Ex Terra crypto lending protocol Mars Hub launches mainnet

Ex Terra crypto lending protocol Mars Hub launches mainnet

Mars Hub has deployed its mainnet on the Cosmos blockchain. MARS token holders on Terra Classic to receive airdrop.

After a tumultuous baptism of fire as the Terra ecosystem collapsed in upon itself, the Mars Hub continued to build and has now successfully transferred over to the Cosmos ecosystem and today launched the  Genesis Block for its mainnet.

According to a blog post, the Mars Hub will expand to many “outposts” on Cosmos, and the first such outpost will be on Osmosis, subject to a governance vote on the proposal. Users will be able to borrow and lend the major Cosmos tokens and fees collected will go to MARS stakers.

The model of hub and outposts will allow the Mars Hub to set up new outposts “anywhere traders gather”.

The Mars Hub is the base for the Mars governing body, the council for which is made up of the Mars validators together with those who stake their MARS through delegation.

As yet there is no UI for interaction with the Mars Hub but there is a growing range of Cosmos tools and wallets that can allow for interaction with the MARS token and also partake in governance votes.

For the coming months, the blog post outlined the coming utilities:

Fully on-chain and composable, the Red Bank Outpost can serve as the basecamp for the deployment of advanced trading tools on Osmosis in the coming months. Mars’ first Red Bank outpost is built for compatibility with two main additional features, subject to approval by the Martian Council and Osmosis governance: First, Mars is expected to launch leveraged yield farming in the Fields of Mars. At a later point, a new primitive in the Cosmos ecosystem can be deployed: Rover credit accounts.

For those wishing to mint a free NFT to commemorate the launch of the Mars Hub, they can do so by following a link in the blog post. The post also explains how the MARS airdrop can be collected, and gives a short tutorial on the steps to be taken for staking MARS.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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