Key Points:
- Mars Protocol officially announced that it had launched the Cosmos application chain Mars Hub mainnet.
- Currently, the Mars Hub is only accessible on-chain, it has no UI, but there is a governance proposal to incentivize liquidity providers on Osmosis.
Mars Protocol, the original Terra ecological decentralized lending protocol, officially announced that it had launched the Cosmos application chain Mars Hub mainnet.
Mars Hub provides a neutral coordinating point for governance, staking, and network growth and is protected by up to 50 permissionless validators. The network may be expanded by establishing Red Bank Outposts on more chains, beginning with Osmosis, the top DEX for Cosmos with more than $180 million in total value locked up (TVL).
Users will be able to borrow and lend popular Cosmos tokens there, and MARS stakers—the same stakers who own the key to unlocking and deploying outposts on other chains—will receive a portion of the fees earned on the outpost.
Currently, the Mars Hub is only accessible on-chain, it has no UI, but there is a governance proposal to incentivize liquidity providers on Osmosis.
At present, 64.4 million MARS governance tokens have been unlocked, and those who hold MARS tokens on Terra Classic have received airdrops based on two historical snapshots. MARS tokens are now only available on the Mars Hub chain, which has no DEX, so it is not possible to exchange MARS for other cryptocurrencies.
Mars Hub, where all Martian explorers land, houses the Martian Council, the planet’s executive body. You must run a Mars validator or stake your MARS with an active validator through delegation in order to advance to the council.
In Mars v1, MARS stakers were in charge of overseeing the protocol and providing backup if something went wrong. xMARS, a transferable liquid staking token, served as the token for staked tokens.
Staked MARS won’t be utilized to backstop the protocol or serve as a transferrable liquid staking token under Mars’ new design. Instead, MARS stakers oversee outpost characteristics and risk criteria while protecting the Mars Hub network. They receive protocol fees in exchange for doing this.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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