From Terra to Cosmos – Last June, the ecosystem of Terra Luna crashed with a bang after the fall of the UST stablecoin. Many protocols developed on the blockchain are seen among the victims forced to change direction. So while some have bet on Terra 2.0, others are sailing into new universes.
Terra Luna Falls
This news was in the news for weeks between May and June 2022. This is indeed the time when the ecosystem of Terra Luna and its $60 billion collapsed.
The crisis that hit Terra Luna was caused by a lack of liquidity. Indeed, the stablecoin TerraUSD (UST) saw its rate break away from its dollar standard. This led to a spiral that dragged down the price of the supposedly hedged LUNA token. However, the simultaneous fall of UST and LUNA has led to waves of sell-offs across the ecosystem.
Sometime after this global disaster, the Terra Luna teams announced the launch of Terra 2.0. Nevertheless, the reception was mixed given the disaster in the past.
Among Terra Luna’s initially native protocols, many doubted Terra 2.0. This is particularly the case with the lending protocol Mars protocol who announced her last June willingness to migrate to the Cosmos ecosystem :
“As painful as Terra’s implosion was, it radically expanded the view of Mars. Instead of a single credit protocol for a single blockchain, it aims to become the credit protocol for all of Cosmos and beyond. »
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The launch of Mars Hub on Cosmos is getting closer
Last May, when the fall of Terra was still in the spotlight, Mars Protocol had already hypothesized a migration to the Cosmos ecosystem.
Indeed, in a May 27 blog post, the protocol teams explain that they are considering migrating to the Blockchain osmosisone of the blockchains belonging to the Cosmos ecosystem.
“The first Mars outpost, Red Bank, launches on Osmosis. Ranked in the Top 20 Blockchains by Total Locked Value, Osmosis has become one of the most popular AMM protocols in the Cosmos ecosystem. »
Subsequently, the teams provided an overview of version 2 of the protocol at the end of September. And this one comes with a new one blockchain change. Indeed, the developers explain that they want to create Mars Hub, a Cosmos appchain, built on the Cosmos SDK.
Finally, on January 20, 2023, the Mars Hub teams announced the launch of Ares, the first public testnet of the Mars Protocol appchain.
Mainnet is coming
This first testnet paves the way for the deployment of Mars Hub on mainnet. This should be launched on next January 31with 16 so-called genesis validators, to which 34 more independent validators will be added.
On the side of MARS token holders, a airdrop is to be expected. In fact, during both Terra Classic snapshots, MARS token holders will be able to claim native MARS tokens at the Mars Hub.
“MARS Tokens can be claimed by eligible addresses via an airdrop starting with the mainnet launch on January 31st. 64.4 million tokens will be unlocked and can be claimed by those who held MARS during one of the two historical snapshots taken on Terra Classic. »
Mars Protocol is not alone in choosing Cosmos. Indeed, a few months ago, the protocol against all odds, dYdX revealed its desire to migrate to a Cosmos appchain.
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