- MahaDAO has announced the launch of its asset ARTH on June 22.
- ARTH is a unique stablecoin fully backed by collateral.
- Users participating in the launch can win a NFT from MahaDAO.
DeFi project MahaDAO has announced that it will launch its own asset, ARTH, on June 22. ARTH is a fractional reserve stablecoin which is fully backed by collateral. Initially, the company plans to launch it on the Polygon Network. Later, it is to be deployed on Ethereum, Binance Smart Chain (BSC) as well as other blockchain networks.
The coin’s unique features include the fact that ARTH’s value is reflected by the underlying buying power of the asset rather than the price. This means that the currency is backed by a basket of uncorrelated assets e.g. a percentage of bitcoin, gold and fiat instead of being pegged to the value of the US dollar (USD) like traditional currencies.
The protocol’s native currency is known as MAHA. For ARTH, a deflationary token named ARTHX has been designed to absorb the volatility of the asset and guarantee its stability. Users who hold MAHA tokens are authorized to redistribute ARTH’s non-correlated basket of assets if they wish.
MahaDAO also plans to let users farm its new collateral-backed stablecoin through rewards paid in MAHA and ARTHX tokens. They can farm on SushiSwap, DFYN and other leading decentralized platforms.
Users can participate in the MahaDAO Genesis launch by pledging collateral in USDT, USDC, DAI, ETH and MATIC in exchange for ARTHX tokens. Participating users will receive lottery tickets to win a NFT from MahaDAO.