January 12, 2024
The following message from Mission Control highlights the biggest protocol developments on Mars during Earth month December.
On December 4th, Mars contributors proposed a monumental shift: migrating Mission Control to Neutron, with the plan to deploy the flagship Mars v2 dapp there. This strategic alignment was greenlit on December 25th, marking a significant step forward in the Mars-Neutron partnership.
The Neutron Foundation committed to a $3M USDC grant over two years to Mars Protocol Foundation for development and growth. In return, Mars Protocol Foundation will grant 60M MARS tokens to Neutron, with a six-year linear unlock schedule but immediate governance utility. This collaborative move aims to propel both Mars and Neutron into a synergistic future, with Mars v2's deployment on Neutron by Q3 2024 and governance token migration by the end of 2024. This partnership will also see Mars share 10% of the protocol’s revenue with Neutron, funds which should be used for the mutual benefit of both protocols. The alignment emphasizes a deep collaborative commitment detailed in various annexes as it aims to grow the user bases of both Mars and Neutron.
Read the full forum proposal here: https://forum.marsprotocol.io/t/mrc-67-mars-x-neutron-alignment/1128
On December 18th, Mars v2 hit a milestone when it hit $2 million in daily trading volume for the first time. This landmark reflects the growing demand for leverage within the Mars ecosystem.
Mars' Neutron outpost welcomed the arrival of new assets in December: $DYDX, $wstETH, and $wETH. This inclusion injects new diversity into the asset pool, giving traders with a wider array of strategic options.
Neutron proudly hosts one of the most liquid $DYDX pools, presenting a ripe opportunity for leveraging its potential liquidity in the Mars’ Red Bank. This strategic move positions Neutron as a pivotal player in harnessing the untapped potential of $DYDX in Cosmos.
The introduction of wstETH and wETH to the money market is also noteworthy. These assets, known for their high correlation as debt and collateral assets, open up innovative avenues for traders. Specifically, their inclusion paves the way for a looping strategy, where traders can cycle these assets to optimize returns. This synergy between wstETH and wETH showcases the outpost's commitment to offering robust trading mechanisms for LSDs.
Ready to deposit and borrow on Neutron? Head over to neutron.marsprotocol.io/redbank to get started.
Marsprotocol.io rolled out a new trading mode that was engineered to improve spot and margin trading against stablecoins. This streamlined approach simplifies trading on Mars and launched with a video tutorial for an easy onboarding experience: https://x.com/mars_protocol/status/1735056570730303852?s=20
In a detailed thread published in December, Mars contributors explored the nuanced differences between margin and perpetual swaps (perps) trading. This analysis revealed distinct advantages for each method: margin trading emerged as the preferred choice for medium-sized, buy-and-hold strategies while perps stand out for large, momentum-based trades, leveraging their unique market mechanics for speculative short-term movements.
With margin trading on Mars’ Osmosis outpost, traders can leverage their positions for 15+ assets. As part of the Mars x Neutron alignment, contributors are exploring the potential integration of perps trading when Mars launches its flagship v2 app on Neutron. This addition would complement margin trading and broaden the scope of overall trading strategies available on Mars.
To learn more about Margin vs Perps trading, dive into the report below: https://x.com/mars_protocol/status/1740025228372181436?s=20
In December, Mars successfully implemented a significant increase in the deposit caps for key assets on its Osmosis outpost. The stOSMO cap saw a substantial raise, escalating from 1.5 million to an impressive 5 million stOSMO. This move reflects a strategic decision to support the asset's growing traction and user interest, facilitating larger trades and a more robust liquidity in the Mars ecosystem.
Following suit, the caps for USDC, USDT, and AKT have also been raised, as outlined in the successfully passed proposal #166:
Ready to deposit and borrow on Osmosis? Head over to app.marsprotocol.io/lend to get started.
This December, the Mars community has once again showcased its ingenuity and collaborative spirit by sharing a variety of advanced trading strategies.
On January 8th, Neutron passed a proposal to accept a variety of new tokens as gas denominations. Alongside NTRN, ATOM, and axlUSDC, users can now use stATOM, wstETH, DYDX, and TIA to pay for their transactions. It’s a key update that improves the flexibility and convenience for users, especially those bridging assets from other chains.
For instance, users can now bridge wstETH from Ethereum and directly use it as a gas token on Neutron, simplifying the process and eliminating the need for token conversion. This enhancement not only adds versatility but also significantly streamlines the onboarding process for new users, making it more straightforward to move assets into Mars.
Accompanying this token expansion is an adjustment to the global fee module, designed to stabilize transaction fees at an average of $0.05. This ensures that the costs remain predictable and accessible, further improving the trading and transaction experience on Mars’ Neutron outpost.
This concludes Mars’ monthly recap transmission. Voyage to Mars on Osmosis at app.marsprotocol.io or on Neutron on neutron.marsprotocol.io now to explore all the latest rates, markets and strategies.
- Mission Control
Mars is a novel interchain credit protocol primitive that enables non-custodial borrowing and lending for the Cosmos ecosystem and beyond. Its hub and outpost architecture allows Mars to operate on any chain in the Cosmoverse, and enables a new primitive: the Rover. Live now, Rovers give their pilots DeFi superpowers to engage in virtually every governance-approved activity they might encounter on a centralized exchange: spot trading, margin trading, lending and borrowing — all in a single decentralized credit account represented by a transferable NFT. Your Rover awaits at app.marsprotocol.io.
Some or all features of mars v2 may not be legal to use in certain jurisdictions, including in the United States with respect to leveraged transactions. No person is solicited to use Mars v2 or receiving an offer to enter into any transaction, through this post or otherwise. Users are responsible for ensuring their own legal compliance and may be at risk of serious liabilities for violating their local laws or the laws applicable to other users interacting with them on a peer-to-peer basis through Mars v2. Remember, Cosmos, Neutron, Osmosis and Mars are experimental technologies. This post is subject to and limited by the Mars disclaimers, which you should review: https://docs.marsprotocol.io/docs/overview/legal/disclaimers-and-disclosures