Terra lending protocol Mars to launch Independent Cosmos Appchain on Jan 31

Key takeaways:

  • The Mars Hub will offer a stand-alone Cosmos application chain and distribute MARS to token holders.
  • The third and final stage of a three-step process is the mainnet debut. Beginning in early February 2023, the first Mars outpost will be added to the Osmosis blockchain.

Mars Hub, one of the original Terra Lending Protocols, has recently announced its intention to launch its independent Cosmos application chain on Jan. 31. This move comes as part of an effort to increase transparency and usability for both holders of MARS tokens and investors in the Mars economy.

The Mars Hub mainnet will launch with 16 genesis validators, comprising Block Pane, Chill Validation, Chorus One, and CryptoCrew Validators, according to a Jan. 20 release. Each validator will be responsible for verifying transactions on the network and will receive commissions based on service fees generated by their respective block producer. The launch of the mainnet will be followed by an additional 34 slots for permissionless validators. 

For the launch, genesis validators will get 50 million MARS tokens, which will be returned to the community pool after one month. This is done with the intention of helping ensure a successful launch of the network, as well as avoiding any potential security or attack vectors early on. The statement stated:

“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,”

A three-step procedure that starts with a private testnet for developers and some community members, followed by a public testnet, and ends with the mainnet launch. The first Mars outpost will be added to the Osmosis blockchain early in February.

The MARS token airdrop has officially been locked in for the mainnet launch of Mars, with eligible addresses able to claim 64.4 million tokens for holding MARS during the two historical snapshots on Terra Classic. A blockchain snapshot is a file containing a blockchain’s state at a specific time point. One can view all existing addresses and transactions on the network by taking a snapshot.

Following the launch, the tokens will be accessible through Station, Terra’s new interchain wallet, for a period of six months. Additionally, users that held MARS on Terra Classic will receive governance authority.

Terra and its stablecoin, TerraUSD, collapsed in May, sending shockwaves through decentralized finance. This precipitated a price decline in projects hosted on the Terra protocol.

Deep Dalal
Deep Dalal

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