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Original Terra Lending Protocol Mars Hub Deploys Mainnet, Issues Airdrop
The protocol will initially be rolled out on Osmosis, Cosmos' largest decentralized exchange.
Updated May 9, 2023, 4:07 a.m. Published Feb 1, 2023, 10:57 a.m.
Mars Hub, the original lending protocol on the collapsed Terra blockchain, has deployed its mainnet on Cosmos, according to a blog post.
The protocol will be available on Osmosis, Cosmos' largest decentralized exchange (DEX) with total value locked (TVL) of $180 million. Users will borrow and lend Cosmos-based tokens, while those that stake the MARS token will receive a portion of fees as a reward.
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Currently, Mars Hub is only accessible on-chain. It does not have a user interface (UI), but there is a governance proposal to incentivize liquidity providers on Osmosis.
64.4 million MARS governance tokens have been unlocked, with those that held MARS tokens on Terra Classic receiving an airdrop based on two historical snapshots.
For now, MARS tokens are only available on the Mars Hub chain, which doesn't have a DEX, so tokens cannot be transferred for other cryptocurrencies.
Mars Hub was one of several decentralized finance (DeFi) protocols that fell victim to the contagion that followed the collapse of the Terra ecosystem last year. More than $60 billion in value evaporated after LUNA, the cryptocurrency at the center of the Terra blockchain, imploded after the terraUSD (UST) stablecoin fell significantly from its peg.
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