Terra’s original lending protocol, Mars Hub, announced the launch of its standalone application chain on Cosmos on January 31, along with the issuance of MARS tokens to users who hold them during the 2 Terra Classic snapshots.
According to a January 20 release, the Mars Hub mainnet will go live with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, and ECO Stake, among others. After launch, another 34 slots will be available for permissionless validators.
On January 31, Mars Hub Mainnet will go live.
– $MARS Airdrop.
– Red Bank and Credit Accounts on @osmosiszone. pic.twitter.com/mfWxCsaoXo— Expedition | Mars Protocol ï¸ (@ExpeditionMars) January 20, 2023
A total of 50 million MARS tokens will be delegated to genesis validators for launch, and returned to the community pool a month later. “This temporary delegation will help protect the network from attacks by a rogue validator who could amass a large MARS delegation soon after genesis and start manipulating on-chain transactions,” the statement said.
The mainnet debut is the third and final phase of a three-step process that began with a private testnet for developers and some community members, followed by a public testnet. The first Mars slots will follow on the Osmosis blockchain in early February 2023.
Eligible addresses will be able to claim MARS tokens through an airdrop that will go live with the mainnet, unlocking 64.4 million tokens for those who held MARS during two historical Terra Classic snapshots. A snapshot is a file with the recording state of a blockchain network at a given moment, including all existing address and transaction data.
The distribution of MARS tokens was determined by snapshots taken before and after the unpegging of Terra Class USD (UST) from the US dollar – at block height 7544910 (May 7, 2022, ~11 am EST), and block 7816580 (May 28, 2022, ~11am EST).
The tokens will be available from six months after launch through Station, Terra’s new interchain wallet. Users who had MARS in Terra Classic will also inherit the governance power.
In May 2022, the collapse of Terra LUNA and its stablecoin TerraUSD (UST) had a broad impact on the cryptocurrency market, hitting the prices of tokens of DeFi projects hosted on the Terra protocol, such as Mars Protocol.
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