The Terra lending protocol, Mars Hub, has announced that it will launch its independent Cosmos application chain on January 31st, as well as issue MARS tokens to users who hold it during two snapshots on Terra Classic.
According to a recent statement, the Mars Hub mainnet will go live with 16 genesis validators, including Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, ECO Stake and others.
An additional 34 slots for permissionless validators will be available post-launch. This will ensure a strong and decentralized network at launch, with the ability to expand as needed.
To further protect the network from potential attacks, a total of 50 million MARS tokens will be delegated to genesis validators for the launch.
These tokens will be returned to the community pool one month later, ensuring that the network is protected during the crucial launch period.
The mainnet launch is the final phase of a three-step process that began with a private testnet for developers and some community members, followed by a public testnet.
This process has allowed the team to thoroughly test and fine-tune the network before its official launch. The first Mars outpost will follow on the Osmosis blockchain in early February, expanding the reach and potential of the Mars Hub network.
As a reward for users who held MARS on Terra Classic, the tokens will be made claimable via an airdrop that goes live with the mainnet. This will unlock 64.4 million tokens for those who held MARS during the two historical snapshots on Terra Classic.
These snapshots were taken before and after the depeg of Terra Class USD (UST) at block 7544910 (May 7, 2022, ~11 a.m. Eastern Time), and block 7816580 (May 28, 2022, ~11 a.m. EST).
The tokens will be available for six months after the launch via Station, Terra’s new interchain wallet. This will make it easy for users to access and manage their MARS tokens, as well as allowing them to inherit governance power.
Overall, the launch of the Mars Hub mainnet is an exciting development for the Terra lending protocol and the DeFi community as a whole.
With its strong network of validators, community-focused token distribution, and interchain capabilities, the Mars Hub is well-positioned to become a leading player in the DeFi space.
