Terra's original lending protocol, Mars Hub, announced the launching from its standalone app chain Cosmos on January 31, along with issuing MARS tokens to users who hold them during the two snapshots on Terra Classic.
According to a January 20 release, the Mars Hub mainnet will go live with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake, among others. There will be an additional 34 slots for permit-less validators available after launch.
On January 31, the Mars Hub Mainnet will go live.
- $MARS Airdrop.
- Red credit and bank accounts in @osmosiszone. pic.twitter.com/mfWxCsaoXoโ Expedition | Mars Protocol ๏ธ (@ExpeditionMars) January 20, 2023
A total of 50 million MARS tokens will be delegated to genesis validators for launch and returned to the community group one month later. "This temporary delegation will help protect the network from a rogue validator attack who could amass a large MARS delegation soon after genesis and start manipulating on-chain transactions," the statement said.
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 follow on the Osmosis blockchain in early February 2023.
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Eligible addresses will be able to claim the MARS tokens via an airdrop that will launch with the mainnet, unlocking 64.4 million tokens for those who held MARS during the two historical snapshots in Terra Classic. A snapshot is a file with the recording state of a blockchain at a given time, including all existing address and transaction data.
The distribution of MARS tokens was determined by snapshots taken before and after the decoupling of Terra Class USD (UST) - block 7544910 (May 7, 2022, ~11 am EST) and block 7816580 (May 28, 2022, ~11 am EST).
The tokens will be available six months after launch through Station, Terra's new interchain wallet. Users who had MARS in Terra Classic will also inherit the governance power.
In May 2022, the collapse of Terra LUNA and its stablecoin TerraUSD (UST) had a major impact on the crypto markets. Hammering Decentralized Finance (DeFi) Token Prices projects hosted on the Terra protocol, such as the Mars Protocol.
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