In this AMA Recap, we will try to summarise the most interesting points for you.
Segment 1: Introduction Questions
1: Can you briefly describe what is MARS? We would like to know more about it and how it works?
Mars Ecosystem was founded in the belief that decentralized stablecoins represent the long-term future of the crypto dollar over-centralized and regulated alternatives. However, decentralized stablecoins, even the most successful ones such as DAI, suffer from issues such as low capital utilization and scalability as a result of requiring over-collateralization.
Mars Ecosystem is a new decentralized stablecoin paradigm. Its goal is to propose a stablecoin system that can solve the positive externality problem and the integration problem, and has the characteristics of high price stability, high degree of decentralization, and high scalability. Mars Ecosystem consists of three parts: Mars Treasury, Mars Stablecoin and Mars DeFi protocols. It integrates the creation and use of stablecoin into the same system.
2. What are your main features that distinguish you from other projects and what competitive advantages do you have?
First of all, in order to be widely accepted and used by DeFi users, a decentralized stablecoin protocol must have at least the following properties: High price stability, High degree of decentralization, High scalability. But there is no decentralized stablecoin protocol that can satisfy all of these properties at the same time!
To solve all these problems, Mars Ecosystem has made the following unique innovations :
- Treasury assets classification mechanism
- Mintage control mechanism
- Anti-“bank run” mechanism
- The integration of DeFi protocols and stablecoin into the same system
These innovations give Mars Ecosystem the characteristics of high price stability, high degree of decentralization, and high scalability. And can guarantee the USDM price at $1 under normal market fluctuations and even deal with various extreme situations such as the large-scale sell-off of stablecoins in a short period.
3. Could you please provide some progress on your Roadmap and share some plans for 2021?
On 14th-15th June, we successfully finished IMO and IDO on Mars Ecosystem & BakerySwap & Helmet. insure to distribute our token to early supporters. Now users can trade on MarsSwap and XMS holders can start to stake their XMS to earn at MarsSwap: https://app.marsecosystem.com
In August, we will launch Mars Farms/Pools. We designed a new economic mechanism for the farms/pools to make them more sustainable, and the APR will be relatively high compared with some other well-known projects. In this way, users can get higher profits in a long-term period. Besides XMS holders, Cake holders & PancakeSwap LP tokens holders can also earn XMS with high APR! Mars Farms/Pools will be online within days, please stay tuned!
Starting from late August, we will cooperate with BSC’s major DeFi protocol such as DEX, lending protocols, leveraged mining protocols, etc.
In September, Mars Ecosystem will launch our Stablecoin with a 🚀 “Genesis Launch” event. Users can mint USDM and earn XMS rewards. The team postponed the Genesis Launch because of the sluggish market and severe user pessimism during June and July. We have to ensure the best results of Genesis Launch and to achieve the best user experience. So we made the decision to postpone the Genesis Launch. Besides, for the safety of everyone’s assets, we need to launch with all audits passed.
In Q4 2021, we will launch Mars FixedIncome, which is a fixed-rate lending protocol. We will expand our protocol to other major blockchains, like Avalanche, ICP, etc.
Segment 2: Questions from Twitter
1. As we know security is very important in this space, a lot of projects get exploited and funds get lost. How do you plan to prove that your contracts are secure? Have you done any audits so far and if not do you plan on doing any?
Of course! Our smart contracts are audited now by the best security auditors in the world: Certik and SlowMist. Now the Slowmist Audit Report of Mars Ecosystem is already out, you can check the below link:
Besides, once our smart contract is launched, we will cooperate with the best bug bounty agencies in the world and we will not begrudge the bounty. At the same time, we also welcome experienced volunteers in other fields to join us and maintain community safety together! Anyone interested can contact us through our website.
2. I heard that Mars Ecosystem will launch your own Farms/Pools soon. What is the difference between farms / pools here and farms / pools in other projects?
Yes, Mars Ecosystem will launch our own Farms/Pools very soon!
First of all, the APR of our farms/pools will be relatively high compared with some other well-known projects. Many of them are relatively stable, but the APR won’t be that high.
Besides, we all know that once more miners participate, the APR will be lower. To solve this problem, we designed a new economic mechanism for the farms/pools to make them more sustainable, and the pool won’t easily collapse. In this way, users can get higher profits in a long-term period.
🌟 In summary, compared with the farms/pools of other projects, ours are safer, with higher APR, and much more sustainable.
3. DeFi, Staking, Yield Farming, and NFT are hot topics right now in our crypto space. Does the MARS PROJECT have a long-term plan to support these themes?
Yes, of course. First of all, as a Defi Project, we have our own DEX: https://app.marsecosystem.com. You can buy our token and stake it to earn.
Soon we will launch Mars Farms/Pools. We designed a new economic mechanism for the farms/pools to make them more sustainable, and the APR will be relatively high compared with some other well-known projects. In this way, users can get higher profits in a long-term period. Besides XMS holders, Cake holders & PancakeSwap LP tokens holders can also earn XMS with high APR! Mars Farms/Pools will be online within days.
About NFT, Mars Ecosystem will give limited NFTs as a reward to the users who contribute to the community and also to the early supporters who understand our vision and being part of our project. In the future, Mars Ecosystem will also empower different levels of NFT, so stay tuned!
4. A major issue for many DeFi projects appears to be that as soon as farming begins, the price drops as people unload to invest in the farm. Will there be a financial incentive to invest rather than merely farm and dump?
We already noted that most farms/pools have such problem, so we have made some new innovations based on traditional farming mechanisms. After farms/pools launch, you can see it!
The innovation of this mechanism will also make our farms/pools more sustainable, and the miner will get rewards in a longer-term than usual. We hope that users can get higher returns as our project continues to develop.
5. Does MARS Ecosystem have any specific plans to attract and grow the community? And how can I join Mars Ecosystem and become one of your Captains? Can I earn?
Yes! The role of the community is crucial. Both our team and our investors attach great importance to the long-term development of our community.
At Mars Ecosystem, we want to make blockchain totally inclusive and interoperable. So we welcome users with or without Defi experience from all over the world to become our Captain and build the MARS community together. Anyone who is interested in our project can apply to become one of our Captains, and earn rewards by contributing to our community!
Segment 3: Live Questions
1. Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?
Yes, you can read our white paper at: https://docs.marsecosystem.com/. Soon we will have a Multi-language version！
And we already finished our IDO/IMO in June. Now you can trade XMS at https://app.marsecosystem.com/swap
2. How important is the community to Your project? and How can we collaborate or help share token for the development of the project?
The role of the community is crucial. Both our team and our investors attach great importance to the long-term development of our community.
Everyone who owns the community governance token XMS can become a member of MarsDAO, and participate in the governance of the community with the spirit of exploring outwards.
At the same time, we welcome users from all over the world to become our Mars Captain and build the MARS community together. You can read the details of our Captain Program here.
3. Asia, Africa and other communities are Non-English speaking communities, How will Mars Ecosystem create global adoption to more local communities?
We have Telegram Group in different languages:
Please join these groups and remember: Only trust information from these sources. Thanks!
And you’re welcome to help us build a Mars Ecosystem community in your own language, please fill out this form to let us know!
4. Pools program is very interesting in my opinion. Is there a minimum or maximum XMS that must be owned to participate in these pools? And whether the tokens obtained are XMS tokens or other tokens?
There are no restrictions of minimum / maximum XMS that must be owned to participate. And for now, all rewards will be in XMS.
5. Regarding Farms XMS, what Pairs will be supported later? Is it XMS-BNB or XMS-BUSD. Then how much APR is given to the community?
You will see the exact APR when the farms/pools are launched, which is undoubtedly very attractive!
We will announce the specific LP Tokens acceptable to farms/pools as soon as possible. Please follow our Twitter and stay tuned! What we can ensure you now is that: MarsSwap LP token and PancakeSwap LP token will be acceptable in Mars farms to earn.