Mars Hub, the original lending protocol from Terra, has stated that on January 31, it would launch its own independent Cosmos application chain and give tokens of MARS to those who have it for two snapshots of Terra Classic.
The mainnet of Mars Hub will launch with 16 genesis validators. It will include ECO Stake, CrytpoCrew Validators, Cosmology, Chorus One, Chill Validation, Block Pane, and others, according to a Jan. 20 release. After launch, 34 more slots for validators who will not require permissions will become available.
The Validators Will Be For Safekeeping For The MARS Terra Mainnet Launch
For the launch, genesis validators will receive a total of 50Mn MARS tokens, which will then be restored to the pool for the community after one month. The statement explained that this short-term delegation will assist in defending the network against any assault by a malicious validator who may possibly amass a sizable allocation of MARS soon after creation and start altering transactions on-chain.
A three-step procedure that started with a closed testnet for only developers and some select community members, proceeded by an open testnet, ends with the launch of the mainnet. Early in February, the first of the outposts of Mars outpost be added to the blockchain of Osmosis.
Those who had MARS even during historic snapshots in Terra Classic will be able to claim 64.4 Mn tokens through an airdrop that launches alongside the mainnet and is open to accounts that qualify. A snapshot is a document that contains each and every address and transactional data that was present on a blockchain at a specific time.
Following the launch, the tokens will be accessible through Station, Terra’s new interchain wallet, for a period of six months. Additionally, users that held MARS on Terra Classic will receive governance authority.
The demise of LUNA and TerraUSD (UST), its stablecoin, in May had a significant effect on the cryptocurrency markets, driving down the value of decentralized finance (DeFi) projects like Mars Protocol that were running on the Terra protocol.
