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Mars Hub will launch a standalone Cosmos app chain. It will also give MARS to users holding the altcoin project during the two snapshots on Terra Classic.

Terra lending protocol Mars to launch main-net

The original Terra lending protocol, Mars Hub, announced on January 31 the launch of the standalone Cosmos application chain and will issue MARS tokens to holders during the two snapshots in Terra Classic. According to the announcement on January 20, the Mars Hub main-net will go live with 16 Genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake. An additional 34 slots will be available for unauthorized validators at launch.

A total of 50 million MARS tokens will be handed over to Genesis validators for launch. It will also be returned to the community pool after a month. “This temporary delegation will help protect the network from an attack by a rogue validator who could accumulate a large MARS delegation shortly after formation and begin manipulating on-chain transactions,” the statement said.

The main-net startup is the third and final phase of a three-step process that begins with a dedicated test-net for developers and some community members, followed by a public test-net. The first Mars observer will follow the Osmosis Blockchain in early February 2023.

How will the altcoin project distribute tokens?

MARS tokens will be made claimable by eligible addresses through an airdrop that goes live with the main-net unlocking 64.4 million tokens for altcoin holders during two historic snapshots at Terra Classic. A snapshot is a file with the record state of a Blockchain at a given time, including all available address and transaction data.

MARS token distribution determined by snapshots taken before and after Terra Class USD (UST) – block 7544910 (May 7, 2022, ~11:00 EST) and block 7816580 (May 28, 2022, ~11:00 EST). The tokens will be available six months after launch via Station, Terra’s new cross-chain wallet. Users who own MARS in Terra Classic will also inherit the power of governance.

cryptocoin.comAs you followed in , the collapse of Terra LUNA and its stablecoin TerraUSD (UST) in May 2022 had a wide impact on the crypto markets by lowering the token prices of decentralized finance (DeFi) projects hosted on the Terra protocol, such as the Mars Protocol.

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