DeFi

Mars Protocol Is Expected To Launch The Mainnet On January 31

Key Points:

Mars Protocol announced that it plans to launch the Cosmos application chain Mars Hub mainnet on January 31.
It will issue MARS to users who hold MARS during the two snapshots on Terra Classic.
On January 31, the Mars Hub mainnet will go live with a genesis combination of 16 trusted and experienced validators.

Mars Protocol, the original Terra ecological decentralized lending agreement, announced that it plans to launch the Cosmos application chain Mars Hub mainnet on January 31 and will issue MARS to users who hold MARS during the two snapshots on Terra Classic.

A total of. 64.4 million new MARS tokens. At present, Mars Hub has released two proposals, one is to support the transfer of MARS to Osmosis through IBC, and the other is to apply for 310,000 OSMO as a liquidity incentive for the upcoming OSMO/MARS liquidity pool.

Each genesis validator will get a proportional delegation of 50 million MARS tokens (50 million or 16 validators), which will be returned to the Mars Hub community pool after one month in order to promote a safe and secure launch environment.

This short-term delegation will assist in defending the network from an assault by a malicious validator who may perhaps amass a sizable delegation of MARS soon after creation and start altering transactions on-chain.

Anyone can establish a Mars Hub validator after the first red block using their own MARS tokens or any MARS tokens delegated to their validators; a maximum of 50 validators can join the active validating set. The temporary delegation is no longer required as more validators join the network and amass MARS delegations.

Early in February 2023, the first Mars Outpost will be launched on Osmosis with complete support for borrowing and lending through the Red Bank. By establishing separate margin accounts, governance will then be able to expand leveraged yield farming on the Fields of Mars.

Mars Hub will serve as a home base for an array of outposts on other blockchains starting with Osmosis in February 2023.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.