Venue: Community Catchup AMA - May 2022
Date: 28th May 2022
Time: 4pm UTC
AMA Topic: DeFi, Stablecoins, Lending, NFTs, and major $ARTH/$MAHA updates
Speaker: Founder, Steven Enamakel
Introduction
Hey guys. Welcome to the May 28th AMA for MAHA. Really a pleasure to have all of you here. The wonderful community members of MAHA here with us today. We do have a lot of stuff here for you today and you know I am very excited to see all the MAHA community members growing over the last few weeks, even though this has been a very rough month in the market I’m glad to see all of you guys are still here and surviving and enjoying the updates that have been shown in the AMA community. I also wanted to share, that even though this market has been bearish, we have seen the most progress this month for MAHADAO, and it just goes to show that in a bear market, you create strong products and in a bull market, you see these products grow.
Launch in Venezuela
The very first thing, guys, we are super excited to share with you all is that MAHADAO after months and months of work and negotiations and being on the ground, we are finally live in Venezuela with ARTH. The value coin we designed to fight inflation is finally live in Venezuela. I am going to show you guys some amazing updates from our team working on it. As you can see here, this is some of the actual work made by the team in Venezuela promoting and showcasing the ARTH wallet, the ARTH value coin, the inflation proof-stable coin to the people in Venezuela. There are a couple of amazing things done as you can see here.
We have a Venezuela influencer promoting and giving a testimonial for the ARTH wallet. You can see the MAHA helpers on the ground going out there, going to merchants, shopkeepers and getting the word out there about ARTH plan to save the world. ARTH is here to show the Venezuela people, what it is like to have an inflation proof stable coin.
We are very proud and very excited to have this initiative executed by the MAHA team especially Gustavo and the entire Venezuela team. Couple of things to note is that they are wearing MAHA caps and T-shirts. You can also see an actual merchant, who sells burgers in Venezuela using the ARTH wallet as a means of payment. Isn’t that amazing that even in a bear market, this young merchant and many others could use the ARTH wallet for payment.
ARTH Lending Protocol.
The next thing update is the ARTH lending protocol. This is something new and innovative that allows ARTH to scale beyond just Defi right. And what this is going to do is that it’s going to make it very simple and easy for ARTH and MAHADAO to onboard new people onto the ARTH ecosystem.
Because it is the easiest way for people to get into MAHA and ARTH. Guys! This is something that allows the common man to invest into the ARTH protocol without knowing, the complexities of Defi or the complexities of crypto. Next is an actual live screenshot that allows people to get into the ARTH and MAHADAO ecosystem.
As you can see here, this is designed and built around compound, one of the largest lending protocols out there. So, we are borrowing the ecosystem of compound and building the ARTH value coin. It is also the first lending protocol that will allow you to lend and borrow staked LP tokens i.e., liquidity pool tokens with ARTH. This is something that is going to make ARTH different from different from some of the other competitors out there. We are launching sometime in the month of June the ARTH lending protocol.
Launch of the GMU Peg
Our third update today is the GMU peg . Boy! This is something that most of the community members have been waiting for.
The ARTH GMU was the original vision for the ARTH protocol but has never gotten live because of various updates, innovations, and technicalities we had to sort of cross through, but we are proud to share with you guys that finally after months of research and innovation, the ARTH GMU is complete. Now, what is the ARTH GMU for those of you who are not familiar, it is the target price for ARTH. This is something that will make ARTH different from other stable coins out there. How is it going to be different? Well, very simply put ARTH is going to be the first stable coin that will appreciate in the bull market but remain stable in the bear market.
This is the right time for the launch because we are in a bear market and ARTH has the moment to shine and prove itself to being the most dominant and innovative stablecoin out there. Based on what you are seeing, the blue line is the price of Bitcoin, and the orange line is the price of ARTH. And as you can see in a bull market between the lines on the X axis from 50 to 200, you can see the ARTH price or the ARTH peg appreciating because we are in a bull market and between 200 to 300, you can see the ARTH peg remaining stable because we had entered a bear market. This is something that we are very excited to share with you guys. ARTH is going to be the first stable coin that appreciates in bull but remains stable in bear. This will first go live on the BSC chain, which many of your community members know is not too far away. We’re expecting some time this week or the next for this entire peg and the protocol to go live.
Major Development Update with the MAHA Chain.
All right guys, the fourth update that we want to share with you guys is that we have major developments on the MAHA Chain. The MAHA Chain as you guys’ recall was announced early this year which was the world’s first incentivized stablecoin blockchain. We are happy to share with you guys that the team has made major developments with MAHA Chain.
Some of which we show in this slide right here, which includes governance, staking, validators, incentives, integrations with cosmos blockchain and integrations with Ethereum EVM chains. A lot has been done over the last few months. What you are seeing is an actual live dashboard that allows people to stake, vote, become validators in the MAHA Chain ecosystem. This is something we are very excited to launch sometime later this year. This is going to make the MAHADAO ecosystem grow even bigger. We believe that the MAHA ecosystem can be bigger than Terra or the Luna ecosystem. So very excited for having the MAHA chain ecosystem grow faster than what we expect.
NFTs Launch – A new way to think about NFTs
The fifth product that we want to share with you and hope you’re ready for because we have given hints to our community over the last couple of months is the innovation of NFTs with MAHA.
This is a fantastic way for the MAHADAO community to grow bigger than what it is today. There are three things that make the MAHADAO NFT special. The first amazing thing about the MAHA NFTs is that there is going to be massive utility for these NFTs . The MAHADAO NFTs will be the first NFTs with massive utility in terms of governance, staking, earn rewards or fees and boosting yield, voting fees, incentives and so on. The second is that they look really good . We are currently working with five talented artists who are designing the JPEGs and the profile photos of the NFTs. We are working to ensure good looking to ensure that our community members are proud owners and holders of these NFTs. So happy to share that we are investing heavily in making sure that these NFTs obviously look good. The third and biggest function of the MAHA NFTs is that they are backed by the MAHA token , which means this is going to be the first NFT which will have intrinsic value, because it is backed by the MAHA token. Anytime you lock, or you stake your MAHA, your stake is represented as an NFT, and that NFT will have its own JPEG. And so, it’s going to be the first NFT with a JPEG that is backed by a governance token. How cool is that guys? This is going to be something breakthrough for the NFT ecosystem and happy to get the community around this. The functionality is live, we announced on Friday the Testnet of the NFT functionality and you know, people went in and confirmed they could lock their MAHA tokens.
This is how the portal would look. You can see a couple of things. You can see a button on the right hand side that says, create lock. This is where the users would come in to lock their MAHA tokens and mint an NFT from that lock. In the bottom middle, you can see the NFT itself. So, you get an NFT ID, which represents your lock position. You get the vest amount, which is the actual MAHA it is backed by and you get an expiry date, which is how long this NFT is going to last. On the left-hand side, you can see NFT ID number. For now, we have just put a simple text, but this is where the JPEG or the profile photo is going to exist. This is where an NFT is minted using the MAHA token as an underlying token to back the NFTs. Then once you have a MAHA NFT, you can use it for governance. So over here, you can see that there are different staking pools where the MAHA NFTs will be used to vote on different rewards and incentives.
The more votes a pool gets, the more MAHA it earns. It works very similar to curve finance or what is known in the crypto world as VE tokenomics. So, these NFTs would allow you to sort of boost the rewards for different farming pools. On the top right, you can see number eight, that is where, how you select the NFTs themselves and on the bottom, right? You can see different sliders and that is how people vote. They can vote for or against a different a farming pool in terms of incentives. Obviously, the more MAHA you lock, the rarer the NFT, the more voting power your NFT gets. So that’s an amazing new update that we must share with you here.
The next exciting thing with the NFTs is if you hold an NFT, you are also eligible in for earning bribes for your NFTs. And these bribes are going to be in various other tokens. They can be in MAHA, DAI or Sushi, or whatever project that wants to incentivize the MAHA holders for their voting power. They can come onto our platform and deposit and create or bribe incentivizing MAHA users to work, not only work for their pools, but also earn revenue for their MAHA NFTs and voting power. So excited for the NFT holders to come into the picture and get bribes from many projects and protocols.
And of course guys, I am very excited to show that there’s an actual utility for MAHA NFTs when it comes to staking, if you hold a MAHA NFT, and you stake in any of the farming pools, you can boost your staking rewards by 5X. Its exciting guys having a bigger incentive for people to lock their MAHA tokens and boost their rewards.
The JPEGs are coming this June/July on MAHA Starter, our very own launchpad. As you know, guys MAHA Starter is a launchpad that has a lot of hype. We have launched two projects so far. Both have had massive community response. So, the JPEGs are going live on MAHA Starter and we are making the criteria for any user to hold a JPEG to have locked, at least a minimum of a 100 MAHAX. So, you need to hold a 100 MAHAX. The more MAHAX you stake the rarer and the more valuable your JPEG or your NFT is going to be.
Team Expansion
The last update for today is our TEAM . We are extending our team in terms of customer support.
This is important because we truly believe in our community and giving support and making sure that our community is taken care of we treat you people. We treat our community members, every investor, every participant in our discord telegram, Twitter like our people. And so, we have hired a dedicated customer support so that we make sure that, we are responding and answering any questions or queries that the community might have to show more love and passion for the community. Of course, even though we are in a bear market, we are not letting go of our community. We do our best to listen to you guys and incentivize all the participants out there.
For all the participants here at the end of the AMA, we will be passing out a form for all the participants to fill. If you fill this form, you are eligible for a MAHA airdrop, and this is sort of the incentive and the proof of attendance that we are giving away for this AMA.
Questions and Answers
Steven: Hey, Joseph, nice to meet you. Fantastic question. The answer is obviously yes, but first we are starting with ARTH. A lot of the people we are working with also want to accept MAHA as payment. We incubated a project called scallop in the month of November and scallop is bringing about the world’s first Defi bank. So, they bring banking and payments to almost everyone in the world out there. And two of the currencies that will be accepted as payment through Scallop will be ARTH and MAHA. So, the short answer is yes. Pretty soon we will be seeing a lot of businesses accepting ARTH and MAHA as payment. And as you’ve seen today, merchants in Venezuela are accepting ARTH as payment. And so, we have just cocooned, in terms of getting adoption for ARTH and MAHA
Steven: Not officially by MAHADAO, but through scallop our partner project. So, scallop is coming up with scallop pay where there’s support for many different cryptocurrencies, including bank accounts, credit cards POS systems. So through scallop pay, we are going to have ARTH and MAHA integrated as well.
Steven: The MAHADAO community is very sorry for a lot of the people that got hurt by the Luna incident. It is my belief that a project should never hurt or be very careless with its investors. For MAHADAO, there have been a lot of lessons that we have learned for our community. Among them is one, ARTH is going to be backed 110% with cryptocurrency collateral not MAHA but mainly ETH and BITCOIN. We are also not an algorithmic stable coin. ARTH is going to be the first stable coin that is going to actively promote inflation proof properties whilst being backed a 100% by Eth and Bitcoin so there is always stability for ARTH. Infact, ARTH is one of the few stable coins that has survived the bear market and has not lost its peg by too much. So happy to share that ARTH stablecoin is 110% backed by cryptocurrency collateral, not an algorithm stable coin and ARTH is inflation proof. So, we have all these things that make us obviously better and different from the Luna ecosystem.
Steven: It is already live, and you can see the work being done in Venezuela.
Steven: Theoretically, there can be as many as I,dunno if you were to lock 0.1 MAHA for NFT, then they can be, you know, 10 millions of NFTs. But for the JPEG, they are minted only if lock a hundred MAHA. So minimum criteria for a JPEG is a 100 MAHAX and essentially if you lock your MAHAX, you can them for sale on platforms like Open sea, rarible and so on and so forth. Mathematically, with 10 million max supply and a 100 MahaX floor, you’re looking at a max supply of about a 100,000 NFT copies, but we expect that practically, not more than 6,000 or 10,000 NFTs would be there because so many MAHA is locked in exchanges, in liquidity pools, in other places like cold wallets. So, we expect some somewhere around 6,000 or 10,000 copies, but this can grow as well.
Steven: Happy to share with you guys that people who stake MAHA right now, at least a 100 MahaX will be getting a fancy JPEG. And of course, the MAHA supporter who stake their NFT will get a slightly rarer or more unique JPEG than obviously people who come after the launch. So if you have staked your MAHA, then yes, you are getting your NFT.
Steven: Well, the highest tier of NFT will be for a person that locks 25,000 MAHA tokens and surprisingly there have been people that have locked that much MAHA given that we are in a bear market, it should be more affordable for people to, you know, I guess lock 25,000 MAHAX. For 25,000 MAHAX you will get the god level NFT. I think there are three to four people in our community that are eligible for the God level NFT. A fun fact, we are calling the God level NFT Bhagwan which is a Hindi term for a God, a Hindu God. So you can see a lot of a lot of brand recognition will be there for the Bhagwans out there.
Steven: This has not been revealed so far, but I can give you guys a small hint, the more MAHA you lock, the more NFTs you get, the, the rarer your NFT becomes. You can obviously list your locked MAHAX on open sea through the NFT. Of course, once the lock expires, you can withdraw, burn your NFT and withdraw the underlying MAHA. And if you extend your MAHA lock by staking more MAHA, or by extending your lock if you do twice the amount your NFT evolves or your NFT changes. So, if I start with 200 MAHA and I lock 200 more MAHA, so I double my lock amount, then my NFT evolves or changes into a completely new, random design. And obviously the, the new design is going to be rarer than the previous design. So, as you start to double or lock more MAHA, the NFTs will start to evolve as well.
Steven: A lot of the work has been done. We are currently in the process of finishing the documentation and preparing for Testnet, but one thing that we are not going to do is launch of the Testnet until the growth of the community reaches a certain point. So, we are waiting very carefully for the community to grow, 10 times bigger than what it is today. You know, we want people in our discourse, speaking to us, we want people, you know, wearing the MAHA NFTs as their brand. We want people out there using the wallet, using the app, living and breathing and prophesizing the MAHADAO ecosystem. Once we grow our community to such a big number where, you know, it becomes literally a tribe or, or a community that can dig down an entire blockchain, like how, you know, the board Ape community could take down the third blockchain that’s when we are launching the MAHA chain.So the MAHA Chain launch is going to happen when the community grows as big as we can.
Steven: We don’t have goals per se, but we have extended the community contributors and the people who are in customer support. And the reason is because we believe that giving support and answering questions from our community is the most important thing out there to make them feel like home. Ensure they feel like, hey, you know, the team is accessible, I’m accessible. You know, we can answer your questions and we are trying to answer as much as possible. So as far as team size, we are focusing on customer support, expanding that, but as far as the core team size goes, we are very particular in hiring good people and hiring talented people. So, whilst there is, of course the bear market, we are still on the lookout for a couple of few hires, that are very talented and experienced.
Steven: Yes of course. The last two weeks has been sort of busy for the team. This week we restart the partnerships, and we restarted the AMAs, the marketing with the various communities and so on. We recently doubled our marketing team. So, from next week, we are going to do a lot more activities with influencers, projects, communities,
Steven: First of all, thank you for being a loyal supporter. And thank you for staking your MAHA to be a part of the community. So you don’t get a 10 NFTs, you get one NFT, but your NFT is 10 times rarer than the person that stake a hundred MAHAs NFT. So, you get one NFT that represents your lock, but it’ll be 10 times rarer than the other NFTs. The rarer your NFT is, the more posters, T-shirts, you will get, you’ll be invited to exclusive events, you’ll be invited to meet closed door celebrities, hangouts on Metaverse with the core team. There’s so much that you can do.
Steven: The NFTs themselves have an underlying value of MAHA. If MAHA price appreciates or improves, then the base floor price of the MAHA NFT will also improve because the speculators will look at the NFT as a futures contract, basically… And in terms of rarity so there’s going to be in the terms of supply because the max MAHAX for NFT is going to be 25,000. MAHAXs now this not a lot of MAHA in the market. There’s only, I think at the moment, 3 million MAHA out of which 18% is staked then a further 20 to 25% on exchanges. So, there’s not a lot of MAHA that is out there in the market and is very distributed. The number of holder that hold 25,000 MAHAs, which is the god level MAHA NFT. There are not many people out there. So we have accommodated roughly 20 to 40 different bhagwans out there. So therere only going to be 20 to 40 different rare NFTs. So yeah, I mean the, the more you lock the rarer it’s going to be, and the max level is 25,000 MAHAs.
Steven: Well, the MAHA NFTs is our brand NFTs. And so pretty soon when we reveal the roadmap, you will see that the end goal is to see the MAHA NFTs participating in a metaverse. So, all the Maharajas, the Bhagwans or whatever we call these NFTs, they will be, in the metaverse of their own with other celebrities and exclusive communities that we will have.
Steven: Most of the collateral has been refunded, and most of the BNB that was used where from the teams. So, I think there’s no harm since it’s mostly the team’s expense. So so yeah, and most of the people have been refunded for whoever collareral on BSC. So hopefully that answers your question.
Steven: That’s such an amazing name. So, Smurf, we are putting on hold for the Phantom in Avalanche, the two chains that we were very excited to work with. The reason why is because we are going to focus on what we have on the ground first and work on making our engine grow bigger. We have scheduled the Phantom and Ava Chain for some time around end of June. Right? And so not too long, but a small break because we want to focus on the core products on the BSC, Polygon and Ethereum Chains and ensure that they grow to a certain level.
Steven: Hey, Ivan, thank you for your support and your questions. So, to answer your first question, when can we expect the lending protocol on ETH and Polygon? It’s a compound fork currently the rebranding and the testing is underway. So sometime mid of June, I think we would expect this to go live. The second question is when can we expect the MAHA Chain Testnet? Currently the team is working on completing some of the incentive controllers and the documentation once all of that is finished. I think sometime around the end of this year, we would see the MAHA Chain Testnet, but really Ivan the date for the Testnet is very much dependent on the community side. We want to grow the community to such a large number. And after that, we would then launch the Testnet.
Steven: Yes, we are speaking to a lot of exchanges. We are focusing a lot on the Ethereum chain moving forward, because a lot of exchanges want Ethereum integration. So yes, there’s a lot of big exchanges that we are working with specifically the tier ones.
Steven: Well, ARTH right now has stood the test of time. It is still backed 110% even thought the market has crashed. The protocol itself has proven that it can sort of sustain even a market crash situation.
Steven: No. The reason is because USDC does not appreciate in a bull market. We want ARTH to appreciate in a bull market. So that is only possible if ARTH is backed by Bitcoin and ETH. So ARTH will only be backed by decentralized cryptocurrencies, not centralized crypto coins, like USDC, USDT, and the likes.
Steven: Nice to meet you, Farhad. So the rarest NFT is 25,000.
Steven: Yes, so if you lock your MAHA for, let’s say one year. After the end of one year, you can basically burn the NFT and redeem the underlying MAHA for it.
Okay, guys, one last question, before we conclude, thank you so much for all the love and support you guys are, you guys are, have shared so far. I do want to take from somebody who has not has not asked a question before, so, okay. I guess a special attention to this one.
Steven: I hope I pronounced your name, right? So, there is a lot of fancy marketing stuff we are going to be doing for the MAHA community and obviously the Luna community, because we share a lot of supporters from the Luna ecosystem. Of course, by then the MAHA price would be a lot different, but there is a budget allocated to air dropping for community members from the cosmos ecosystem that participate as validators, stakers, participants in the chain and so on, so forth. So yeah. Hope you are excited for the airdrop once the once the MAHA Chain goes live.
Okay, guys I have shared in the chat right now, a Google form that you can all have a look at. Please fill to show you participated in this AMA for the reward and incentives, we are going to give out. Do take a screenshot of what you’re seeing right now and submit your ERC 20 wallet address, your telegram handle name and the screenshot of this AMA. The link is just shared right now on the YouTube live chat. Kindly take out time to fill out and enjoy some of the juicy MAHA rewards I’m going to give you because, hey, we want you guys to hold MAHA. We want you guys to be a part of the protocol and enjoy some of the different incentives we have out there.
And with that, I would like to thank you guys for participating in this, in this AMA hope you all enjoyed the massive updates out there and looking forward to the community growing and expanding with the NFTs and the lending protocol. This is me, Steven, signing off. Thank you so much for being with us and have a wonderful weekend ahead.
Thank you, guys.
See you soon.