that.

Urvesh: Thank you Kim for your question.

Kim_crypto: Yeah, I think I will even prove it to you and send you even my passport and details.

Urvesh: Ok lets move forward, Steven we have another user who wishes to ask a question.

Steven: Ok sure, go ahead.

Urvesh: So we have @BobbySacs in here who wishes to ask another question. Hi Bob.

Bob: Hey guys, hey Steven and team.

Steven: Hey Bob, what’s up?

Bob: Hey, hey thanks - I want to say first thanks for staying up late, I know it’s getting on close to 10pm over there. We appreciate these AMA’s though.

Steven: Haha, it’s fine yeah.

Bob: Two questions - first you said ahh, I’m really stoked about the BSC integration - I love BSC and pancakeswap. I staked most of my Maha, but I kept some of it free for a situation like this - I’m assuming is there going to be pairs like BNB/Maha, or like Cake/Maha farming opportunities on BSC once that goes live?

Steven: Yup, so almost in BSC and Polygon ok and all the other chains, there is going to be Arth/Maha pairs always, there might be cake/maha for you know the pancakeswap community as a way of collaborating with them, but first priority is always Arth/Maha pairs on polygon and bsc chain. So yes, the answer is yes.

Bob: Awesome looking forward to that. And that second question is kind of more of a fun one. Can you tell us how many participants have done the Tesla… thing, or how many we’re up too.

Steven: Oh so, I have not checked it - it was quite a number. But there is some invalid entries so definitely out community is really close, ah - there is a very good chance a community member will be getting the Tesla. I mean, we will be sending you Bitcoins worth of the Tesla, we can’t actually send you a Tesla hahah, but that is there so yeah.

Bob: You can’t tell us there’s been 100 people participating, 500, 1000.

Steven: We can, but we have not yet checked the numbers - not until December 11th at the moment. But yeah, we have to sort of re-check the numbers. This is a question I’ve not sort of gotten before so ah…

Bob: Yeah, ok no problem.

Steven: That’s great though, awesome.

Urvesh: So I don’t see any hands… oh I see Tami, this person has been raising since the beginning can we answer their question please?

Steven: Yeah yea, for sure we have time, we have 9 minutes.

Urvesh: Hi, Tami - if you can hear us please go ahead an ask a question.

Tami: Hi Steven and Urvesh.

Steven: Hey Hi.

Tami: So my question on this is around the App you spoke about, I wanted to know if the app (inaudible) … as well?

Steven: Sorry? - the app, how does it work in terms of deposits?

Tami: No, If it supports the (inaudible)… token transfers around currencies. So I wanted to confirm if it supports (inaudible). For example in Nigeria here I have to use a P2P, so I want to know if there is any kind of support in that process?

Steven: Yes, It’s a magical question, because if you look at our competitors - Reserve protocol, and some of the other guys out there. They do have a P2P deposit system, where you can use a peer to peer system to deposit into the wallet, but we’ve come up with something a bit different - a bit more unique that uses arbitragers as a way of depositing into the system. So to deposit, there will be a separate mechanism - a different mechanism I would say - but in terms of direct deposits, there is two things that we’re counting on. One is, yes there will be a peer to peer integration with ‘local bitcoins’ inside of the app - so you would get local bitcoins integrated into the app. Number two, is of course our wonderful friends at Scallop are working towards getting an international banking license. International banking license is a very big deal. It allows for bank accounts to be issued to anybody world over. So that is something probably next year in their roadmap and when that comes into fruition, essentially you will be able to deposit and withdraw using a bank transfer in a few minutes/hours - not too long right. So the answer to your question is that it’s a progressive development that will start of first with an arbitrage network, then go to peer to peer, and then be fully official with bank accounts, paypal integration and so on. So it’s going to be a very progressive on-ramp and off-ramp.

Tami: Thank you.

Steven: Awesome great, I think there is one more question from michael (@VR_crypto "Michael_A). So lets take that. And also there is some questions in the main chat I want to answer - one is about the debt pool, and the other is about the redeem function. So lets take michaels question, answer these two and then sort of call it a day for everyone here.

Urvesh: Ahh the other two questions can probably be answer in the next week AMA.

Steven: Yes next week exactly, and we will keep doing this every week as well yeah.

Urvesh: Hi Michael.

Michael_A: Hey Steven, I am very excited especially for the Mahalend - and I was wondering especially for the Mahalend - since it is a Defi protocol - have any audits been planned? since security is very important and a lot of hacks have happened recently.

Steven: Yes, so audits have been planned - we will be launching the Mahalend with a big disclaimer that this is unaudited, because the issue with the audit firms is that they take too long, so what we’re going to do is have a closed launch first, and at the same time we’re already in conversation with some audit firms. Because since we’re replacing some part of the code of Mahalend - replacing Cream finance with Aavi - so there is some code changes there, we will have to do an audit. Not only that, we will be conducting or opening up a bug bounty program so that anyone who participates and discovers bugs is rewarded in Maha for it. There is a bug bounty program, there will be audits done, there will be a launch with a big disclaimer that the code and program is unaudited and is undergoing audits. This is sort of how we’re going to execute this.

Michael_A: Great to hear, thank you.

Steven: Awesome, great

Urvesh: Thank you Michael for your question.

Steven: So guys, just two more questions that I will take from the chat, and also one more thing is… yeah I will share the two questions.

Ok the first one is the redeem function right. So now in the redeem function essentially you need to put a decent size of Arth - like 500 and above for it to spit you out the underlying collateral. So It does work, we’ve tested it - the issue is we need more loans and liquidity to be able to redeem small amounts. The second, is in regards to the Debt pool.

The debt pool is something we’re very serious about having it getting paid off - how is it possible that we can get it paid off within a year is a question that many of our community members have. Because they do have funds in the debt pool that need to be taken out right. The answer is very simple - the scarcity of Maha is going to shoot up very sharply in the month of Jan. Because number one; all the private sale investors are out, we are seeing more exchange listings that are going to come out, and the inflation rate of Maha is going to drop like crazy right. So essentially from activities, from market making arm that we have, and also from the price appreciation of Maha - we will be able to generate fees and revenue that goes back into the debt pool. Furthermore, products like Mahalend which will get launched into other chains also generates fees from transactions, and fees from liquidations that then get accumulated into the debt pool.

So I am very confident because the scarcity of maha - as long as in the worst case lets say, the demand stays constant but the supply keeps decreasing, it’s a simple math of functional scarcity. That’s going to create more awareness, more people jumping in so on and so forth. And of course we’re launching farming pools with Maha as the trading pair - so again you will get more maha locked, more locked in LP’s so on and so forth. So I am very confident and that’s also the reason why we’re buying back as much Maha as we can. Just to give you guys some numbers, we have actually bought back more than $500,000 worth of Maha off the private sale investors. And obviously we’re putting our money where our mouth is. I believe to answer the question of how quick can the debt pool be paid off - we are going to see benefits from the price appreciation of Maha, fees from different lending protocols we create, and of course Mahatrade. Just to give you guys and idea the last two weeks Mahatrade itself has created more than 1000 BTC of trading volume - so profits from that kind of also go to the debtpool. So yeah, that’s all.

Urvesh: Thank you all for your questions, and thanks Steven for updated us with the community and latest updates. And any more questions from the community, we will be taking it up next week, and this video AMA will be shared in the community.

Steven: Perfect, thank you guys so much for your time. Please feel free to ask us very tough questions - because we’re here for the long term. We do make mistakes of course, we look forward in learning from them, and we look forward in speaking to you - showing you guys the amazing work that the team is building and taking it from there. If there is anymore questions, feel free to raise it up in the telegram chat, we will of course spend the next 1-2 hours answering them as well. Also, apologies if there has been moments where I seem too busy because there has been so many things going on, but I hope to have you guys for the next week AMA as well.

Urvesh: Thanks Steven, and thanks everyone for joining us - and see you around for the next week.

Steven: Perfect, great - thank you guys.

1 Like