The original Terra lending protocol, Mars Hub, announced the launch of the independent Cosmos application chain on January 31, along with the issue of MARS tokens for users who hold during two images on Terra Classic.
According to a statement on January 20, the Mars Hub mainnet will go live with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validator, ECO Stake, and more. An additional 34 slots for permissionless validators will be available after launch.
On January 31st, the Mars Hub Mainnet will go live.
– $ MARS Airdrop.
– Red Bank and Credit Account in @osmosiszone. pic.twitter.com/mfWxCsaoXo— Expedition | Mars Protocol ️ (@ExpeditionMars) January 20, 2023
A total of 50 million MARS tokens will be delegated to the genesis validator for launch, and returned to the community pool one month later. “These temporary delegations will help protect the network from attacks by rogue validators who can gather large delegations from MARS shortly after genesis and start manipulating on-chain transactions,” the statement notes.
The mainnet debut is the third and final phase of a three-step process that begins with a private testnet for developers and some community members, followed by a public testnet. The first Mars outpost will follow the Osmosis block in early February 2023.
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MARS tokens will be able to be claimed by eligible addresses via a live airdrop with the mainnet, unlocking 64.4 million tokens for MARS holders during the two historical snapshots of the Terra Classic. A snapshot is a file with the state of the blockchain record at a certain point in time, including all the addresses and transaction data it contains.
The MARS token distribution is determined by images taken before and after the Terra Class USD (UST) depeg – block 7544910 (May 7, 2022, ~11 am EST), and block 7816580 (May 28, 2022, ~11 am EST).
The token will be available starting six months after launch via Station, Terra’s new interchain wallet. Users holding MARS in Terra Classic will also gain the power of government.
In May 2022, the collapse of Terra LUNA and the stablecoin TerraUSD (UST) had a major impact on the crypto market, affecting the price of tokens for decentralized finance (DeFi) projects hosted on the Terra protocol, such as the Mars Protocol.