Well, technically, Mars is moving to Osmosis.
As the fallout from the Terra Luna collapse continues, the plan ahead for some of the apps built on top of Terra is starting to become clear. While many have announced they will stay with the newly launching Terra 2.0 chain, others have made the decision to move on from the steaming pile of wreckage, to greener pastures.
Mars Protocol is one that is announcing a change of direction, and exploring a much bigger picture of its future beyond Terra. You can read the full announcement of their planned path forward in this medium post
The Mars Protocol is an autonomous lending protocol that was built on the Terra blockchain. With the demise of its home chain, the team behind it have been formulating a new plan, and have decided on a path forward that actually expands the reach of the Mars mission, launches a dedicated new chain, and looks at launching outposts on a number of Cosmos chains. The first of these outposts, is the obvious choice of Osmosis.
How will it work?
So, the structure of how their project will look down the track is as follows:
- Mars Hub - a new chain as home base, for governance, revenue distribution and staking.
- Osmosis outpost - this will be the first outpost, and enable lending and borrowing, initially of ATOM and OSMO, with USDC (bridged via Axelar) under consideration.
- Future outposts - not announced at this stage, but potentially on the relaunched Terra 2.0 chain, Juno, Comdex and/or others.
- The Hub and the outposts will be linked via IBC, cross chain smart contracts, and interchain accounts, all made possible by the highly successful IBC protocol.
Planned to be built using Cosmos SDK, Mars Hub could serve as the homebase for all of Mars’ outposts throughout the Cosmos galaxy. Each outpost of the Red Bank and Fields of Mars would stand alone on independent chains with their oracles. But the outposts could continually route data and fees back to Mars Hub.
The new MARS token will be distributed to those that held the previous token on Terra, with two snapshots taken in line with how the Terra chain is conducting its own snaps for Luna 2.0 or whatever they are calling it. The new MARS tokens will become available once the project launches its new chain, and it will control governance and earn staking rewards.
My thoughts.
I think this seems to be a very smart way to rebuild and overcome the challenge of having built upon Terra. The collapse could have ruined many of the projects on Terra, but it is good to see that plans are being put in place to change directions and adapt to the new realities of post UST life.
Personally, I have not used, or been involved with the Mars Protocol previously. Having its App on Osmosis is something I will look forward to. Despite the sell off and current low OSMO price, I still feel it is the best Dex in the cosmos eco-system. Having a dedicated credit platform on top of it broadens the appeal, and enhances the range of possibilities on Osmosis. I am looking forward to exploring Mars on Osmosis.
My other thought is that I really hope that one of the next outposts as Mars expand across the Cosmos will be on Comdex. I believe the synergy there would be strong, especially with the impending launch of Comdex's own stablecoin (CMST), which Comdex validator @carbonzerozone looked at in detail recently.
What do you think Osmonaughts, is a trip to Mars something you are looking forward to?
Let me know in the comments below.
For extended coverage of the Terra collapse, and relaunch, be sure to follow @melbourneswest, who is keeping across all the good, bad, and ugly happenings during the Terra saga.
Thanks for reading,
JK.
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