Venue: Youtube Community AMA April 2022
Date: 28th April 2022
Time: 4pm UTC
AMA Topic: Curve Wars, Going Cross Chain, Launches, Listings & Partnerships
Hey guys, welcome to the fourth AMA that we have with our community this year. My name is Steven. I’m the creator of MAHA. Thank you all for being with us today.
Before we begin, guys we would love to encourage all of you to use the chat to ask questions and concerns or queries. Today we have a lot of amazing updates that we are going to share with you and boy, has it been a crazy month. I think even though we are sort of in the bear market it still is a very exciting time for us to still be pushing all these different updates that we have.
Exchange Listings
Firstly, we are going to share with you guys the amazing news of MAHA getting listed on India biggest exchange. As of yesterday, we got MAHA listed on coinDCX, which is the biggest exchange currently in India. It’s a very exciting moment for us because the Indian community who are fans of MAHA were never able to buy and sell the MAHA token. So, what this sort of does is it sort of lets the entire country have the ability to be able to sort of buy and sell MAHA. And I think it’s one of the more crucial exchange listings. It has taken us a while, but it happened guys.
Gasless Wallet
Secondly, next update we are going to share with you is an update on our gas wallet. MAHADAO is amongst the first companies to build an app that is very user friendly and easy to use gasless wallet.
We are just a couple of weeks from the launch of this wallet. We have specifically hired a team in Venezuela to sort of work with us in getting this wallet launched successfully in Venezuela. We are excited to share with you guys that our wallet is near in completion. We will officially launch the ARTH gasless wallet which is very simple, very easy to use in a few week. It also comes in two languages, Spanish and English. This is also going to be multi-platforms on Android and IOS.
Product Improvements
Third on the line is product improvement, I believe that there is no such thing as a complete product. We must keep on innovating and building bigger and better features to our protocol and product. We are happy to share with you guys that in the last few weeks, done major updates to our product. For example, here you can see farms on ellipsis, dotdot. finance and farms on MAHA. Everything now is in one place to make things easier for users. Many of these improvements have been tweeted, some of you guys who have been following us on our Twitter, would’ve seen the updates on the products.
Team Expansion
Moving forward, the next update is an interesting one. We are working on expanding our team. I think we are one of the few projects in a bear market thinking about expanding our team. We are looking to scale up by two to three times our current members. We have been posting on Twitter some of the job applications that we want people to help us on. So we ask you guys to help, if you know people that would want to contribute full time and get paid in not just cash but MAHA as well, do ask them to reach out to us because we are expanding.
Launch on Ethereum
On our next update, we are happy to inform you all that we have finally officially launched on the Ethereum network. There are two types of collaterals that we are going to be using to launch. And these two are going to be WETH and FRAX shares. We were excited to work with different communities and different stable coins and different people in the Ethereum space. As you know, Ethereum is the biggest blockchain in TVL as of today.
We are hoping that as we focus on our launch on Ethereum we start to attract more whales and community members into the whole mission and vision of MAHADAO and ARTH. The main reason why we are including FRAX is because we are sort of getting more integrations and collaborations with the FRAX community.
More Incentives
The next update we wanted to share with you is on incentives. Now, this is exciting for all of you guys out there who are farming MAHA by adding liquidity to support the protocol and help the entire community grow. We are excited to share with you guys that we are launching clever ways of using MAHA token as an incentive to grow the TVL.
If you see here on the new interface for loan, if you look at the very bottom here, you can see a very small line that says MAHA APR which means essentially for taking out a loan in the protocol, you will not only be able to mint ARTH, but you will also get an APR, in return in MAHA for taking out loans on the platform. I think this is one of the clever ways of using incentive for growing the TVL and liquidity of our platform. In the next couple of weeks, we are going to have more incentives for all new, wonderful yield farmers and stakers out there.
Launch on FTM & AVAX
Also, not only are we launching on Ethereum, but we are also launching on Phantom and Avalanche. Guys, Phantom and Avalanche have given us full support. We actually have a group with us and the Phantom CEO which is fantastic the amount of support and love they are giving to the MAHA community where we will be interacting with Phantom influencers, Phantom Defi projects, AVAX’s influencers and AVAXs defi projects. So, we are going to start to get a lot of people from these different chains and communities involved. So happy to share with you guys that we are in touch with influencers and other projects. I think on each chain, we are in touch with at least six to seven different partners that we are going to work with together to create a big and massive launch in about two weeks or so, we should see this sort of takes off.
There was a question that I saw on the chat that read is there any reward for people who join this AMA? Well, the answer is yes . We will pass out a form at the end of this call, so that all your wonderful contributors can get some MAHA tokens for participating in this AMA, because it’s our mission to give as much as MAHA to do the community members out there.
Upcoming Roadmap
Okay. Next bit is a brief about the upcoming roadmap that we have, and I’m going to try and make sure we do something a little bit special for our community members out there.
MAHAX Bribes
This is interesting guys, MAHAX bribes. Now, I don’t know if you guys are familiar with what is a bribe, but essentially it means a way for people to pay you for your voting power or to pay you for your governance power. So, MAHAX bribes guys is one of the most exciting things that we have in store for the people who stake their MAHA tokens.
And why is that? It means that basically we are going to make it so open and flexible for projects that want to have a share of the MAHA voting power to allow them to sort of incentivize MAHAX holders by giving bribes in their own native token. I think what’s very cool about it is that it gives the MAHAX holders additional revenue for staking and locking their MAHA. This, I believe is not only going to create additional revenue for MAHAX stakers, but at the same time, it’s going to encourage or incentive a lot of people who currently have not staked their MAHA to stake their MAHA and get incentives from it. We are working on this next month of May or so.
TVL Incentives
Oh, and of course TVL incentives. We are going to have a lot of different TVL incentives set up. One of the incentives, includes two projects that we have partnered with - ellipsis finance and dot.finance. Ellipsis and.dot are two projects that we have worked with where they are giving us incentives, not in MAHA, but in their own native token for providing liquidity onto the protocol. So very excited to sort of have these guys work and giving us incentives for the TVL, because that just creates more and more liquidity, more and more growth and more, more TVL. And I think we are going to start to see we are going to start to see that uptick in our TVL. So that is the, the, the next thing that we’re going to focus on over in the month of May.
Questions and Answers
We have a lot of questions from Telegram, youtube and Discord. I am going to try my best to answer as much as possible. Please do let me know if I missed your question.
Q1: Please help with the debt pool clarification and for those who can’t see old unclaimed rewards and future of the debtpool? – Ladislav Sopiak
Steven: I think there are a few people here that would love to hear a bit about the Debtpool. Okay. So, and the first thing we would like to share with you guys is that we have finished the migration and the integration of this debt pool. And we have added up to up to 5,000 MAHA of rewards. Currently it is in testing phase. And once the testing phase is over, we are going to top it up with close to 30,000 MAHA, which at this at current price point is roughly 150 grand worth of fees. At the same time, there are also a couple of revenue generated from the liquidations, from the protocol fees that we have collected so far. So all of that in this month will be sent over to the debt pool.
Now this month has been 150 grand, but by next month, we would see it scale a lot more. Our goal is obviously to make sure that this clears off in about a week or two. Now there has been a few concerns from people who had staked before now but have seen their balance disappear, but that’s because the staking contract has just been topped up. In 30 days from today, you would not only see the old balance get reflected back, but you would see more MAHA accumulated because we are speeding up the incentives for the Debtpool holders.
Q2: How much was the cost of the listing? – Edward Nemtisor
Steven: Okay. So I think you’re referring to the coinDCX listing. We cannot say that, but you know, one thing for sure is that they were so excited for the listing and the DCX team has been very supportive. But one thing for sure Edward is that we have more than enough funds to not only run salaries for maybe two years, but we also have enough funds to list on, one of the tier one exchanges. So, I don’t think it should matter how much was the listing, because, we would have enough funds for that.
Q3: Will it launch in a couple of weeks on iOS? – Harry MacGill
Steven: I believe you are asking us a question regarding to the ARTH wallet. The ARTH wallet is going live the same time in both Android and iOS, and that’s amazing, right. We get to tackle two birds with one stone. So, the answer is, yes. The only issue is that sometimes the app store takes time. They could take one day to a month to approve an app. So, we are just sort of waiting for, you know, just the apple approval process to get cleared, but the Android is live, as you can see.
Q4: No reward for AMA joiners this time? – Jitesh Parmar
Steven: As mentioned, guys, if you are in this AMA, you will get your rewards in the form of MAHA for joining, because it’s one of our mission and vision to try and give MAHA to as many people as possible.
Q5: Any hints for the next IBO? – Abhi P
Steven: So, the IBO is something that we talk about in MAHA starter, and there are a few projects out there that are quite good. We have had two IBOs i.e., Scallop and Forward. But the question is are we going to have more IPOs? The answer is, yes, the main question is when? And a bit of how? A lot of these IPOs happened in a bull market when everyone was excited, there was a lot of liquidity, a lot of volume, a lot of an anticipation and lot of excitement for projects to get listed as well. But today I believe we are in a bear market. The market situations are not the best for launching an IBO, but in terms of projects, my God, there are so many projects. I mean, I cannot tell how many projects that keep reaching out to us because of the success of Scallop and Forward. So, there are a lot of projects in the pipeline. We want to make sure that we are doing it with as much high quality as possible, but at the same time, making sure the market conditions are right. Any project that is going to launch on the MAHA Chain will get their own exclusive IBO on Maha Starter. This is also going to be the way forward or the plan forward for IBOs we plan later this year.
Q6. What about banana rewards? – Ivan Ivanov
Steven: I believe you are asking us a question about the banana rewards and I believe that’s because you’re referring to the leverage strategies that we have. So a very cool thing is that your rewards will continue to accumulate. There have been some bugs that have been raised by the community members, and our patrons who are even more loyal community members regarding the banana rewards. So those I guess, would be fixed, but at the same time, we would work more closely on giving, not just banana, but also some MAHA rewards along with your banana rewards as well.
This are the leverage strategies where you can come in, leverage yourself in our various farms to earn more rewards. We are also working on getting banana rewards for the ARTH/MAHA pair.
Q7: Do we have any updates on MAHA chain? – Jitesh Parmar
Steven: Oh my God, we have big updates, I don’t want to leak out too much but let me just share with you guys. Let’s see here, this is my profile, we have successfully deployed the governance module, the staking module, the proof of stake module, the incentives module, the UI, the Test net, the fork for the MAHA Chain it is all live.
What we are waiting for is Operations, documentation and a bigger team. It’s important that we do this with a big bang!!! That’s why we think around Q3 or Q4 of this year we’ll be launching the MAHA Chain. But as you can see in the screenshot, a lot of the work, a lot of the innovation is already done, already created. It’s going to be a Cosmo chain with inter blockchain connectivity (IBC) involved. We are going to get a lot of marketing done to get the community members excited for this and share this update.
Q8: Any update on the forward IBO? It is in Stalemate for a long time, no clarity when will it launch? – Saurabh Singh
The forward IBO has been taking its time. We understand the team, they want to launch when the market is ripe and strong, but obviously it will not be fair for us to leave our wonderful community members who have gotten into MAHA Starter to just leave them in a stalemate.
We are going to do two things. One , we have a share in forward and are going to give a portion of that to the forward IBO participants, which means if you participated in Forward IBO, you would get slightly more tokens. And this is coming from us. The reason why is because we want to give you something extra for the time and we care about you and appreciate you for supporting the MAHA project for this long. Two, you have the option for a refund if that is what you want. Please let us know if you would like this refund so we can transfer the monies back to you. This are the rewards we have for the community.
Q9: Do you plan to do another audit on your new products? – Bastien Fournier
Steven: There are two things that we are focused on. One is audit. We are working towards getting an open Zeppelin audit or any of the tier 1 audit firm i.e., the top-quality expensive audit firms, we will be getting in touch with them to continuously audit our protocol, but at the same time we are also working on Immunefi. I am sharing the screen with you guys here.
This is their onboarding questionnaire that they’ve given us. We are working on a bug bounty program with them so that we can get not just audits done, but also bug bounty hunters from the outside to help find bugs in our protocol. We take this very seriously and we want to be as rewarding as we can to the bug bounty bug bounty hunters, because security and stability of the protocol is very important.
Q10: Will there be more staking programs across the other exchanges? – Salman Abbah
Steven : I don’t know if you’re aware, but we are having our own exchange coming up pretty soon. So, we can’t share more information but not only are we having our own own exchange, but we are going to get listed on other exchanges as well. So there will be staking programs but not on the same exchanges as the ones we have right now. It will be on other exchanges; it’ll be in other newer and bigger ones than the ones we already have.
Q11: Can you please share more light about the migration and how it’ll affect MAHA in this space? – Salman Abbah
Steven: There are two kinds of migrations. One is a migration, which happened with the debt pool holders. That migration is purely moving to a better system, a more accountable system, so that we can pay back people who invested into the earlier version of the protocol. It will not affect MAHA in any way or so. I think it’s a very tiny amount that has been taken from the emission. So, my hope is that the debt pool holders get paid back in MAHA multiple times their investment, right. That’s what I would hope for or what I would want for. And it should not affect in any negative way if that’s what you’re implying, but I’m hoping that it creates more trust and transparency with how a project should handle things like a debtpool.
Q12: When will the first MAHA staking contract be paid out? – Harry MacGill
Steven: If you’re referring to the initial staking programs. I think there’s a section in our FAQs, which I will share on the YouTube live right now, where if you staked in the early staking pools using something like a Farham network signifier, you will see that there were two staking pools and you would have no way to sort of figure out where and how to get back your rewards and tokens.
All you need to do is just visit this FAQ page and just click on this link and you will get your tokens and rewards back. So yeah, that should be with regards to the first taking program and anything with regards to ongoing taking programs, it should be immediate/instantaneous. With regards to Debtpool, 30,000 MAHA that hundred $150,000 we are giving to the Debtpool holders that should reflect from today to the next 30 days.
Q13. How do you see the recent downturn in crypto? would it impact our growth plan? – Jitesh Parmar
Steven: You know, I’m excited that there is a downturn because I think it removes all the bad projects, the shit coins out of the crypto space. And so for us, it’s good news. It’s good news for us because you know, we get not only time to build better and better products, but we also get more and more legitimacy than the other projects out there. For example, our listing on India’s biggest exchange came after a lot of due diligence, right? So things like this don’t happen with shitcoins. So, I think as we continue our growth, we should be we should be not just fine, but stronger than ever. Furthermore, we are also expanding our team and we have enough funds in place to pay, two years of salaries. So, I think we are very well funded. We are very well planned. We want to take care of our community. We try to be transparent. We, we try to show trust. All of these things sort of help us get, achievements and milestones.
Q14. I love the scallop rewards I get for taking MAHA, waiting for forward rewards and more projects on MAHA Starter? – Abhi P
Steven: Something very cool. You need to know is that you are going to be getting not just scallop and forward rewards, but you are soon going to be getting bribes from other tokens, other projects as well for your MAHA X. I think that’s going to be very bullish for MAHAX. Because we are going to start to get a lot of incentives and revenue from these different protocols. So yeah, that’s something exciting to share with you regarding bribes going live in the middle of May.
Q15. Will we be able to buy and swap MAHA directly from the wallet? – Edward Nemtisor
Steven: So the answer is eventually yes. In our wallet here, as you can see, there are few features that is very interesting to note. You can send, swap, receive, and private.
With the send and receive it’s like in a normal wallet. With the swap, it is a sort of like a connection to a chain, Binance peer to peer or a pancake swap where you can sort of easily swap any of the assets amongst each other. Initially for the first version of the app. It’ll not be there because we want to try and keep it simple. It’s very important that things are as simple and easy as possible because it’s important that we focus not only on building, building, building, but we also get something out in the market and get people to use it. So the very first version of the wallet will be very simple, just send and receive in a gasless way. Once we get to 10,000 users, or 20,000 then we start to add more features, but the swap functionality is already live. It just needs to be tested.
Q16. Could you please tell us how to claim rewards from the old MAHA staking contract? – D Wiley
Steven - If you go to the FAQ here, you will find links that you can click on, depending on which pool it was that you can easily sort of click and find how much you have staked and with buttons you unstake as well.
Q17. Little early to ask, but will MAHA Chain use MAHA token for gas fees? Abhi P
Steven: It is very early to ask this question; it is a surprise. So, I will answer you very soon.
Q18. Will MAHA be launching on Cosmos too and will be available on Kepler wallet? – Saurabh Singh
Steven: The answer is yes. We are going because MAHAChain is Cosmo based, right. We are going to have a lot more partnership, interactions, more AMAs and stuff with the Cosmo’s wallet and ecosystem and the Kepler wallet.
Q19. Are you married, Steven? – Daniel Cohen
Steven - Honestly, I’ve had relationships, but the thing is that they get into our work, they get into MAHA, they interrupt work. So unfortunately No, have not had the time to really focus on other things like marriage .
Q20. Will MAHA chain be EVM compatible? – Lav4you
Steven - Yes. We are very excited is going to be one of the few changes. That’ll be EVM and cause most compatible. So when we release the documentation, it’ll be like magic. We found ways to convert EVM, to cosmos, cosmos, to EVM all that sort of stuff in a very simple and easy to use system . So yes, it’s going to be EVM compatible.
Q21. Can you help me migrate my staked MAHA to another wallet? – Gizmo Arcade
Steven: The answer is, yes. Please reach out to our discord community to help you migrate your staked MAHA.
Q22. What about nodes for the chain? – Jack Rentz
Steven: The MAHA Chain node are going to be proof-of-stake-nodes. You need to hold 2,500 MAHAX in your wallet, which is either 10,000 MAHAs staked for one year or 2,500 MAHAs staked for four years. And at the same time, you need to be voted in by the community based on the proof of stake consensus that is there.
So, it works like any proof of stake consensus. The above is the staking dashboard where people will come in. You will need to move to staking but do two things. One is hold 2,500 MAHA X. And at the same time be voted in by the community with MAHA tokens.
Q23. From what I understand, you say MAHA Chain is an IBC chain. Can you explain a bit process to go to cosmos? – Travailer Voyager
Steven- So it’s an IBC chain, it’s a cosmos chain. We just register ourselves with the cosmos ecosystem and since it folk, it has EVM compatibility as well. We can always switch between EVM and cosmos. So, all the EVM tokens can actually be converted into cosmos native tokens and once their cosmos native tokens, they can be used in IBC through inter blockchain connectivity. So this is something that that’s going to happen once we go live sometime in Q3 Q4 of this year.
Q24. Hey, Steven, where are you from? I think India – DJ Xnorz
Steven - Yes, I’m from India. I’ve lived in different parts of the world. I’ve lived poor, in a middle trust family. I’ve seen what it is to live and to live poor. I am not motivated by money rather I am motivated by change and trying to lift or uplift other people financially at least. I also lived in different parts of the world. I’ve lived in India, UK, middle east, Dubai Toronto I’ve visited China as well. I visited different parts of the world and fortunate to understand what’s happening around the world to make a difference.
And I hope our, the vision with MAHA is that we become an ecosystem and economy that does not see poverty, an ecosystem and economy that does not have crony capitalism. Capitalism to a certain extent, but not crony capitalism.
Q25. Does Steven sleep sometimes? – Daniel Cohen
Steven - I don’t know if it’s a good thing or a bad thing. I used to do something were I would work 48 hours, two days straight without sleeping. And I think it’s was really stupid because I had like really serious health issues because of it. But I am now sleeping as much as I can.
Q26. Do you think we should lock our MAHA tokens with a single wallet or multiple wallet with certain quantities? – DJ Xnorz
Steven: Quantity doesn’t matter, but if you want to lock your MAHA for different intervals, like, I want to lock 1000 MAHA for one year, 1000 for two to three years and four years, then you would need different wallets for that. So, hope that answers your question.
Q27 . My MAHA is not the same amount of MAHAX. Please fix this for me. – Gizmo Arcade
Steven - For sure. Reach out to our discord team. We can have that answered.
Q28. I saw co-founder of MAHA, in one of the cricket related NFT games is MAHA related to this? – Jitesh Parmar
Steven: We are investors and have a fund where we invest into different projects. That’s why we can pay for two years of salaries because we are able to invest and make returns. All the investments we make are the summary of the other related projects to MAHA and ARTH. So soon we would see, MAHA and ARTH integrated with these projects if they become successful.
Q29: I cant wait for MAHA Island party for early adopters.
Steven - Yes, sir. MAHA party on an island for the community. I think the target is MAHA at $50. We are giving a party on some island, , so you guys are more than welcome to join us for the MAHA party on an island,
Okay, Thank you all for joining with us today. I hope you had a wonderful time you know, listening all the updates and as mentioned, we are doubling to tripling our team size. We are building more products. We are innovating, we are working, collaborating with more projects, all exciting stuff. Hope to see you guys obviously next month with more updates and a bigger community.
With that, thank you so much for your time. And I hope that you have a good, good weekend ahead. See, you guys have fun.