Introducing Mars v2

The current landscape

Mars v1 and the birth of C2C Lending

Introducing Mars rovers

  • Isolated credit accounts where users can aggregate DeFi activities into one spot with a single liquidation LTV
  • Bundles of on-chain transactions, which are represented by transferable NFTs that can potentially be sold and/or fractionalized
  • The ability to hold multiple rovers in a single wallet, providing a “sub-account”-like experience on centralized exchanges in a decentralized setting
  • Cross-collateralization between different C2C strategies (use your spot longs as collateral to leverage yield farm, for example)
  • Integrations with other DeFi primitives

The rise of Mars Hub

Rovers as NFTs

  • Identity: Credit accounts could expose on-chain net worth, health factor, and P&L, giving them the potential to contribute to on-chain identity and enabling social features such as leaderboards, ‘whale-watching’, copy-trading, etc.
  • Transfer/Sale: Users could sell or transfer their credit account to another user, including all positions within it.
  • Fractionalization: Users could fractionalise their credit account into fungible pieces and sell or distribute them. Provided appropriate governance controls are put in place, this could allow other users to effectively own a share of a given user’s trading activity and a secondary marketplace could be created for these fractionalized shares.
  • Collect: Credit accounts representing legendary trades/traders could emerge as on-chain artifacts owned by collectors.
  • On-chain behavior and competence: Could be tracked for credit scoring.

The evolving role of MARS tokens

  1. Secure the chain: All else being equal, the more tokens staked within the network, the more secure the chain as it becomes more expensive to attack. As a result, by delegating MARS tokens to a validator, users will help secure the chain.
  2. Access governance: When staking tokens with a particular validator, users are delegating the voting power of their tokens to that validator. In this sense, delegation allows users to participate in governance by staking their tokens with (and thereby increasing the voting power of) validators who align with their views. A user can passively allow a validator to vote on their behalf or they can actively participate in votes themselves.
  3. Receive fees: In return for securing the chain, a share of protocol fees will flow to validators and their delegators.
  • Token Claim (64.4M): To be distributed to all MARS token holders on Terra Classic as described here. These tokens will be fully unlocked and claimable upon genesis.
  • Community Pool (635.6M): To be distributed at the discretion of the community. Some of the use cases of this pool of funds could include incentivisation of staking/lending/borrowing, token grants and other community building programs.
  • Mars Contributors (300M): Subject to transferability restrictions for up to three years.

Launching Mars Hub

Celebrating Mars v2

  • Mars Hub’s architecture
  • Validation and staking
  • Liquidation mechanisms
  • Governance
  • Areas for further exploration and more

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store