Terra lending protocol Mars to launch mainnet, Independent Cosmos Appchain

Terra lending protocol Mars to launch mainnet, Independent Cosmos Appchain

Terra lending protocol Mars to launch mainnet, Independent Cosmos Appchain

Mars Hub, the original Terrra lending protocol has launched an independent Cosmos application chain on Jan 13. MARS tokens has also been issued to the users who held the tokens during the Terra Classic’s two snapshots.

With 16 genesis validators, the Mars Hub Mainnet will go live, according to the statement shared on Jan 20. These validators will include CryptoCrew Validators, Block Pane, Chill Validation, Cosmology, ECO Stake, Chorus One and many others. Post-launch, 34 more slots for permissionless validators will also be enabled.

For the launch, in total 50 million MARS tokens will be given to genesis validators, which will be returned to the community pool after a month. According to the statement,  “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.” 

The private testnet was launched for some community members and developers as the first step of the process. The launch of the mainnet is the third and the last phase of the process that began with private testnets, which followed the second step of launching a public testnet. The initial Mars outpost will be launched after the Osmosis blockchain in the start of the February 2023.

Users can claim MArs token via an airdrop. This will go vilve with the mainnet and will unblock 24.4 million tokens for the ones who held MARS tokens at the time of two Terra Classic snapshot.  The snapshot file includes all transaction data and existing users addresses, it record the state of blockchain at a particular time.

The distribution of MARS tokens was resoluted by snapshots taken before and after the depeg of Terra Class USD (UST) – block 7544910 on May 7, 2022, ~11 a.m. EST, and block 7816580 on May 28, 2022, ~11 a.m. EST.

Six months after the launch, the tokens will be available through Terra’s new interchain wallet, Station. MARS holders will be also able to inherit governance power. 

The fall out of Terra LUNA and its stablecoin Terra USD impacted the crypto market devataingly in May 2022. It has affected the projected on Terra Protocol such as Mars Protocol and decentalized finance’s token prices. 

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