Mars Hub, the original Terra lending system, made an announcement on January 31 about the launch of its separate Cosmos application chain. This announcement was accompanied by the distribution of MARS tokens to customers who held Terra Classic during any of the two snapshots.
According to a statement released on January 20, the Mars Hub mainnet will go live with 16 genesis validators. Some of these validators are Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, and ECO Stake.
Following the launch, there will be a possible expansion of 34 more seats for permissionless validators.
During the launch, a total of 50 million MARS tokens will be assigned to genesis validators, and then they will be restored to the community pool after an interval of one month. According to the release, ” This temporary delegation will assist safeguard the network from assault by a rogue validator that could possibly acquire a substantial delegation of MARS quickly after genesis and begin altering transactions on-chain.” This is noted in the statement. The first launch of the mainnet is the third and final stage of a process that initially consisted of a private testnet for developers and other select members of the community, which was then followed by the launch of a public testnet.
In the beginning of February 2023, the Osmosis blockchain will be used to establish the first Mars settlement.
MARS tokens will be made claimable by qualifying addresses through an airdrop that goes live alongside the mainnet. This will unlock a total of 64.4 million tokens for anyone who owned MARS during the two historical snapshots that were taken on Terra Classic.
A blockchain’s recorded state at a specific moment is saved in a file called a snapshot. This file contains all of the address and transaction data that was previously stored on the blockchain.
The distribution of MARS tokens was decided by snapshots obtained before and after the depeg of Terra Class USD (UST). These snapshots were taken at block 7544910 (May 7, 2022, approximately 11 a.m. EST) and block 7816580 (May 28, 2022, approximately 11 a.m. EST).
The tokens will be made accessible through Station, Terra’s new interchain wallet, beginning six months after the introduction of the platform.
Users who possessed the MARS token on Terra Classic will also gain the ability to rule.
The failure of Terra LUNA and its stablecoin TerraUSD (UST) in May 2022 had a widespread effect on the cryptocurrency markets, causing the values of tokens used in decentralised finance (DeFi) projects that were hosted on the Terra protocol, such as Mars Protocol, to plummet.