Mars Protocol: The ‘Bank’ of the Future

Mars is a credit protocol for the future: non-custodial, open-source, transparent, algorithmic and community-governed. The project enables users to lend, borrow, and earn with an autonomous credit credit protocol on the Terra blockchain.

On Mars, there are no limits. Anyone, anywhere in the galaxy can lend or borrow crypto.

Open to all. Closed to none.

Mars Protocol is a truly open-source and community-centric platform built atop Terra, enabling its users to access the platform as 1) a depositor with UST in exchange for maTOKENS, and 2) a user to secure a loan against their deposit collateral.

How to Use Mars Protocol

First, the obvious thing you must have: a wallet that supports Luna and other tokens issued on Terra Blockchain. Your wallet is your “ticket to Mars”.

Second, you need to know the basics of Mars Protocol. So we’ve broken it down for you:

  1. As you cross over to Mars, you’ll find your station or your dashboard. You will be able to review your portfolio, deposit or borrow cryptocurrencies, or explore other earning opportunities.
  2. The Red Bank: This is the fully automated lending protocol on Mars that runs 100% on computer code. The Red Bank has the potential to accept any form of digital value for deposits and loans- ranging from cryptos to synthetic stocks and beyond.
  3. The Citadel: This is where users can earn the right to ascend to run and participate as a member of the Martian council. The Citadel represents the community-centric concept of Mars Protocol by enabling users to help the protocol itself shape its future.

We believe in the power of individuals over corporations; of innovation over the status quo; and of giving a voice to the ones with skin in the game.

— Mars Protocol

Recent Updates from Mars:

The Mars Lockdrop is now live with additional FAQs answered by Martian Elders.

  1. Is Mars audited for security? Yes, Halborn Security and Security Oak.
  2. Where can I see my airdrop? Airdrops for LUNA stakers will be shown in Phase 2 of the lockdrop, where they can be used in the bootstrapping auction. Users who do not participate in Phase 2 will be able to claim and transfer their MARS airdrop when the protocol fully launches around March 7.
  3. Does UST in the lockdrop generate yield? In addition to the MARS reward, UST in the lockdrop does generate token yield from Mars smart contract borrowers, with rates determined by borrowing demand.
  4. Will I receive more MARS rewards if I lock UST today compared to a few days later? There is no difference in terms of rewards between locking your UST now or later.

If you’re looking for a truly decentralized banking system, here is your chance.

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DeFiDocs

DeFiDocs is an all-in-one educational platform connecting aspiring DeFi apprentices to the world of DeFi.