Mars The Lending Protocol From Terra is Ready To Launch Its Mainnet
The Mars Lending Protocol from Terra is now ready to launch its mainnet. This blockchain-based protocol will enable users to lend and borrow digital assets in a trustless manner. The protocol is designed to be scalable and efficient, and it will use the native token of the Terra blockchain, the Luna, as its primary currency.
The year 2022 will be remembered for a lot of events that took place, however, two of the events that trumps ever other event is the Terra LUNA crash which saw the ripple effect with the crypto market crash, and the execution of Ethereum Merge. Now that all are aware of the token, in today’s news, we are going to talk about Mars, the lending protocol of Terra. According to the release from Mars Hub, it will be launching an independent Cosmos application chain. They will also issue MARS tokens to users who hold the token during the two snapshots on Terra Classic.
Note: A snapshot is a file with the recording state of a blockchain at a particular time, including all existing address and transactions data.
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The launch of the Mars main net is going to happen on January 31, 2023; according to the statement released from the mending protocols website. Mars Hub will also be serving as a home base for an array of outposts on other blockchains starting with Osmosis in February 2023. The Mars Hub mainnet will go live with 16 genesis validators. These validators includes Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake among many others. Along with the 16 genesis validators there is going to be an additional 34 slots for permissionless validators; they will be available post the launch of the mainnet.
On January 31, Mars Hub Mainnet will go live.
— Expedition | Mars Protocol 🛰️ (@ExpeditionMars) January 20, 2023
The future of Terra’s lending protocol, Mars.
Source: Mars Protocol
The Mars Hub launch sequence have been set to be completed in three phases, the first of which has already begun:
- Alpha (Finished): A private testnet for developer and a limited number of Mars community members
- Ares (Ongoing): A public testnet available galaxy-wide
- Mainnet (January 31): The full launch of the Mars Hub mainnet
MARS tokens will be available to be claimed by eligible addresses via an airdrop that is set to go live with the mainnet, unlocking 64.4 million tokens for those users who held MARS during the two historical snapshots on Terra Classic. The protocol have made a total of 50 million MARS tokens available for the delegated to genesis validators for the launch. The tokens will have to be returned to the community pool a month later. The statement also stated, “This temporary delegation will help protect the network from attack by a rogue validator that could potentially accumulate a large delegation of MARS shortly after genesis and begin manipulating transactions on-chain.”
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The tokens will be available for six months after the launch via, Terra’s new interchain wallet; Station. Users who held MARS tokens on Terra Classic will also be able to inherit governance power.
Source: Mars Protocol
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