Genesis Event 1 has ended successfully & We exceeded the mintage cap 3X over!

4 min readNov 21, 2021

A huge shout-out to all the participants of ‘Genesis Event 1’. We were able to achieve 5M BUSD committed within 19 minutes and 10M $XMS staked at the same time. It is truly magnificent, and we hope for the same success in the coming up ‘Genesis Event 2’.

At the end of the ‘Genesis Event 1’, we have in total of 16613052.5252 BUSD committed and 33226105.0504 XMS staked, which means we exceeded the mintage cap 3X over! Thanks again for your enthusiasm and patience.

🔥Stake USDm to earn with 3900+% APR

Now you can claim your freshly minted USDm：
👉https://app.marsecosystem.com/stablecoin/#/claim
Our pool with an APR 3900+%+ is now officially available, And you can stake your USDm to enjoy a high APR.
👉https://app.marsecosystem.com/pools
USDm Contract Address: 0xBb0fA2fBE9b37444f5D1dBD22e0e5bdD2afbbE85

🔥 A summary of 'Genesis Event 1'

Total BUSD committed: 16613052.5252 BUSD
Total $XMS staked: 33226105.0504 XMS
XMS claimable time starts: 28th Nov. 3:13pm UTC

🔥The 'Genesis Event 2'

The Genesis Event 2 is coming soon.

The date and details will be announced soon.

Keep your eyes on the countdown. https://app.marsecosystem.com/stablecoin/#/

🔥About 'Genesis Events'

The purpose of this Genesis is to incentivise the minting of USDm and to distribute XMS, BTC, ETH, BNB, CAKE to the early supporters of USDm for free.

The duration of Genesis is 30 days. A series of “Genesis Events” will be held during this rollout. The duration of each Genesis Event is several hours.

To understand the Genesis Event’s process through a graph:

x, r, n are variable ratios.
r = Your commit BUSD / Total commit BUSD
The mintage cap of each event will be changed
The final amount that minted for the user:

For example: USDm mintage cap = 3M, Total commit BUSD = 5M, You commit = 1000 BUSD, So you will receive 3M * 1000/5M = 600 USDm

🔥 Enjoy High APR with USDm

Immediately after the Genesis Event 1 ends, users can stake USDm to earn XMS, BTC, ETH, BNB, CAKE at Mars Pool with 3900%+ APR.

👉https://app.marsecosystem.com/pools

🔥 Liquidity for USDm

The BUSD that the user successfully mints into USDm during the Genesis will be deposited into the Mars Treasury. After Genesis Event 1 ends, all of the BUSD deposited in the Mars Treasury will be used to provide liquidity for the USDm-BUSD trading pair on MarsSwap. All BUSD deposited into Mars Treasury in the later Genesis Events will be temporarily stored in Mars Treasury. After Genesis ends and the USDm price stabilises at $1, these BUSDs will be used to provide liquidity for the USDm-BUSD trading pair on MarsSwap.

🔥 Security

We are all concerned about the security issues, as we promised, ensuring the safety of user assets is our top priority.

We attach great importance to the attack vectors that our innovations may bring, and for this, we have conducted multiple tests.

Our Stablecoin module is audited by the best security auditors in the world: SlowMist, Certik and BlockSec.

🔥Module restrictions

In order to achieve the purpose of incentivising the minting of $USDm and to be consistent with the economic dynamics caused by the unique economic mechanisms of Genesis, the following modules will not be open in Genesis:

USDm Minting
USDm Redeeming
USDm Mintage Control

The price of USDm in Genesis is highly volatile and will return to $1 after Genesis.

In order to incentivise the minting of USDm, the core modules related to the stability of USDm will not be open in Genesis. This makes the USDm price unstable at $1 in Genesis. As a result, the price of USDm is highly volatile in Genesis. However, the USDm price will return to $1 soon after Genesis.

Useful links:

📙 Whitepaper about Genesis in Multi-languages: https://docs.marsecosystem.com/whitepaper/genesis
📈 DAPP：https://app.marsecosystem.com/

🌎 Website: https://marsecosystem.com
🐦 Twitter：https://twitter.com/MarsEcosystem
🎬 Youtube: youtube.com/channel/UCUY30mQ_HRXDK80EoO5q_5Q/featured
🤖 Discord: https://discord.gg/gEWC4VVnNt
📝 Medium: https://mars-ecosystem.medium.com/
🧠 Reddit: https://www.reddit.com/r/marsecosytem/

👾 Join our community

🌟 English Telegram: https://t.me/mars_ecosystem

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