MAHA

What MAHA does

MAHA (formerly MahaDAO) is a community-governed DeFi protocol founded in 2020 and operated as a DAO with no formal corporate domicile. The protocol issues two core tokens: MAHA, a governance and utility token with a 10 million maximum supply distributed over 10 years, and ZAI, a USD-pegged stablecoin optimized for leverage and yield generation. MAHA holders vote on protocol parameters, incentive allocations, and strategic partnerships, with voting weight determined by veMAHA (vote-escrowed MAHA) lock duration and amount. The ecosystem architecture includes a Peg Stability Module (PSM) for 1:1 mint/redeem with USDC and DAI, a Direct Deposit Module (DDM) that supplies minted ZAI into MetaMorpho lending vaults, an sZAI Safety Pool for bad-debt coverage with slashing as last resort, and cross-chain bridging via LayerZero across Ethereum, Arbitrum, Base, BSC, Linea, X Layer, Optimism, Scroll, and Blast.

MAHA's product surface has expanded to include Wagmie, a self-serve token launch platform on BSC that routes tokens through PancakeSwap and Thena with eligibility for Binance Alpha and listing grants, and JeremyAI, an AI agent that autonomously allocates MAHA emissions, publishes data-backed governance proposals, and optimizes ZAI liquidity incentives. The protocol generates revenue through borrowing interest on ZAI loans, 1-3% redemption fees on PSM swaps, and Wagmie-related economics, with 60% of revenue distributed to ZAI/USDC liquidity providers, 20% to MAHA stakers, 10% to treasury, and 10% to the Safety Pool. The user base is global, decentralized, and consists of retail DeFi participants (liquidity providers, borrowers, governance voters), with 34 sanctioned jurisdictions excluded from service. The protocol has completed security audits by Halborn and Mundus Security and is led by founder/creator Steven Enamakel.

Name

MAHA

Legal name

Mahadao

Website

https://maha.xyz

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

MAHA (formerly MahaDAO) is a community-governed DeFi protocol issuing a governance token (MAHA) and a USD-pegged stablecoin (ZAI), with cross-chain deployment across 9+ networks, AI-driven governance via JeremyAI, and a token launch platform (Wagmie) serving global retail DeFi users.

Ownership category

akta.pro rank

Product category

Decentralized Finance Protocol

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL)

akta.pro secondary industries

Governance Frameworks & DAO Tooling (modules, templates, standards) (FSAPAHAC), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Grants, Funding & Budget Allocation Platforms (FSAPAHAE)

Keywords

• Decentralized finance protocol
• Governance token
• USD stablecoin
• AI governance automation
• Cross-chain lending

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Borrowing Fees: Users borrowing ZAI pay interest in ZAI tokens. This is the primary revenue driver for protocol scaling, generated through the Direct Deposit Module placing ZAI into lending protocols.
2. Redemption Fees: 1-3% fee charged when users redeem ZAI for underlying stablecoins (USDC, DAI) through the Peg Stability Module. Fees go directly to protocol treasury.
3. Trading Fees (Wagmie Platform): 100% of trading fees from tokens launched on Wagmie platform go to token creators. Protocol may earn listing grants and advisory fees from Binance Alpha/Listing programs.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

MAHA operates a community-powered DeFi ecosystem built around two tokens: MAHA (governance and utility token with vote-escrowed voting power) and ZAI (a USD-pegged stablecoin optimized for leverage and yield generation). The protocol features AI-powered governance automation via JeremyAI, cross-chain deployment across 9+ networks via LayerZero, and the Wagmie token launch platform on BSC with Binance Alpha access. Core mechanics include a Peg Stability Module, Direct Deposit Module for lending, Safety Pool for bad debt coverage, and native re-staking via Connext.

Product overview

MAHA is a community-powered DeFi ecosystem focused on creating stable money through two core tokens: MAHA (governance token) and ZAI (USD stablecoin). The ecosystem integrates AI-powered governance via JeremyAI, token launching via Wagmie, and multiple DeFi protocols (Curve, Aerodrome, PancakeSwap, Thena) for liquidity provision. Products include staking mechanisms (MAHA Staking, sZAI Safety Pool), peg stability modules (PSM, DDM), cross-chain capabilities (Native Re-staking, LayerZero Bridge), and a token launch platform. The architecture enables leverage and yield generation through ZAI while MAHA holders govern protocol parameters and incentive allocations.

Differentiator

Problem solved

Functional benefit

Brands

• ZAI: A lending-focused USD stablecoin that maintains a 1:1 peg with the US Dollar, optimized for leverage and yield generation within the DeFi ecosystem.
• JeremyAI

Products and services

• MAHA Token Governance and utility token that regulates the MAHA protocol. Holders vote on protocol parameters, incentive allocations, strategic partnerships, and safety pool management. Stakers earn revenue share, boosts up to 5x, and exclusive access to yield opportunities.
• ZAI Stablecoin Decentralized USD-pegged stablecoin (1:1 peg) optimized for leverage and yield generation. Users can mint ZAI against stablecoins via the Peg Stability Module or borrow through the Direct Deposit Module for leveraged positions.
• JeremyAI AI-powered governance automation that dynamically allocates MAHA emissions, publishes on-chain strategy reports, and autonomously executes liquidity mining programs. Phase 1 scales ZAI liquidity; Phase 2 will enable direct user interaction for yield discovery.
• Wagmie Token launch platform on BSC that enables instant token creation in a few clicks with no bonding curves. Tokens get 100% trading fees, instant listing on PancakeSwap and Thena, and eligibility for Binance Alpha and Grant programs.
• MAHA Staking Staking mechanism allowing users to lock MAHA tokens for up to 48 months to earn protocol revenue share, airdrops, governance voting power, and boosts up to 5x on all rewards.
• sZAI (Safety Pool) ERC4626 vault staking pool where ZAI holders stake to earn revenue and protect against bad debt. Stakers accept slashing risk in exchange for protocol revenue and MAHA emissions, with up to 5x boost for MAHA stakers.
• Peg Stability Module (PSM) Module allowing users to mint and redeem ZAI at 1:1 ratio with supported stablecoins (USDC, DAI). Maintains peg stability through market arbitrage mechanisms, with optional supply/redemption fees.
• Direct Deposit Module (DDM) Module that mints ZAI into lending protocols, enabling borrowers to take over-collateralized loans in ZAI for leverage. Generates interest revenue that is distributed back to liquidity providers.
• Native Re-staking Cross-chain feature enabled by Connext Network allowing USDC holders to restake on L2 networks, minting ZAI natively without interacting with Ethereum mainnet. Enhances liquidity and accessibility across chains.
• Swap Token swapping functionality for ZAI and MAHA with various assets, powered by Odos.xyz routing across multiple DEXs for optimal pricing.
• Bridge Cross-chain bridging via LayerZero enabling ZAI and MAHA transfers across Ethereum, Base, and other L2 networks. Bridging is instant with no fees except transaction costs.
• MAHAX NFTs NFTs created for every user-stake in the protocol, providing voting power (MAHAX balance), fee earnings, governance participation, and boosting capabilities. NFTs can be merged to combine voting power.

Quantifiable outcome

• Up to 20x leveraged yield exposure for borrowers (e.g., 300% gross yield at 100% interest cost)
• +3 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability6 records

Feature9 records

Partnerships

Nine partnerships are on record, tiered core and flagship.

• PendlecoreTechnology or IntegrationIntegration with Pendle protocol for PT (Principal Token) pools. JeremyAI analyzes and recommends allocations to Pendle pools based on ROI and liquidity impact analysis. MAHA holders vote on allocation proposals.
• EthenacoreTechnology or IntegrationsUSDe used as collateral in Peg Stability Module for minting ZAI. Ethena distributes yield every 8 hours which is collected and redistributed to ZAI stakers. Strategic integration for stablecoin-backed lending.
• Connext NetworkcoreTechnology or IntegrationCross-chain interoperability partner enabling native re-staking. Connext facilitates bridging USDC from L2 networks to Ethereum mainnet for ZAI minting, abstracting cross-chain complexities for users.
• LayerZerocoreTechnology or IntegrationCross-chain messaging infrastructure enabling ZAI and MAHA bridging across 9+ chains (Ethereum, Arbitrum, Base, BSC, Linea, X Layer, Optimism, Scroll, Blast). Powers cross-chain governance and native restaking.
• Binance AlphaflagshipGTM or Marketing PartnerTokens launched on Wagmie platform are eligible for Binance Alpha discovery and Binance Listing Grants. Provides marketing exposure and potential main listing pathway for successful tokens.
• MetaMorphocoreTechnology or IntegrationLending protocol integration through Direct Deposit Module. DDMetaMorpho pool supplies minted ZAI into MetaMorpho vaults for lending. DDMetaMorpho contract address: 0xe8aBC60984489C842EF9B2aDF3aF066DD260744B
• PancakeSwap & ThenacoreChannel Partner/ Reseller/ DistributorDEX platforms for token trading. Tokens launched via Wagmie get instant listing on PancakeSwap (BSC) and Thena. No bonding curves, ensuring fair pricing.
• AerodromecoreChannel Partner/ Reseller/ DistributorBase chain DEX for MAHA/ETH LP token staking. Users can stake LP tokens with 8x MAHA Bytes boost eligibility and AERO rewards.
• Curve FinancecoreChannel Partner/ Reseller/ DistributorAMM hosting ZAI/USDC, ZAI/MAHA, and ZAI/sZAI liquidity pools with corresponding staking contracts. Primary liquidity venues for ZAI stablecoin pairs.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MakerDAO / Sky: Original DAO-governed stablecoin (DAI) with on-chain treasury management and MKR/SKY governance. MAHA replicates this blueprint with ZAI, veMAHA, and a treasury governed by token holders — the closest structural comparable.
• Frax Finance: Fractional-algorithmic stablecoin (FRAX) with veTokenomics (veFXS), lending markets (Fraxlend), and cross-chain deployment. Comparable to MAHA in tokenomics design, stablecoin focus, and lending integrations.
• Curve DAO: veTokenomics pioneer (veCRV) with gauge-based liquidity incentives. MAHA's ZAI/USDC, ZAI/MAHA, ZAI/sZAI pools sit on Curve, and the vote-escrow + boost mechanics are direct Curve-derivative designs.
• Ethena: Synthetic dollar (USDe) using delta-neutral perpetual strategies and a governance token (ENA). Ethena is a core partner supplying sUSDe collateral to MAHA's PSM, making it both a peer and an integration dependency.
• Pendle Finance: Yield-tokenization protocol with veTokenomics (vePENDLE). MAHA routes emissions through Pendle PT pools via JeremyAI — they share the same yield-fragmentation thesis and lock-up governance model.
• Convex Finance: Liquid wrapper and boost layer for Curve veCRV with CVX governance token. Convex is the canonical "meta-governance + boosted yield" protocol — MAHA's veMAHA + 5x staking boost directly parallels this model.
• MetaMorpho: Optimized lending vaults built on Morpho Blue. MetaMorpho is the underlying lending venue for MAHA's Direct Deposit Module — a peer in the on-chain lending space and a critical integration counterparty.
• Aerodrome: Base-chain DEX with veTokenomics (veAERO) and vote-escrowed liquidity incentives. Aerodrome hosts MAHA/ETH LP staking with 8x MAHA Bytes boost — comparable in tokenomics design and Base ecosystem positioning.

Broad incumbents

• Aave: Dominant on-chain lending protocol that powers the borrowing side of ZAI's lending loop via MetaMorpho integration. Aave represents the institutional-scale version of what ZAI's DDM is attempting.

Others

• LayerZero: Cross-chain messaging infrastructure powering MAHA's OFT bridging across 9+ chains. Enabling technology rather than a direct competitor — comparable in the sense that MAHA's multi-chain footprint is built on this stack.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mahaxyz_
• GitHubgithub.com/mahaxyz

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MAHA