Let's explore @mars_protocol - a game-changer in the @cosmos ecosystem.
This Credit Protocol allows participants to borrow and lend assets while managing illiquidity and insolvency risks.
THREAD 🧵👇
This Credit Protocol allows participants to borrow and lend assets while managing illiquidity and insolvency risks.
THREAD 🧵👇
1/ Unlike most #DeFi money markets, Mars Protocol introduced a new type of credit system in 2022, called the Field of Mars. It's a Contract-To-Contract (C2C) Lending system that enables borrowing without collateral.
2/ During @terra_money peak, Mars Protocol had $350m in TVL, accounting for 1.8% of Terra’s total TVL. After the crash of Terra they chose to rebuild on Cosmos due to its technology stack.
3/ On January 31, 2023, Mars Protocol launched its main net on Cosmos, becoming available on @osmosiszone, Cosmos' largest #DEX. They also introduced Farm Vaults, a feature that allows liquidity providers to increase their earnings.
4/ Mars Protocol extended the lock-up period for its governance token by six months as it transitions from Terra to its own Mars Hub app chain. This decision aligns with its goal to fortify its governance structure and ensure platform stability.
5/ To bolster risk management, Mars Protocol unveiled its Risk Framework 2.0. This comprehensive framework is designed to provide users with a robust system for managing their risks on the platform.
6/ Alongside its main net deployment, Mars Protocol launched its own cosmic application chain. They distributed Terra Classic $MARS tokens to users who held them during snapshots, showing their commitment to rewarding loyal users.
8/ The Mars Hub utilizes Cosmos interchain features for omnipresence and flexibility. The Hub administers activity on its outposts, governing all smart contracts, receiving fees, and distributing them to participants.
9/ The Red Bank is a peer-to-peer, decentralized, autonomous token lending/borrowing smart contract. It involves five different stakeholders: Validators, Lenders, Collateralized borrowers, Contract-based borrowers, and Liquidators.
10/ The Mars Hub launched on the 31st of January, alongside the $MARS token that was airdropped. This was followed by the MARS/OSMO LP on the 3rd of February and the Red Bank on Osmosis in early February.
11/ The maximum supply of $MARS tokens will be 1 billion. The token allocation is as follows: #Airdrop (6%), Community Pool (64%), and Mars Contributors (30%).
If you’re curious to learn more about @mars_protocol and want to dive deeper into this ecosystem, enjoy the full read here:
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