Mars Protocol To Launch On Terra, But Why MARS Has Seen A Massive Dump
March 07 2022 - 1:00PM
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Decentralized credit protocol Mars is set to launch today, March
7th, on the Terra ecosystem. One of the most hype projects in the
crypto space, Mars will bring the financial services of a legacy
financial institution without its tradeoffs. Related Reading |
Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives In
addition, users that interacted with the Mars Protocol are eligible
to receive an airdrop of their governance token, MARS. At the time
of writing, the token that will provide this protocol’s community
with decision power over future proposals trends downside with high
volatility. Nothing new for recently deployed protocols. However,
some users have begun speculating about the possibility of early
investors dumping their MARS tokens on future airdrop
beneficiaries. On this matter, Delphi Digital’s José María Macedo
said: Unfortunately, nodes Mars Protocol, Astroport_fi and other
Terra dApps connect to are down so nothing the team can do right
now. As a reminder, all Mars initial contributors are locked until
next year, so pls stop spamming about “inside job”. Terra
Co-Founder Do Kwon seems bullish on Mars Protocol long term
development. Therefore, this recent price action could find support
over the coming weeks and lead to potential price appreciation. For
yield farmers, the protocol seems to provide several passive income
strategies which could attract long term investors rather than
speculators. Over the next 3 to 18 months, as NewsBTC reported,
users that lock Terra’s token LUNA will receive MARS as
compensation. Over 10 million MARS token will be distributed for
early investors supporting the protocol. In addition, liquidity
provider for the MARS/UST trading on AMM Astroport will receive a
portion of the rewards over the coming 12 months. The team behind
Mars Protocol said the following via their Twitter handle: The Mars
UI will shortly be released and rewards will be claimable. However,
the Terra nodes Mars connects to are experiencing very high traffic
which will cause elements in the interface to update slowly. Please
be patient or try again later. Terra To Provide Investors With More
Yield Farming Opportunities As clarified by the team behind Mars,
the protocol will provide users with three additional “leveraged
yield farming strategies”. Based on the stablecoin UST, and three
different tokens LUNA, Anchor (ANC), and Mirror (MIR). The three
strategies operate with a similar mechanism, a user deposits one of
the tokens on Mars and start earning rewards. However, ANC and MIR
offer users 2x the rewards as their tokens are also deposit on
Astroport to generate yield. For example, a user deposits ANC on
Mars and the protocols proceeds to borrow 100% of the tokens
deposit in UST. Later, Mars’ smart contract takes the original ANC
and UST and send them to Astroport to generate rewards in ASTRO.
The Fields contracts will automatically harvest these rewards
multiple times per day and re-deposit them into your leveraged
yield farming position. — Mars Protocol (@mars_protocol) March 4,
2022 Related Reading | Terra (LUNA) Outperforms Popular Cryptos
Ether, Dogecoin In The Past 24 Hours Mars Protocol smart contract,
dubbed Fields of Mars and with a deployment date set for the next
24 hours, will support the yield farming strategies. At the time of
writing, the protocol has launched two features, depositing and
borrowing. As they clarified via Twitter: Depositing and borrowing
$LUNA and $UST within the Red Bank and staking $MARS for $xMARS.
Staking gives users access to governance via the Martian Council
where they can create and vote on governance proposals.
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