June 7, 2022
As painful as Terra’s implosion was, it radically expanded the vision for Mars. Rather than a single credit protocol for a single blockchain, it aims to become the credit protocol for all of Cosmos and beyond.
To do that, Mars will launch its own Cosmos SDK blockchain, Mars Hub, and seed other crypto star systems with Red Bank outposts to enable borrowing and lending wherever there’s demand.
As outlined in The rise of Mars Hub and an outpost on Osmosis, Martians who held MARS on Terra Classic will inherit governance power over the proposed Mars Hub in the form of MARS tokens. These new tokens will be claimable via an airdrop on Mars Hub for six months from their launch. The date of any launch is currently unknown. Starting now, though, users can review their airdrop eligibility for particular wallet addresses. Read on for full details.
To determine the token distribution, two snapshots were taken on Terra Classic — one before the depeg of Terra Class USD (UST) and one after:
On Mars Hub, the total supply of MARS tokens will remain 1 billion. Of the existing circulating MARS supply, 50% will go to MARS and xMARS holders in Snapshot 1, and 50% to MARS and xMARS holders in Snapshot 2.
Each user will receive MARS in proportion to their MARS holdings at each snapshot. For xMARS holders, their share will be calculated using the xMARS:MARS ratio at each snapshot. For example, if you hold 10 xMARS, and the exchange ratio was 1 xMARS = 1.1 MARS, then you will be credited the same amount of the new MARS tokens as if you held 11 MARS at the time of the snapshot.
In addition to MARS and xMARS tokens in your wallet, the airdrop takes other MARS positions into account including:
Both snapshots, which take inspiration from the LUNA distribution in the Terra Ecosystem Revival Plan 2, have been completed and published here. Please review the spreadsheet to confirm your address(es) and holdings are correct by hitting CTRL+F and searching for your wallet address(es). If you notice any discrepancies, create a support ticket in the Mars Discord and Mission Control will investigate.
Note that all amounts in the spreadsheet are denominated in “umars” or “micro mars.” Each umars represents 1/1,000,000 of a MARS token. To calculate your airdrop amount, divide the total number of umars by 1,000,000.
Additionally, four smart contracts held MARS as of the snapshots. Since smart contracts cannot claim airdrops, the owners should create a support ticket in the Mars Discord to receive details on how to specify the appropriate receiving address(es) for the airdrop. The smart contract addresses are:
Though the date of the airdrop is currently unknown, the end of one vision has given rise to another grander vision altogether. All new MARS tokens are expected to go live with the launch of Mars Hub. Keep comms channels open for imminent updates.
Please be advised all of the above reflects Mission Control’s current thinking, but is not guaranteed or promised. No contract is implied or duties assumed hereby. Do not make any financial decisions based on this announcement.
- Mission Control
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This article does not constitute investment advice and is subject to and qualified in its entirety by the Mars disclaimers here.