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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.