From Earth to Cosmos – Last June, the ecosystem of TerraLuna crashed with a bang following the fall of the UST stablecoin. Among the victims we see many protocols that have been developed on the blockchain forced to change direction. Thus, while some have bet on Earth 2.0, others sail towards new universes.
Terra Luna waterfalls
This news was in the headlines for many weeks between May and June 2022. In fact, this is the moment when the ecosystem of Terra Luna and its 60 billion dollars collapsed.
The crisis that hit Terra Luna was caused by a shortage of liquidity. Indeed, the stablecoin LandUSD (UST) has seen its course detach from its dollar standard. This led to a spiral that dragged down the price of the presumably hedged LUNA token. However, the simultaneous fall of UST and LUNA has generated waves of sell-offs throughout the ecosystem.
Some time after this world disaster, the Terra Luna teams announced the launch of Terra 2.0. However, the reception was mixed in view of the past disaster.
Among the protocols initially native to Terra Luna, many questioned Terra 2.0. This is particularly the case with the loan protocol Mars Protocol which announced its own last June willingness to migrate to the Cosmos ecosystem :
“As painful as the implosion of the Earth was, it radically expanded the view of Mars. Rather than a single credit protocol for a single blockchain, it aims to become the credit protocol for all of the Cosmos and beyond. »
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The Mars Hub launch on Cosmos is getting closer
Last May, when the fall of the Earth was still in the spotlight, Mars Protocol had already hypothesized a migration towards the ecosystem of the Cosmos.
Indeed, in a blog post dated May 27, the protocol teams explain that they are considering migrating to Osmosis blockchainone of the blockchains belonging to the Cosmos ecosystem.
“The first Mars outpost, Red Bank, will be launched on Osmosis. Ranked among the top 20 blockchains by total value blocked, Osmosis has become one of the most popular AMM protocols in the Cosmos ecosystem. »
Later, in late September, the teams provided an overview of version 2 of the protocol. And this is accompanied by a new one blockchain exchange. In fact, the developers explain what they want create Mars Hub, a Cosmos appchain, based on the Cosmos SDK.
Finally, on January 20, 2023, the Mars Hub teams announced the launch of Ares, the first public testnet of the Mars Protocol appchain.
Coming mainnet
This first testnet paves the way for deployment of Mars Hub on the mainnet. This should start next January 31stwith 16 so-called genesis validators, to which another 34 independent validators will be added.
On the side of MARS token holders, a that is to be expected. In fact, MARS token holders during both Terra Classic snapshots will be able to request native MARS tokens at the Mars Hub.
“MARS tokens can be requested from eligible addresses via an airdrop which will kick off with the mainnet launch on January 31st. 64.4 million tokens will be unlocked and can be claimed by those who owned MARS during one of two historical snapshots taken on Terra Classic. »
Mars Protocol isn’t the only one choosing Cosmos. Indeed, a few months ago, the protocol dYdX has revealed against the odds its desire to migrate to a Cosmos appchain.
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