Mars Ecosystem Prepares for USDm Genesis Event Following BSC MVB Monthly Stars Program

Mars Ecosystem is conducting its second USDm genesis mint after recently receiving recognition in Binance Smart Chains MVB program.

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BSCNews
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November 25, 2021
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Mars Ecosystem Momentum

Ruling the headlines on the BSC network is now a norm for the Mars Ecosystem. Armed with some of the highest APRs in the DeFi space and $500M TVL, the team recently earned a Monthly Star in the Binance Smart Chain "Most Valuable Builders" program. 

In mid November the Mars Ecosystem released their Stablecoin module USDm, which exceeded the mintage cap three times over. So what do I need to know for the second USDm event?


Stablecoin

Stablecoins were first introduced as a blend of stability of fiat currency and mobility of cryptocurrencies. Generally, they are backed by underlying assets or algorithms. Stablecoins ensure that money is borderless and accessible to everyone without the need for a bank or a central authority.

Simply put, if Bitcoin is decentralized gold, then stablecoins are decentralized currencies. And 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. It will be backed 


Genesis Introduction

Launching and Integrating USDm will be a huge Milestone for the Mars Ecosystem, and the team has done everything possible to ensure that it will be completed in a Safe, Risk-Free Manner, USDm aims to become a top contender in the Stablecoin market.

Genesis Event is the initial mechanism that allows users to mint USDm within the ecosystem.

Duration: The duration of each Genesis Event is several hours.

USDm Mintage Cap: There is a cap on the maximum amount of USDm that can be minted in each Genesis Event. In the case of oversubscription, all participating users will share the USDm mintage quota based on their subscription amount.

USDm Mintage Cost: 1 USD and Whitelisted assets for minting USDM: BUSD.

XMS Requirement for Participation: To commit a certain amount of BUSD to participate in the minting of USDm, a user must stake a certain amount of XMS proportionately. The staked XMS can be claimed a period of time after the Genesis Event ends.

Example: A Genesis Event has the following parameters: the duration is 3 hours, the USDm Mintage Cap is 3 million, the XMS requirement for participation is that committing 1 BUSD to mint USDm requires staking 1 XMS, and the XMS claiming time is X days after the Genesis Event ends.

The stablecoin USDm of Mars Ecosystem was launched on Nov.21 and "Genesis" event 1 ended successfully which exceeded the mintage cap three times over.  XMS holders are the FIRST ones to get the USDm.

Total $BUSD committed :16613052.5252

Total $XMS Staked: 33226105.0504

 

Benefits to hold USDm

"Committed BUSD will support the early stability of USDM by being sent to the incentivized BUSD/USDm MarsSwap pair as liquidity."

Users will stake USDm to earn XMS, BTC, ETH, BNB, CAKE with xxxx%+ APR. Rewards to USDm pools will be increased after Genesis Event 2 ends.

Also, users can trade USDm on MarsSwap and enjoy a high premium. The XMS rewards earned will be released linearly within 180 days. Amount of rewards: In Genesis, the number of XMS rewards will be significantly higher than after the end of Genesis.

 

Future of Mars Ecosystem

As a potential solution to the positive externality and integration concerns Mars Ecosystem presents a three-part system. Their efforts are concentrated on producing a stablecoin ecosystem with high price stability, high decentralization, and scalability potential.

These efforts have been recognized by the Most Valuable Builder (MVB), an initiative by Binance Smart Chain to support innovative projects. The Mars Ecosystem was one of the winners of the MVBIII - September Monthly Stars. Also, the Mars Ecosystem will receive key support from BSC.. The mentoring and technical assistance provided can be a gamechanger for the Mars Ecosystem.

Also, Community-first is how the Mars Ecosystem team is approaching the future. So Mars Ecosystem puts community benefits first.

After raising CAKE rewards again on Nov.5 Mars Ecosystem daily rewards to users are 15,500 CAKE + 260 #BNB  + 0.25 #BTC   + 3.5 #ETH =$500,000 USD per day. Total rewards distributed stands at $22.1Million already.

Particular emphasis will be placed on the direction their community wants to take, in unison with their roadmap that includes launching more DeFi protocols and incubating nascent projects.

Mars ecosystem will stimulate the growth and adoption of USDm and drive integration with others in the market, giving USDM more scope that will directly benefit the Mars ecosystem, its users, and the DeFi space as a whole.

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