Terra’s ecosystem continues to grow, which has led to an increase in the market capital of its native token, LUNA. It has replaced Shiba Inu and DOGE as the market leader in digital assets, making it one of the 10 most valuable.
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LUNA, which has a 4.4% market loss over the week ended press time, saw some profit in longer time frames. Terra-based cryptocurrency is currently trading at $4958. This has been a much lower loss rate than large cryptocurrencies like Ethereum and Bitcoin which both record more losses of over 10% during the same period.
Terra’s success seems supported by its protocol’s tool to provide users with vast opportunities to generate profits via staking or “locking down” their tokens. In that sense, the ecosystem’s stablecoin UST has also seen impressive growth zooming on Tether (USDT), and USD Coin (USDC), in terms of market cap.
Do Kwon is Terraform Labs co-founder and tweeted about a potential new use for UST. Mars Protocol, a lending and borrowing platform announced its launch of the lockdrop. Users are rewarded for locking their UST with rewards.
I’m coming in https://t.co/7jRgSEVR31
— Do Kwon 🌕 (@stablekwon) February 21, 2022
User will yield farm the protocol’s governance token MARS by locking any amount of the stablecoin for the next 3 to 18 months, as clarified in an official announcement. Once this period has ended, users will be allowed to withdraw 100% from their initial investment. According to the protocol’s creators,
All participants who lock $UST will receive a “drop” of fully transferable MARS governance tokens when the full protocol launches in ~2 weeks. Participants who lock $UST will be the most knowledgeable DeFi players with skin in this game and they’ll receive the majority of the circulating MARS tokens when the protocol launches (around March 7).
Terra allows for more yield farming opportunities
This open-source algorithmic credit protocol for Mars will be distributed 10,000,000 MARS governance tokens. The airdrop has the objective of helping Mars to “function properly”.
Users can lock their UST via the protocol. Liquidity providers on the MARS/UST trading pair at Astroport’s decentralized exchange Astroport are also eligible to receive a 10% governance token. This will happen postlaunch. It will also include Red Bank users that have UST deposits.
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As stated by Mars team, LUNA holders are eligible for this launch. This will include a distribution of 10,000,000 Mars ARS. To receive the airdrop users must be registered stakers before January 1.It is possible toIt was 2022 when the snapshot was taken to establish beneficiaries. An announcement was made:
After the launch of Mars, airdrop recipients can continue to use their tokens up to three years after they were delivered. Any unclaimed tokens will be returned to the Martian Council — a DAO of xMARS token holders.