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Mars Hub, the original Terra lending protocol, release Release of the independent Cosmos application chain on January 31st and issuance of MARS tokens to users who hold it during the two snapshots on Terra Classic.
According to a January 20 statement, the Mars Hub mainnet will run with 16 Genesis validators including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake and more. An additional 34 slots for permissionless validators will be available after launch.
On January 31st, the Mars Hub Mainnet will go live.
– $MARS air drop.
– Red bank and credit accounts @osmosiszone. pic.twitter.com/mfWxCsaoXoExpedition | Mars Protocol (@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 after one month. This temporary delegation will help protect the network from attacks by rogue validators who could start manipulating transactions on-chain after he accumulates a large MARS delegation shortly after it occurs. ‘ said the statement.
Mainnet debut is the third and final phase of a three-step process, starting with a private testnet for developers and some community members, followed by a public testnet. The first Mars outpost will follow the Osmosis blockchain in early February 2023.
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MARS tokens will be claimable by eligible addresses via an airdrop running on mainnet, with 64.4 million tokens locked for those who held MARS during two historical snapshots on Terra Classic is released. A snapshot is a file containing the recorded state of the blockchain at a particular point in time, including all existing addresses and transaction data.
The distribution of MARS tokens was determined by snapshots taken before and after the depeg of Terra Class USD (UST) – block 7544910 (May 7, 2022, by 11:00 AM), and block 7816580 (2022 May 28, until 11:00 a.m.).
Tokens will be available six months after launch via Station, Terra’s new interchain wallet. Any user who retained his MARS in Terra Classic will also inherit governance powers.
In May 2022, the collapse of Terra LUNA and its stablecoin, TerraUSD (UST), will have a major impact on the cryptocurrency market, leading to the spread of decentralized finance (DeFi) projects hosted on Terra protocols such as Mars Protocol. It pushed up the token price.
