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Mars, one of the most hyped ventures in the crypto realm, would provide the financial services of a traditional financial institution without the drawbacks.
Furthermore, users that engaged with the Mars Protocol are eligible for an airdrop of their governance token, MARS. At the time of writing, the token that will provide the community of this protocol decision-making authority over future proposals is trending downward with considerable volatility.
Nothing new for protocols that have recently been introduced. However, some users have began to speculate about early investors dumping their MARS tokens on future airdrop recipients. On the subject, Delphi Digital’s José Mara Macedo stated:
Do Kwon, Terra’s co-founder, seems to be optimistic about the long-term development of the Mars Protocol. As a result, this current price movement may find support in the future weeks, leading to significant price gain.
The protocol seems to provide numerous passive income alternatives for yield farmers, which may appeal to long-term investors rather than speculators. Users who lock Terra’s token LUNA will get MARS as compensation over the following 3 to 18 months.
Over 10 million MARS tokens will be issued to early supporters of the system. Furthermore, the liquidity provider for the MARS/UST trade on AMM Astroport will earn a percentage of the awards over the next year. The Mars Protocol team said the following on their Twitter account:
Terra will provide more high-yield farming opportunities to investors.
The Mars team has confirmed that the procedure would give customers with three extra “leveraged yield farming options.” Based on the stablecoin UST and three distinct tokens, LUNA, Anchor (ANC), and Mirror (MIR).
The three techniques all work on the same principle: a user deposits one of the tokens on Mars and begins collecting rewards. ANC and MIR, on the other hand, provide users with double the incentives since their tokens are also deposited on Astroport to produce yield.
For example, if a user deposits ANC on Mars, the protocols will borrow 100% of the tokens deposited in UST. Later, Mars’ smart contract sends the original ANC and UST to Astroport to produce ASTRO awards.
Fields of Mars, a Mars Protocol smart contract with a deployment date planned for the next 24 hours, will enable yield farming tactics. At the time of writing, the protocol had two functions available: depositing and borrowing. They explained this on Twitter.
