Terra Lending Protocol to Launch Mainnet Mars

The original terra lending protocol, Mars Hub announced. Launch On January 31st with its independent Cosmos application chain, issuing MARS tokens to users who held it during two snapshots on Terra Classic.

According to a statement on January 20, Mars HubmanNet will go live with 16 Genesis validators, including BlockPen, ChillValidation, CourseOne, Cosmology, CryptoCrewValidators, ECOStack, and others. An additional 34 slots will be available post-launch for non-authorized authenticators.

A total of 50 million MARS tokens will be assigned to Genesis vedators for launch, and will return to the community pool one month later. “This temporary delegation will help protect the network from an attack by a rogue validator who could potentially assemble a large MARS delegation shortly after birth and begin manipulating on-chain transactions,” he said. The statement notes.

The mainnet debut is the third and final phase of a three-step process that began with a private testnet for developers and some community members, followed by a public testnet. The first Mars outpost will implement the Osmosis blockchain in early February 2023.

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MARS tokens will be claimed by eligible addresses via an airdrop that goes live with the mainnet, unlocking 64.4 million tokens for MARS holders during two historical snapshots on Terra Classic. A snapshot is a file that contains a recording of the state of the blockchain at a particular point in time, including all current address and transaction data.

Distribution of MARS tokens is determined by Terra Class USD (UST) – Block 7544910 (May 7, 2022, ~11 am EST), and Block 7816580 (May 28, 2022, ~11 am EST).

Tokens will be available six months after launch through Terra’s new interchain wallet through Station. Users with MARS on Terra Classic will also inherit governance power.

In May 2022, the collapse of Terra LUNA and its stablecoin TerraUSD (UST) had a wide impact on crypto markets, Damaging prices of Decentralized Finance (DeFi) tokens Projects hosted on Terra Protocol, such as Mars Protocol.