The Redefining of Stablecoins is Now – Mars Ecosystem Genesis Event

Place/Date: - November 29th, 2021 at 6:40 pm UTC · 6 min read
Contact: Mars Ecosystem, Source: Mars Ecosystem

What is Mars Ecosystem and USDm?

Mars Ecosystem is an innovative stablecoin ecosystem characterized by novel economic mechanism designs that offer sustainable and high yields to its users.

Mars Ecosystem’s TVL has already surpassed $550 Million, and long before that, it has won the BSC MVB III September Monthly Star. Being selected as a Monthly Star means that Mars Ecosystem’s TVL, transaction volume, number of active users, community size and growth are among the highest protocols in the entire BSC and are recognized, acknowledged, and appreciated by crypto experts.

To eventually build the central bank and reserve currency of the DeFi world, the team is bringing to users Mars Treasury, Mars Stablecoin and Mars DeFi protocols, together they form a positive feedback loop, constructing the whole Mars Ecosystem.

As many would already know, a stablecoin is a cryptocurrency whose price is designed to be pegged to a certain cryptocurrency, fiat currency, or exchange-traded commodities. There are various types of stablecoins with different algorithmic mechanisms, but they all serve one purpose: to provide stability. They effectively invited participants who were unable or too concerned to enter the market due to excessive volatility.

Mars stablecoin USDm is price-stable, capital-efficient, scalable, and decentralized, Through the Mintage Control mechanism and the anti-bank run mechanism, USDm can guarantee that there will be no death spiral event, where a large number of sell-offs of stablecoins happens in a short period, causing the price of stablecoins drastically lower than $1 and continue to fall until they reach zero.

The Genesis Events

With 5 million BUSD committed and 10 million XMS staked within only 19 minutes, ‘Genesis Event 1’ started from a perfect start.

It is ‘truly magnificent’, described by the Mars Ecosystem team, and with a total of over 16 million BUSD committed and over 33 million XMS staked, this event came to a perfect conclusion, exceeding the USDm mintage cap by over 3 times.

As this article is being written, Genesis Event 2 has predictably struck yet another huge success with over 1.5x mintage cap exceeded. The Mars Ecosystem team has also announced more Genesis Events taking place shortly.

The purpose of this Genesis is to incentivize the minting of USDm and to distribute $XMS, $BTC, $ETH, $BNB, $CAKE to the early supporters of USDm at an APR as high as 3,900%.

How to Participate?

To participate in the Genesis Event to mint USDm, users are requested to prepare both BUSD and XMS (Mars Ecosystem Token). The ratio will be announced before each Genesis Event. In the first Genesis Event, for every 1,000 BUSD committed, users also needed to prepare 2,000 XMS.

By participating in the Genesis Events, users can easily make a profit by either staking USDm minted to earn $BTC, $ETH, $BNB, $CAKE and other mainstream currencies to enjoy an over 3,000% APR, or by selling USDm on MarsSwap for BUSD with a high premium.

All Genesis Events are to be held in a span of 30 days. As of today, 2 Genesis Events have taken place, more are coming in the near future. For those who are interested in participating in the upcoming Genesis Events, check and follow the social links at the end of this article to stay tuned with Mars Ecosystem.

What is $XMS?

XMS, being the Mars Ecosystem token, has the Mintage Control Mechanism which ensures that the market value of XMS is at least 2.5 times the circulating supply of USDm. Compared with the DAI of the Maker Protocol with a supply of $4.8 billion, the market value of its governance token $MKR is 43.7 billion. If the Maker Protocol also uses the same mechanism created by the Mars Ecosystem, the market value of $MKR corresponding to 4.8 billion DAI will be $12 billion, being 3 times higher than the current valuation of $3.7 billion.

XMS is also the token for protocol governance voting. Plus, when users trade on Mars DeFi protocols, they will be charged transaction fees, which are assigned to the liquidity provider and partly assigned to the protocol itself. The protocol also assigns these fees to XMS stakers through the repurchase and redistribution of XMS (and other methods).

XMS is no doubt of great potential. Not only is it a token that users must hold during the Genesis minting process, but it is also indispensable after the IDOs on the Mars Launchpad goes online.

The Future of Mars Ecosystem

‘Community-first’ is the way the Mars Ecosystem team approaches the future. Everyone holding XMS can participate in MarsDAO and contribute to the development of the Mars ecosystem. After the launch of USDm, the team will focus on the demand for USDm in MarsSwap, and will proactively cooperate with more DeFi projects to expand the usage cases of USDm.

After the first Genesis Event, the Mars Ecosystem team will release a limited edition NFT in cooperation with the GamFi project: Celestial. Users can use XMS or USDm to purchase limited and highly empowered NFTs. Nevertheless, the team will also promote diversified cooperation with more high-quality projects and conduct IDOs on Mars Launchpad.

The Mars Ecosystem team has issued impressive rewards to users, but they seem to have no intention of stopping or slowing down from there. The team has announced that they will release a yield aggregator, which will help users increase profitability and manage their assets on more mainstream chains.

This is not over yet. The team will also provide USDm with low slippage and high capital efficiency liquidity on Mars StableSwap. Simultaneously, the entire ecosystem will also be constructed and expanded cross-chain.

The Mars Ecosystem team stated that helping to build the future of DeFi is one of the main goals of the entire project, and they will be committed to creating a safer and more profitable ecosystem for all DeFi users.

They believe that ‘To the Mars’ will become the new ‘To the Moon’ in the crypto and DeFi communities.

Instead of volatility, with the Holy Trinity of Mars Treasury, Mars Stablecoin, and Mars DeFi protocols to empower USDm, the redefining of stablecoins and even the redefining of DeFi is now – we shall witness together if $USDm will grow into the reserve currency of the DeFi world.

For more news and latest updates please visit Mars Ecosystem Medium and Reddit accounts, follow the team in Discord. Feel free to join Mars Ecosystem community in Twitter, English Telegram, and dAPP, or just check out their latest videos on YouTube or read Whitepaper.