Mars Protocol Airdrop Review: A Brave New World

by Cws Team
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About Mars Protocol Airdrop

Mars Protocol Airdrop is a credit protocol for the future: non-custodial, open-source, transparent, algorithmic and community-governed. It aims to attract deposits and lend out this money while managing illiquidity and insolvency risk. Unlike banks, Mars is fully automated, on-chain credit infrastructure governed by a decentralized community via a transparent governance process.

Mars Protocol is airdropping a total of 10,000,000 MARS to LUNA stakers, bLUNA holders & LUNAX holders. Users who’ve staked at least 10 LUNA or held at least 10 bLUNA or LUNAX by January 1st, 2022 are eligible to claim the airdrop.

Mars is a credit protocol for the future: non-custodial, open-source, transparent, algorithmic and community-governed. Like banks, Mars aims to attract deposits and lend out this money while managing illiquidity and insolvency risk. Unlike banks, Mars is fully automated, on-chain credit infrastructure governed by a decentralised community via a transparent governance process.

All decisions are made by the Martian Council, composed of MARS stakers who put skin in the game to backstop certain kinds of protocol risk in exchange for a portion of the protocol borrowing fees.

BasicDetails
Token NameMars Protocol Airdrop
PlatformTerra
Total Supply1,000,000,000 MARS
Total Value10,000,000 MARS
KYCKYC Is Not requirement
WhitepaperClick Here To View
Max. ParticipantsUnlimited
Collect AirdropClick Here To Collect Free Airdrop

How To Join Age Of Mars Protocol Airdrop

First Step

Visit the Mars Protocol airdrop claim page.

Second step

Connect your Terra wallet.

Third Step

If you’re eligible, then you will see a MARS button at the top right.

Fourth Step

Click on the button to claim your tokens.

Fifth Step

Users who’ve staked at least 10 LUNA or held at least 10 bLUNA or LUNAX by the snapshot date are eligible to claim the airdrop.

Six Step

The snapshot was taken on January 1st, 2022 at Terra block #5,895,050.

Seven Step

Users who had at least 10 LUNA or held at least 10 bLUNA or LUNAX will be able to claim 18.47 MARS and users who had a balance greater than or equal to 20,000 LUNA or held a balance greater than or equal to 20,000 bLUNA or LUNAX will be able to claim 3694.64 MARS.

Eight Step

The rewards can be claimed for up to three months after the launch of Mars Protocol else will be returned to the Martian Council — a DAO of xMARS token holders.

Nine Step

For more information regarding the airdrop, see this Medium article.

A Brave New World

On Mars, there are no limits. Anyone, anywhere in the galaxy can lend or borrow crypto. Built atop Terra, Mars will be the first credit protocol to utilize dynamic rates that can adapt to changing market conditions. It will be the foundation for a new constellation of not just financial products but of governance and collaboration too.

MARS token

  1. 1.Lenders: Deposit assets into Mars liquidity pools, earning an interest rate
  2. 2.Borrowers (collateralised): Borrow assets from Mars liquidity pools using their deposited assets as collateral. These borrowers must therefore also be depositors (lenders)
  3. 3.Borrowers (contract-based): Smart contracts that borrow assets from Mars liquidity pools without posting collateral. Each smart contract credit line must be approved by governance and will include a credit limit to mitigate the protocol’s risk exposure
  4. 4.Council: Stake MARS in order to earn protocol fees, participate in governance and backstop certain kinds of protocol risk

Staking — xMARS

Mars Protocol Airdrop holders who wish to participate in governance can stake their MARS tokens and receive xMARS in return, with an unstaking period of 7 days. xMARS has a few key properties:

  • Governance: 1 xMARS = 1 unit of voting power. Only xMARS (and MARS that’s locked for Mars Joint Venture contributors) can participate in governance, making decisions on asset listing, risk parameters, treasury spending and more.
  • Fees: xMARS holders will receive a share of protocol interest-rate revenue. Similarly to SushiSwap’s SushiBar contract, this will be done by using the revenue to buy MARS on the open market and adding it to the xMARS pool.
  • Safety Fund: xMARS holders will be incentivized to backstop protocol risk by using a pool of reserved aUST (the ‘Safety Fund’) as a first-resort source of recovery for shortfall events and staked Mars as a last-resort source of recovery for Shortfall Events, with up to 30% of their stake being locked and sold in case of a shortfall event

Tokenomics

Token Distribution

A majority (70%) of MARS will be reserved for post-launch distribution to or management by users and other types of participants in the Mars community. 30% of MARS will be reserved for entities who participated in the joint venture developing Mars and the service providers of those entities.

MARS Value Flows

Initially, 80% of all interest payments will go to lenders, with the remaining 20% being split amongst the Safety Fund and xMARS stakers.

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