MahaDAO Founders Buy Back 100,000 MAHA at an Average Price of $3.4
[PRESS RELEASE – Tortola, BVI, 16th December 2021]
The MahaDAO founders, Steven Enamakel and Pranay Sanghavi have recently bought back a large chunk of $MAHA from various private sale investors in a bulk OTC transaction. The deal was led by Simon Dedic from Moonrock Capital, allowing the founders to have a more vested interest in the project.
The deal marks a new beginning for MahaDAO as the project begins to take new heights with the launch of its valuecoin ARTH, a stable cryptocurrency that beats inflation in high inflation countries like Venezuela, Argentina, Turkey through its open-source mobile app.
Since the launch of the MAHA token in December 2020, MahaDAO has seen a high inflation rate of 2% of MAHA supply per month. However, this inflation rate reduces to 0.6% per month from December 2021, as private sale investors stop receiving token unlocks, making the MAHA token more scarce.
Due to the high volume of this trade which accounts for roughly 3% of the MAHA circulating supply, the MahaDAO team will be able to protect the governance of the DAO from any malicious whales.
“We are incredibly grateful to Simon Dedic and the Moonrock team for allowing us to become more vested in what we are building. As founders, we have a long-term outlook for the project and this deal ensures that we can protect MahaDAO’s governance for the long term. We are grateful that VCs like Simon also share a long term vision for MahaDAO” – Steven Enamakel, MahaDAO.
“We have worked with the MahaDAO team for more than a year now and fully believe in their capabilities to execute on their vision. As its crucial for their DAO to become as decentralised as possible, we decided to sell a majority of our MAHA holdings back to the team, to be more vested in their success, while still having a significant exposure left. We will continue to support the project to become one of the leading DeFi projects in this space.” – Simon Dedic, Moonrock Capital.
About MahaDAO
MahaDAO is the DeFi project behind algorithmic valuecoin ARTH. The valuecoin gives holders’ financial freedom with zero volatility, as it is value-stable and controlled by its community via a separate governance token, with holders able to vote on savings rates, stability fees, direction, strategy and future developments for the ARTH token.
OhNoRipple via https://www.ohnocrypto.com/ @Press Release, @Khareem Sudlow