An India-based startup is coming for decentralized finance (DeFi) stalwart MakerDAO’s crown with the launch of its new “valuecoin.”
MahaDAO’s ARTH algorithmic stablecoin is now live on the Ethereum mainnet, according to a press release shared with CoinDesk. ARTH will also go live on the Matic network at an undisclosed point in the future, the team said.
The MahaDAO team defines the new token as a “valuecoin” for its ability to “maintain its purchasing power over time.” That’s compared to other stablecoins – like MakerDAO’s collateral-backed dai token – which are meant to mirror the dollar in terms of price value even if the greenback goes off a cliff.
“Elastic supply stablecoins are one of the most exciting and innovative verticals within DeFi right now,” MahaDAO co-founder Steven Enamakel said in a statement. “Having closely examined existing algorithmic stablecoins, and learned from their successes and shortcomings, we’ve engineered ARTH to ensure that it will be much more stable, making it suitable for a range of DeFi applications from lending to staking as well as real-world, non-crypto use cases.”