Terra lending protocol Mars Hub to launch mainnet
The Terra lending protocol MarsHub has expressed that it will launch its independent Cosmos application chain on January 31.
The MarsHub will launch an independent Cosmos application chain and issue MARS to users who hold the token during the two snapshots on TerraClassic.
MARS token to users who hold it during two snapshots on TerraClassic.
The MarsHub Mainnet will be going to live with 16 genesis validators including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake, and others also 34 slots for permissionless validators will be available post-launch.
50 million MARS tokens will be delegated to genesis validators for the launch and returned to the community pool one month later.
According to the statement "This temporary delegation will help protect the network from attack by a rouge validator that could potentially accumulate a large delegation of MARS shortly after genesis and begin manipulating transactions on chain"
The Mainnet debut is the third and last phase of a three steps process that starts with a private test net for developers and a few community members. the first Mars outpost will follow on the Cosmos blockchain in early February.
MARS tokens will be made claimable by eligible addresses via an airdrop that goes live with the Mainnet unlocking 64.4 million tokens for those who held MARS during the two historical snapshots on Terra Classic a snapshot is a file with the recording state of a blockchain at a particular time, including all existing address and transactions information.
MARS tokens distribution was determined by snapshots taken before and after the debug of Terra Class USD (UST): block 7544910 (May 7, 2022, ~11 a.m. Eastern Time), and block 7816580 (May 28, 2022, ~11 a.m. EST).
The MARS token will be available for six months after the launch via station Terra's new interchain wallet users who held MARS on Terra Classic will inherit governance power.
The collapse of Terra (LUNA) and its stablecoin TerraUSD(UST) may have a wide impact on crypto markets hammering the prices of decentralized finance (DeFi) projects hosted on the Terra protocol.