Mumbai, Maharashtra, India | 23rd January 2021: MahaDAO, a decentralized autonomous organization (DAO) governed by its users, the MAHA community, are officially launching the first epoch for ARTH, the world’s first non – depreciating currency. The currency has been designed to improve existing fiat price-pegged stablecoins, that continually need to keep up with the money printing and upon elastic stablecoin protocols, which spend virtually all their time in the contraction phases. ARTH also has the additional benefit of incentivizing DeFi users to pool assets and earn inflationary rewards. ARTH will be available for Indian investors at 3.30 PM GMT today at www.arthcoin.com. The guidebook for accessing and navigating ARTH is available at: docs.arthcoin.com.
Speaking about the availability of ARTH coin for Indian investors, Pranay Sanghavi, Co-founder & Chief Business Officer, at MahaDAO said, “India is one of the key emerging markets for cryptocurrencies and we see a huge potential and intrigue among Indian crypto investors. The cryptocurrency segment is becoming more favoured in the subcontinent and ARTH is a valuecoin that will ensure wealth stability and subsequent creation for investors.”
He further added, “ARTH valuecoin uses smart contracts to fulfill the token trades at a stable price. This ‘elastic’ supply mechanism has been designed for ARTH to either stimulate the contraction or expansion of the token supply, similar to how central banks control the supply of fiat currencies.”
Unlike other stablecoins which are backed by the US dollar, the ARTH valuecoin is backed by a basket of uncorrelated assets in the ARTH vault and maintains (and even appreciates) its purchasing power regardless of wider market movements. The mechanism of the protocol is built to initiate an automatic rebalancing logic; keeping the net buying power of the coin stable.
The ARTH value coin is pegged to an index of several assets some of them are traditional, well known financial assets and some are new age, digital financial assets such as:
- 80% Global Fiat Currencies
- 15% Gold
- 5% Bitcoin
Hence, if fiat goes down; gold and BTC goes up and if BTC and goes down; fiat goes up. As a result, it is value stable. Over time, there is unlimited capacity to add new assets to the basket. ARTH will try and retain a peg to the GMU through a complex system of bonds that can be redeemed or bought when the peg is thrown off.
With the value of bitcoin jumping to USD 40,000 in 2021, the current cryptocurrency market capitalisation is pegged at USD 673 bn. This has led to the rise of a number of crypto exchanges across the world and in India. But since March 2020 when there was a global boom, there was a 12% jump in the number of trades that took place in India. The total value locked globally in DeFi has jumped from under USD 1 bn in March 2020 to over USD 22 bn today.
With the surge in such market growth for cryptocurrency, Sanghavi concluded, “India being one of biggest millennial investors in crypto assets will add ARTH a great value to the crypto ecosystem by increasing pace and growth in the Indian economy.’’
