Cryptocurrency

Terra’s Lending Protocol, Mars Hub, to Launch Its Mainnet Soon


Key Highlights:

  • One of the principal lenders to Terra Luna was Mars protocol and Anchor.
  • After Terra’s demise, the entire value locked in the Mars Protocol loan app and the Astroport exchange decreased by $1.2 billion.
  • The new Mars Protocol strategy calls for the launch on January 31 of a brand-new independent Cosmos app chain.
  • There will be 16 genesis validators when the app chain launches and 34 more after that to keep the cap at 50. A 64.6 million token airdrop will also be a part of it.

Mars Hub, the original Terra lending protocol, has stated that on January 31, it would launch its own independent Cosmos application chain and give MARS tokens to those who hold it for two Terra Classic snapshots.

The Mars Hub mainnet will launch with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake, and others, according to a January 20 release. After launch, 34 more slots for permissionless validators will become available.

What will happen during the launch?

A complete 50 million MARS tokens will be given to genesis validators at the launch, and then, after a one-month break, they will be returned to the community pool. According to the release, “This temporary delegation will assist safeguard the network from assault by a rogue validator that could possibly acquire a substantial delegation of MARS quickly after genesis and begin altering transactions on-chain.” The statement makes notice of this. The first launch of the mainnet represents the third and last phase of a process that began with the launch of a private testnet for developers and other privileged community members and was followed by the launch of a public testnet.

The first Mars village will be established using the Osmosis blockchain at the start of February 2023.

Next steps for Mars Protocol

“From the red dust of Mars, a new hope rises with the upcoming launch of Mars Hub,” the first outpost will be Osmosis in February, where users will utilize Mars to borrow and lend tokens.

Later, community suggestions for governance will assist in integrating more outposts and activate leveraged borrowing, which is crucial for yield farms.

The most popular decentralized exchange (DEX) on Cosmos is Osmosis.

The community is invited to contribute suggestions on the Mars Forum, where all governance discussions and proposals will take place.





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