Guide to the Fields of Mars
Mars Protocol features four sections: Red Bank, My Station, Fields, and Council. In this article, we will be taking a look at the Fields of Mars, where users are able to participate in various leverage yield-farming strategies.
To start, a user first needs to connect their wallet. A guide to connecting your wallet can be found here.
Step 1: Pick a strategy
At launch, there will be three strategies available: LUNA-UST, ANC-UST, and MIR-UST. These strategies are explained in detail here. To summarize, they accept deposits in a primary asset (i.e. LUNA, ANC, or MIR) and allow you to borrow up to 100% of their value in UST. All deposits are then converted to Astroport LP tokens and staked on Astroport to earn rewards (including dual rewards such as ANC + ASTRO when available) and trading fees. The Fields strategies will automatically claim your rewards and re-stake them several times a day.
To participate in a particular strategy, you will need the underlying asset in your wallet. For example, if you want to participate in the LUNA-UST strategy, you will need LUNA in your wallet.
If you don’t have the particular asset in your wallet, you can click on the “BUY” button which directs you to Astroport (A decentralized exchange on Terra) to buy that asset.
Click on the “Farm” button in order to participate in the strategy.
Note: In this example, we will be choosing the LUNA-UST strategy.
Step 2: Choose Supply Amount
Once you click on “Farm”, you will be directed to this page. On this page, you can determine the amount of assets you want to supply.
Since this is a LUNA-UST strategy, the slider on the top represents the asset to supply, which in this case is LUNA. The slider on the bottom represents the asset to be borrowed, which will always be UST.
To start, choose the amount of assets you want to supply in the top slider. In this example, we chose to supply 100% of the LUNA in our wallet.
Note: In practice, you might not want to supply 100% of your LUNA to ensure you can pay for future gas fees.
This will prompt the bottom slider to be activated where users can determine how much UST they want to supply. By choosing how much UST to supply, this is effectively also choosing how much leverage a user wants to take.
By choosing not to supply any UST, a user by default will be choosing to borrow the maximum amount of UST possible. This means a user is taking on a 2X leverage position.
If you choose to supply 100% in UST, you will not be borrowing any UST. This means you’re not taking on any leverage. This is essentially just a normal LP position, where a user supplies an equal amount of LUNA and UST.
Once you’ve chosen an amount of UST to supply, click on the button “Farm”.
Step 3: Farm Confirmed
When the transaction is complete, you will be shown this page. Click on the “Close” button to be directed back to “Fields” where you can manage your existing strategies or start a new one.
Step 4: Manage/ Close your position
In order to manage/ close your existing position, click on the “Manage” button, under the “My Active Strategies” section.
This will direct you to this page where you can manage or close your existing position.
To lower the leverage of an existing position, supply UST to that position, which in turn repays the UST you’ve previously borrowed.
To close an existing position, withdraw all your primary assets, which in this case would be LUNA.
Once you’ve decided to manage/ close your position, click on the “Confirm”/ “Close” button.
When the transaction is complete, you will have a confirmation screen. Click on the “Close” button to be directed back to “Fields” where you can manage your existing strategies or start a new one.
This concludes the guide to the Fields of Mars.