The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during the two snapshots on Terra Classic.
On January 31, Mars Hub, the original Terra lending protocol, announced the opening of its standalone Cosmos application chain and the distribution of MARS tokens to users who held it throughout the two Terra Classic snapshots.
The Mars Hub mainnet will launch with 16 genesis validators, including, among others, Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, and ECO Stake, according to a statement on January 20. After launch, 34 more slots for permissionless validators will become available.
For the launch, genesis validators will receive a total of 50 million MARS tokens, which will then be returned to the community pool after one month. According to the statement,
“This temporary delegation will help protect the network from attack by a rogue validator that could potentially accumulate a large delegation of MARS shortly after genesis and begin manipulating transactions on-chain,”
A three-step process that started with a private testnet for developers and some community members, followed by a public testnet, ends with the mainnet debut.
Beginning in early February 2023, the first outpost will be added to the Osmosis blockchain. Those who owned MARS during the two historical snapshots on Terra Classic will be able to claim 64.4 million tokens through an airdrop that launches with the mainnet and is open to addresses that qualify.
A snapshot is a document that contains all of the address and transaction data that was present in a blockchain at a specific time. MARS tokens distribution was determined by snapshots taken before and after the depeg of Terra Class USD (UST) – block 7544910 (May 7, 2022, ~11 a.m. EST), and block 7816580 (May 28, 2022, ~11 a.m. EST).
From six months after the launch, the tokens will be accessible through Station, Terra’s new interchain wallet. Additionally, users who held MARS on Terra Classic will receive governance authority.
The demise of Terra LUNA and its stablecoin TerraUSD (UST) in May 2022 had a significant effect on the cryptocurrency markets, driving down the value of tokens used by decentralized finance (DeFi) projects running on the Terra protocol, like the lending Protocol.