Here’s our 164 AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Mars Ecosystem 1 December, 2021. This guest star,
- Krish — Community Manager
Introduction
Krish :
I am Krish. I’m the oversea community manager of Mars Ecosystem. I will be your guide and friend for the journey to Mars.
QUESTIONS MODERATOR
Mars Ecosystem had its “Genesis Event 1” and “Genesis Event 2” on the 21st and 25th of November. During the First event, USDm skyrocketed 100% to $2, and USDm mining returns reached 3000% + APR. While the Second event exceeded the Mintage Cap 1.5X over. We would like to know more about this event, could you explain it to us? Thank youKrish :
Absolutely, The First Genesis event was successfully completed on 21st November. Within 2 hours, users committed 16.61 million BUSD, exceeding the USDm mintage cap by 3.3 times. As a result, 5 million BUSD were successfully minted into USDm.
In addition, During The Second Genesis, we victoriously achieved 10M BUSD committed within 95 minutes and 15M XMS staked at the same time. At the end of ‘Genesis Event 2’, we have in total of 15,448,336 BUSD committed and 23,172,504 XMS staked.
Many users in the market immediately snapped up USDm as they could immediately stake USDm to earn mainstream tokens such as XMS, BTC, ETH, BNB, CAKE and enjoy an APR of over 3000% after Genesis Event 1 and an APR of over 2000% after Genesis Event 2 respectively.
As a result, After Genesis Event 1, the price of USDm went up as high as $2.50 and was stabilized at $2 before the Genesis Event 2. Besides, the price of USDm maintained around $1.5 after Genesis Event 2.
Overall, all users who participated in the “First Genesis Event” ,“Second Genesis Event ” and “Third Genesis Evetn” were rewarded heavily in a short period. It is another outstanding achievement, and we are already looking forward to the same astounding success in the coming up ‘Genesis Event 4’. So, Stay Tuned!
To get the latest news about Mars Ecosystem,Please follow our Telegram group https://t.me/mars_ecosystem
I heard that Mars Ecosystem currently rewards users with BTC, ETH, BNB, CAKE and other layer-1 leaders and DeFi Blue Chips currencies as high as 500,000 USD every day, which is outstanding among all the DeFi projects. Can you give us a specific introduction?Krish :
Mars Ecosystem insists on sharing the protocol’s revenue with all users, allowing our users to grow alongside the protocol. We are currently rewarding 90% of our revenue to XMS stakers, to ensure and maximize user benefits.
As the income of the protocol skyrockets, Mars Ecosystem will be able to distribute more to its users. Currently, $500,000 worth of $BTC, $BNB, $ETH, $CAKE and other mainstream currencies are daily distributed to $XMS stakers. Total rewards distributed stands at $25.7 Million already.
As the ecosystem grows, we will proportionally increase the rewards given to our users,
Aside from high rewards for stakers, the XMS Token itself has also brought profit to its investors from price appreciation: the price of XMS has increased almost 30 times compared to its price back in IDO. And the Market Cap has reached $100M.
You can also be a part of Mars Ecosystem family.!
By staking in our Pools/Farms .!
Today’s APR 🚀🚀🚀
https://app.marsecosystem.com/pools
https://app.marsecosystem.com/farms
Recently, Mars Ecosystem has been recognized as a profitable and sustainable yield farm, which ranks highly on BSC. Can you give us a specific introduction of Mars Ecosystem Farms and Pools?Krish :
Mars Ecosystem allows our users to enjoy high APR through innovative economical mechanisms and initiatives, our farms and pools operate with the idea that users are the key foundation of development, and because of this we reward our Hitchhikers with 90 percent of the protocol revenue.
Mars Ecosystem’s Farms and Pools were launched on the 1st of September, two and half months later, the APR of the pool of staking CAKE to earn XMS maintains up to 280%, and the APRs of Pools of staking XMS to earn BTC/ETH/BNB/CAKE APR are still up to 200%, despite the increase in TVL ($376M).
USDm, which has just been launched by Genesis, is currently in its early bonus period, with USDm mining BTC,ETH,BNB,CAKE with an APR of up to 250% and XMS with an APR as high as 1050%.
There are voices in the community questioning whether XMS is deliberately taking advantage of the pancakeswap platform and bringing selling pressure to CAKE. Some people even suggested that pancakeswap should blacklist XMS. What do you think?Krish :
The rapid growth of XMS in the past is inseparable from the support of the CAKE community.
The vast majority of XMS supporters are also CAKE supporters. XMS and CAKE have always aimed to create mutually empowering relationships. The above questions are all misunderstandings of XMS:
1)Regarding XMS taking advantage of CAKE: Mars ecosystem is aiming for the release of our stablecoin. Before the stablecoin module goes online, we distribute XMS token to early supporters through mining. The logic of the XMS mining module is a bit similar to the yield aggregator. Through the protocol, the CAKE that users staked on our platform is actually staked on Pancakeswap, so all the funds are actually still on the Pancake platform, and they are not “stolen” by XMS.
2)Regarding selling pressure: At present, the CAKE staked on the XMS platform is nearly $300 million, and we distribute 90% of revenue from CAKE to users. Among them, we exchange part of CAKE into other tokens and distribute them to users, about $140k(0.23 BTC, 3.45 ETH, 259 BNB) every day, and the remaining nearly $400k will be distributed to users in the form of CAKE. Therefore, the pressure of selling off we really bring to the CAKE platform is about $140k per day, which is completely insignificant compared to the selling pressure brought to CAKE by other yield aggregators. In fact, no matter whether the user’s CAKE is directly staked on Pancake to mine CAKE, or through Mars to mine XMS and then use XMS to mine CAKE, there is no difference in the total amount of CAKE produced. “XMS brings selling pressure to CAKE” is a fallacy. According to observations, users tend to hold the CAKE rewards we rewarded to them, and they continue to use these CAKE to earn XMS, because the APR of mining XMS with CAKE can be as high as 280%.
3)For the empowerment of CAKE: In the past three months, we have maintained a relatively high APR for CAKE mining XMS (now about 280%). Many users are attracted by high APR therefore choose to buy CAKE to mine XMS (some Users worry that XMS is a project that is still in its early stage, and the token price could be easily fluctuated, so buying CAKE to mine XMS has become a more robust strategy). Therefore, XMS is actually empowering CAKE holders to a certain extent, adding usage scenarios to CAKE.
4)About blacklisting: We are confident that CAKE, as one of the leaders in the decentralized world, will maintain a high degree of openness and will not “ban” any protocol based on CAKE, just like we have never seen Uni ban any other DeFi protocol.
We have contacted the CAKE official team and conducted in-depth communication. We are confident in the CAKE team and believe that they have enough wisdom and mind to work with other protocols to jointly promote the progress of the DeFi industry. We will actively seek in-depth cooperation with CAKE officials to promote common prosperity.
Compared with other projects, how is Mars Ecosystem’s current performance on BSC?Krish :
Mars Ecosystem is one of the most popular projects on the BSC, with amazing potential.
Mars Ecosystem was selected as a BSC MVBIII September monthly star, ranked top 5 in the following four weeks among all monthly stars.
which demonstrates our focus on security, innovation, project development and level of community involvement, Mars Ecosystem always maintains a close relationship with BSC regarding cooperation.
In the past month, Mars Ecosystem and BSC have conducted various official marketing campaigns. Like ‘staking campaign’, ‘live AMA’, BSC DeFi Expo’, etc.
QUESTIONS TWITTER
Unlike other platforms, the Mars Stablecoin is price stable but it is still fully scalable, could you say what differences exist between the USDM and the Mars Ecosystem Governance Token XMS? How do these two tokens balance each other?Krish :
Let me introduce our mechanism in detail, and then will explain how they ensure the price stability of USDM.
Minting: USDM is generated through a minting mechanism. Users can get 1 USDM by placing $1 worth of Mars Treasury whitelist assets into the Mars Treasury at any time.
Redeeming: USDM is destroyed through the redemption mechanism. Users can always get 1 dollar worth of XMS by returning 1 USDM to Mars Treasury at any time.
Mintage Control: The maximum circulating supply of USDM is determined by the market cap of XMS.
For example, assuming that the average market cap of XMS in the past 3 minutes is 250 million USD and the XMS Support Ratio is 250%, then the USDM Supply Cap is 100 million.
In the next 3 minutes, users can only mint USDM up to 100 million. If the current USDM circulating supply is 50 million, users can only mint 50 million new USDM at most, making the USDM circulating supply reach USDM Supply Cap of 100 million.
After 3 minutes, if the average market cap of XMS in the past 3 minutes is 275 million USD, the USDM Supply Cap becomes 110 million, and the maximum circulating supply of USDM increases.
And how can we deal with the extreme situations such as the large-scale sell-off of stablecoins in a short period of time?
Our anti-”bank run” mechanism guaranteed by the asymmetry of minting and redeeming assets, which means that users place the Mars Treasury whitelisted assets into the Mars Treasury when minting USDM, and get XMS when redeeming USDM, so the assets submitted to the Mars Treasury during minting and the assets obtained when redeeming are different.
The asymmetric design of Mars Ecosystem makes redeeming stablecoins as early as possible is no longer an optimal strategy for all users: users who redeem USDM early can have better liquidity when selling XMS than users who redeem USDM later. But all users who are eager to sell XMS must bear the slippage loss when trading on Mars Swap; because Mars Vault is the main provider of XMS liquidity, these slippage losses are captured by Mars Vault, and the amount of Mars Vault’s reserve assets is relatively The support multiple for the amount of USDM owned by the user will rise, so users who redeem or even not redeem at a later date can exchange the USDM in their hands for greater value. This anti-”bank run” mechanism prevents the agreement from returning to zero in the most extreme cases.
The Mars Ecosystem’s able to calculate the average market cap of XMS in 3 minutes tops, which is then divided by a parameter called XMS Support Ratio, so, can you give me a brief explanation of the performance of this feature concerning the average market cap? How reliable is it?Krish :
Mintage Control:
The maximum circulating supply of USDm is determined & controlled by the market cap of XMS.
Every 3 minutes, the system calculates the average market cap of XMS over the prior 3 minutes and divides this average market cap by a parameter called the XMS Support Ratio. The support ratio is to be determined by the protocol governance. The number obtained is defines the maximum USDm Supply Cap. In the next 3 minutes, users can only mint USDm up to this USDm Supply Cap.
For example, assuming that the average market cap of XMS in the past 3 minutes is 250 million USD and the XMS Support Ratio is 250%, then the USDm Supply Cap is 100 million. In the next 3 minutes, users can only mint USDm up to 100 million. If the current USDm circulating supply is 50 million, users can only mint 50 million new USDm at most as this would lead to the circulating supply of USDm to reach the USDm Supply Cap of 100 million.
After 3 minutes, if the average market cap of XMS over the prior 3 minutes is 275 million USD, the USDm Supply Cap willl be 110 milion, and the maximum circulating supply of USDm increases.
The XMS Support Ratio will be set at 250% at launch, and this ratio will gradually increase in the future.
And we will open this part after our genesis, USDm will provide value support to xms.
My question is about $XMS long term marketing plans. How, or through which big partnerships do you plan on utilising to pass $XMS product onto the normal consumer — especially non-crypto people?Krish :
Providing liquidity to other tokens is a major use case of USDm. We are discusssing using USDm as trading pair for other tokens on CEXes and give USDm as many use case as possible. By this way, XMS can get value support in a long and sustainable way.
NFT is really getting hot in the crypto space. Does the Mars Ecosystem project have NFT? if have, how does Mars NFT integrate it with DeFi?Krish :
Yes, I totally agree with this view! And Mars Ecosystem will participate in this trend without hesitation. We already have a plan on it: Mars Ecosystem will select a certain number of users from those who have contributed to the community to airdrop our limited Boarding Pass NFT or Captain NFT of our first Spacecraft. Those who get it will join the Mars Ecosystem on the Genesis Spacecraft 1 and jointly create our MarsDao community. As the first aboriginal on Mars and one of the ambassadors of Mars Ecosystem, I also have one special mission : Airdrop & sell more NFTs to users who follow Mars Ecosystem, including Mars equipment, spacecraft, oxygen cylinders, towels, speakers, skateboards, etc…. and directly reward XMS. In the future, Mars Ecosystem will also empower different levels of NFT, so stay tuned!
After the Genesis Launch , we will release a limited edition of NFTs in cooperation with Celestial, a GameFi project. Users can use our XMS or USDm to purchase the limited edition and highly empowered NFTs. At that time, we will also promote diversified cooperation with more high-quality projects.
As i read that There are 4 roles on Mars ecosystem, Hitchhicker, Captain, Ranger and Dr.Marvin. And All the community in Mars Ecosystem are Hitchhikers, how about the Captain, and others?Do we need to hold a minimum amount of $XMS to be one of them?Or we need to fill some paper?Krish :
Our first role is Hitchhicker. All you have to do to become a Hitchhicker is join our community, all members of the Mars Ecosystem are Hitchhickers.
Our second role is Captain. To become a Captain, you need to fill out the form here, https://docs.google.com/forms/d/e/1FAIpQLSedzJjiH3pMsQAVdTAexS8gTKnFjQigHRDwu1ZH7pepc9duTw/viewform
Captains exist to grow the Mars Ecosystem Communities and bring our voice to more users. There is a reward system for the achievements of captains.
Our third role is Ranger. Rangers are people who take care of the technical part of the job. If you are confident in your computer science and coding knowledge, you can check out our github account here: https://github.com/MarsEcosystem
Our fourth role is Dr.Marvin. Dr. Marvin is the leader of our community and one of the first visitors to Mars.
To get the first three roles, all you have to do is perform the specified ones. You don’t need to keep an extra XMS or USDm.
QUESTIONS TELEGRAM
How secure is #MarsEcosystem platform to use? Have you done audits of smart contract? What security measures are adopted from bugs of smart contract and hacking?Krish :
Of course! Our smart contracts are audited by the best security auditors in the world: Certik and SlowMist.
Certik and Slowmist Audit Reports of Mars Ecosystem are already out, you can check the below link:
https://certik-public-assets.s3.amazonaws.com/REP-MarsEcosystem-2021-08-25.pdf
Besides, Mars Ecosystem launched a bug bounty program on Immunefi, DeFi’s leading bug bounty platform. The Bug Bounty is LIVE: https://twitter.com/immunefi/status/1435561969772384256?s=20
Zap those bugs and get bug bounty hunting, & you can earn yourself $60,000! Check the details: https://immunefi.com/bounty/marsecosystem/
Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?Krish :
In the merge of the “solar system/multi-planets” finance protocols (Luna, Mercurial, Venus, Saturn…), “Mars” is the most popular item with cultural backgrounds and technological fantasies. We tend to explore the financial interests of the defi users by attracting them to Mars Ecosystem through the science-fictional concepts and “meme” culture.
As the crypto market is expanding, we are seeing the hot topic is NFT. Do you guys have any plan to jump into one of the most competitive segments of the crypto market right now?Krish :
Yes, I totally agree with this view! And Mars Ecosystem will participate in this trend without hesitation. We already have a plan on it: Mars Ecosystem will select a certain number of users from those who have contributed to the community to airdrop our limited Boarding Pass NFT or Captain NFT of our first Spacecraft. Those who get it will join the Mars Ecosystem on the Genesis Spacecraft 1 and jointly create our MarsDao community. As the first aboriginal on Mars and one of the ambassadors of Mars Ecosystem, I also have one special mission : Airdrop & sell more NFTs to users who follow Mars Ecosystem, including Mars equipment, spacecraft, oxygen cylinders, towels, speakers, skateboards, etc…. and directly reward XMS. In the future, Mars Ecosystem will also empower different levels of NFT, so stay tuned!
After the Genesis Launch , we will release a limited edition of NFTs in cooperation with Celestial, a GameFi project. Users can use our XMS or USDm to purchase the limited edition and highly empowered NFTs. At that time, we will also promote diversified cooperation with more high-quality projects.
What are the plans of your team for this project in place for global expansion, are you focusing on market at this time? or focus on building and developing or getting customers and users, or focusing on partnerships?Krish :
First of all, we chose to launch on BSC first because BSC radiates the global market, which is very important to the development of our project. So we definitely focus on the global market.
1.build the community
2.grow the community (by collaborating with other protocols and more)
3.motivate the community to participate in the marketing of mars.
Because we are a complete team, we will strive to do our best in all aspects. In addition to the construction of the community, more importantly, the construction and safety of our projects and the expansion of ecological. As a Ecosystem do cooperation with other protocols are also very important. After the Launch, we will integrate with various defi, such as dodo and bella protocol.
Who gave you the idea of this project or it was your own idea? Please share us hurdles you faced during your journey towards this great project.Krish :
John, the CEO and funder of Mars Ecosystem, is an avid fan and researcher of DeFi, who has not only studied a PhD in Finance at Stanford University, but also has many years of experience in the financial industry.
John is very familiar with the theory and practice of economics and finance. After getting in touch with blockchain and DeFi years ago, John really appreciates the opportunities they bring to the financial industry and even to the whole world from a technical perspective.
In DeFi, he focuses on the field of Stablecoin, and has paid attention to and participated in many iconic Stablecoin projects since early stage. He discovered that various stablecoin protocols face trade-offs in terms of price stability, degree of decentralization, and scalability.
And there are also two fundamental problems in common: one is the positive externality problem, and the other is the integration problem. So after a lot of research and observation, John decided to bring a brand new decentralized stablecoin paradigm to the DeFi world.
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