- Mars Hub announced the launch of an independent Cosmos application chain on January 31, 2023.
- Mainnet will go live with 16 Genesis validators.
- Anyone who held MARS at the time of the snapshot will receive MARS tokens via airdrop.
Any new launch in the industry is welcome; the Terra lending protocol, Mars Hub, recently announced its launch of the independent Cosmos application chain on January 31, 2023. Along with the issuance of MARS tokens for the users who held Terra Classic during the two snapshots before the ecosystem collapsed.
Per a statement on January 20, 2023, Mars Hub mainnet would go live with 16 genesis validators, including Block Pane, Chorus One, Chill Validation, CryptoCrew, Cosmology, and ECO Stake, among others. Also, another 34 slots for permissionless validators will be available after the launch.
Fifty million MARS tokens will be distributed to the delegated genesis validators for the launch, which will be returned to the community pool a month later. The statement further said:
“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.”
Chronology
This mainnet launch would be the third and final phase of the three-step process, which began with a private testnet for limited community members and developers; the public testnet followed this step. The first Mars outpost will be on the Osmosis blockchain, scheduled sometime in early February 2023.
How will MARS be distributed?
MARS token would be ready to claim by eligible addresses through the process of airdrop going live with the mainnet launch. This will unlock 64.4 million tokens for the users who held MARS at the time of two historic snapshots on Terra Classic.
Snapshot
A snapshot is a file where the state is recorded at a particular time, including the complete transaction data and all the existing addresses. Snapshots would determine MARS tokens’ distribution at the time before and after the de-pegging of Terra Classic USD (UST). Namely block 7544910, taken on May 7, 2022, at 11:00 a.m. EST, and another block, 7816580, taken on May 28, 2022, at 11:00 a.m. EST.
Availability
The token will be available six months after the launch through Terra’s new interchain wallet called Station. Another news for the holder of MARS on Terra Classic is that they will inherit the governance power in the ecosystem.
Impact of the Collapse
The collapse of the Terra ecosystem is considered a major event in recent crypto history. Some believe that this major collapse started a chain reaction that devoured many crypto entities like FTX, Alameda, BlockFi, Genesis, DCG, GBTC, etc., to suffer.
Its collapse and death of its algorithmic stablecoin TerraUSD in May 2022 created a grave impact on the crypto market. It nearly pulled the prices down of many Decentralized Finance (DeFi) projects that were at the time hosted on Terra protocol, including Mars Protocol.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/23/mars-a-terra-lending-protocol-to-launch-its-mainnet/