CryptoThrust X Mars Ecosystem AMA
Guest: Dr. Marvin
I am Dr. Marvin. I’m the first aboriginal on Mars and one of the ambassadors of Mars Ecosystem. And I will be your guide and friend along the journey to Mars!
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.
Segment 1- Project Introduction
Q1) Can you give us a brief description about Mars Ecosystem project and how you came up with the idea?
Yes, of course. Mars Ecosystem was founded in the belief that decentralized stable coins 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 aims to overcome these challenges with a stablecoin system offering high price stability, scalability, and a high degree of decentralization.
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.
The mission of Mars Ecosystem is to build the central bank and reserve currency of the DeFi world. The MarsDAO and Mars Community work together to bring Financial Stability and Transparency to the world economy, and even further…
John, the CEO and funder of Mars Ecosystem, is an avid fan and researcher of DeFi, who has studied a PhD in Finance at Stanford University and 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 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.
Q2) What measures can you let our community know to give them confidence in the project?
That’s a good one
To solve all these problems mentioned above, 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.
Besides those innovations, Mars Ecosystem takes the security of user assets above all else.
Specifically, the user’s assets are protected by the following:
1) Most of the DeFi hacks are just repetitions of the old tricks and could have been avoided if the developers have fixed the bugs once the exploits happened in other DeFi protocols. Our developers are well aware of all the past DeFi hacks and are keeping track of all the new ones so that we know all the potential attack vectors and avoid them when developing our smart contracts.
2) Our smart contracts are audited by the best security auditors in the world: Certik and SlowMist. And you guys can see the audit report very soon. 👍🏻
3) Bug bounty is very effective in finding bugs: Fei protocol’s bug bounty program recently discovered a bug that could have drained 600 million worth of ETH from Fei protocol’s treasury. Like i said before, we will not begrudge the bounty.
Q3) All project coins have their main Utilities & real-life use case! So, Can you tell us what are the main role of $XMS coin in your ecosystem?
Yeah, sure
Our team has studied the stablecoin field for many years, and we also know that many people in the world don’t have access to bank services for various reasons. We hope to be involved in the real-life payment field in the future to provide solutions for these people.
Mars Ecosystem has already reached a strategic partnership with MugglePay. MugglePay is the world’s leading cryptocurrency C2B payment service provider. MugglePay’s partners include OKEx, Celo and Algorand. MugglePay currently provides services to more than 7,000 merchants around the world. MugglePay will use MarsSwap of the Mars Ecosystem to meet its stablecoin exchange needs, and gradually integrate the Mars Ecosystem’s stablecoin USDM into MugglePay’s payment system to provide merchants with richer digital currency payment solutions. 🌟
Q4) I heard that many investment institutions have already invested in Mars ecosystem. Can you tell us, so far, which institutions have invested?
Yes! Mars Ecosystem has successfully raised $2 million in seed funding. The round attracted investment from several major blockchain funds: Continue Capital, China’s most successful crypto venture firm , YBB Foundation LTD., Kernel Ventures, Parallel Ventures, 7Star capital, Bella and Mayor Capital. I also want to express our gratitude here for their trust and support to Mars Ecosystem!
Mars Ecosystem will now use the funds to help deliver the milestones on its ambitious 2021 roadmap, including an imminent Genesis launch in early July.
Here you can read more information on that
Segment 2- Questions from Twitter
Q1) I read on Medium that 461501 XMS will be allocated to stakeholders. However, the value is locked and can be claimed according to MarsSwap’s linear vesting schedule.
Is there a gas fee on MarsSwap for each withdrawal? And what is the max withdrawal time on the vesting schedule?
Yes, you need to pay the gas fee for each claim. Now you can start to claim XMS which you purchased in IMO and your rewards at https://app.marsecosystem.com/claim
Each 3s will unlock a bit XMS. But we highly recommend that you do not claim very often. Coz on each claim, you should pay gas fee. The rewards are currently distributed to the Staking Pool everyday. The transaction fees generated by users in our swap will be returned to staking users daily.
Q2) The Mars Stablecoin is backed in your other token $XMS, so the price of the XMS is very important, can you tell us how do you prevent that your XMS will not be target of dumps? How much marketcap your Stablecoin has?
That’s a good question.
Mars Ecosystem has made many innovations in the value capture mechanism of the governance currency XMS. Specifically, it includes the following ways:
1) Mintage control mechanism. The mintage control mechanism ensures that the market value of XMS is at least 2.5 times the circulating supply of USDM. If the market demand for USDM is 100 million, then the market value of XMS is at least 250 million USD, otherwise the circulating supply of USDM cannot reach 100 million.
How strong is this value capture method? At present, the supply of DAI of the Maker protocol is 4.8 billion, and the market value of its governance token MKR is 3.7 billion USD. If the Maker protocol also uses the mintage control mechanism created by Mars Ecosystem, the market value of the MKR corresponding to 4.8 billion DAI will reach 12 billion USD, which is more than three times that of 3.7 billion USD.
2) Mars Treasury control rights value. XMS holders can control the Mars Treasury through protocol governance, which makes the market value of XMS at least twice the value of the assets in the Mars Treasury to prevent common 51% attacks. If the circulating supply of USDM in the market is 100 million, and correspondingly Mars Treasury has 100 million USD assets, then the market value of XMS is at least 200 million USD, otherwise the Mars Treasury is at risk of being attacked.
3) The transaction fees generated at the Mars DeFi protocols. When users trade on Mars DeFi protocols such as Mars Swap and Mars StableSwap, they will be charged transaction fees, which are partly assigned to the liquidity provider and partly assigned to the protocol. The protocol assigns these fees to XMS stakers through repurchase and redistribution of XMS and other methods.
And we have not started to mint stablecoin yet. A “Genesis Rocket Launch” will be held in early July. The purpose of the Genesis event is to provide the first batch of users who understand and support the vision and development of the Mars Ecosystem with an opportunity to earn free XMS. The duration of the Genesis event is 3 days. During these 3 days, users can deposit BUSD into Mars Treasury to mint USDM. After that, users can get 1 USDM by placing $1 worth of Mars Treasury whitelist assets into the Mars Treasury at any time.
Q3) The relationship between Mars Stablecoin and Mars DeFi primitives constitute a positive feedback loop and generates flywheel effect. Can you please tell us about the ‘FLYWHEEL EFFECT ‘?
The Mars DeFi protocols include the DeFi primitives such as Mars Swap and Mars StableSwap that are necessary for USDM to realize the basic functions of stablecoin such as medium of exchange and store of value.
The transaction fee on Mars Swap is 0.3%, of which 0.25% goes to LP and 0.05% goes to XMS holders who stake XMS at Mars Swap. The specific method of distributing transaction fees to XMS stakers is to repurchase XMS with transaction fees in the market and redistribute them.
The design that XMS stakers can obtain Mars Swap transaction fees is one of Mars Ecosystem’s solutions to the positive externality problem of the stablecoin protocols: The value generated by USDM circulation in the DeFi world can also be captured by Mars Ecosystem’s governance token XMS. This design also provides additional value support for XMS, which is conducive to the stability of USDM.
Q4) Seems like a great idea. I read Mars ecosystem uses classification mechanism. Whitelisted assets are accepted by mars treasury are divided into categories. On what basis is the division done And isn’t the execution of the same a complex?
When minting USDM, users need to place $1 worth of Mars Treasury whitelist assets into the Mars Treasury. The whitelisted assets accepted by the Mars Treasury are divided into the following levels:
Stablecoin
Digital gold (BTC)
Layer-1 leaders (ETH, BNB, etc.)
DeFi Blue Chips (UNI, AAVE, etc.)
Mars Ecosystem Token (XMS)
The volatility of assets from level 1 to level 5 gradually increases. Mars Treasury determines the maximum acceptable proportion of various assets in the Treasury according to the volatility of various assets. The greater the volatility of the asset, the lower the maximum acceptable proportion in the Treasury.
Price volatility is calculated from the historical price of different assets and it is easy to obtain these data and to calculate.
Q5) 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?
Every 3 minutes, the system calculates the average market cap of XMS in the past 3 minutes, and divides this average market cap by a parameter called XMS Support Ratio which is determined by the protocol governance. The number thus obtained is defined as 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, 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.
Segment 3- Live Telegram Session
Q1) This is global project or a local project? Can anyone use your project anywhere without any restrictions? thank you
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.
So one of the focus of our community management:
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.
Join our Telegram group https://t.me/mars_ecosystem , and Discord https://discord.gg/gEWC4VVnNt . We will continue to update our user guide-book and specific rules for every activity on these channels!
Telegram (https://t.me/mars_ecosystem)
Mars Ecosystem
The official Telegram group for Mars Ecosystem.
A new decentralized stablecoin paradigm.
Twitter: https://twitter.com/MarsEcosystem
Medium: https://mars-ecosystem.medium.com/
Web： http://marsecosystem.com
Discord: http://discord.gg/gEWC4VVnNt
Q2) I see that Mars community is growing, but how can we user help you? How can we contribute out quota towards your success?
Yes, Both our team and our investors attach great importance to the long-term development of our community.
Eeveryone 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 with Defi experience from all over the world to become our captain and build the MARS community together. We have prepared rewards for those active users in our community, such as token airdrop and special NFTs! If you’re interested in becoming a captain, please DM me with your work experience, working hours (UTC), working languages, and any kind of proposals.
Great things are on the horizon and together we will build a New Decentralized Stablecoin Era!
Q3) Do you have any plans to do airdrops and bounties to the users? How can we join them?
Yes, we had a lot of airdrop of USDT/XMS/NFTs in the past 1 month. We also held a Meme Contest before, which was really interesting and successful. And later we will have more events with rewards, so stay tuned, Telegram and Twitter.https://t.me/mars_ecosystem https://twitter.com/MarsEcosystem
Q4) Many new users who do not understand how to operate your project, do you provide a website to provide tutorials for running your project?What can we expect to see from your platform in the short-term (at some point in 2021) & 2022?And beyond (long-term goals)?
Yes, you can see here the FAQ and a detailed user’s guide https://docs.marsecosystem.com/general-faq/about We will keep updating
The goal of Mars Ecosystem is to build the central bank and reserve currency of the DeFi world. Our priorities in 2021 is:
1. Build a strong and motivated Mars community
2. Expand Mars Ecosystem by doing more cooperation with other DeFi protocols and Launch Mars Stableswap, which is an DEX for stablecoins exchanges. Launch Mars FixedIncome, which is a fixed-rate lending protocol
3. Expand our protocol to more public chain such as Ethereum, Solana, Avalanche, ICP, etc.
Mars Ecosystem Roadmap:
In early June, we launched Mars Swap and did IDO on several major launchpads on BSC to distribute our token to early supporters. Now, users can trade on Mars Swap and XMS holders can start to earn fees at Mars Swap.
In early July, we will launch Mars Stablecoin with a Genesis Launch event. Users can mint USDM and earn XMS rewards. Immediately after Genesis Launch, Liquidity Mining and Trade Mining programs will be launched on Mars Swap. We expect the USDM minting volume to reach 300 Million at this stage.
Starting from late-June, we will cooperate with BSC’s major DeFi protocol such as DEX, lending protocols, leveraged mining protocols, etc., to extend the use cases of USDM to further boost its volume.
In Q3 2021, we will launch Mars Stableswap, which is an DEX for stablecoins exchanges. We will expand our protocol to Ethereum and Solana.
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.
Buy XMS:
https://app.marsecosystem.com/swap
Stake XMS to earn:
https://app.marsecosystem.com/stake
Q5): Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project? thank you….Is your project listed on coingecko and coinmarketcap or not???
Yeah, I am quite familiar with the Mars team. They are amazing people. Maybe a bit crazy, but very talented, I promise. Mars Ecosystem team members are all early practitioners of the Internet and Blockchain with an especially strong background in finance. Graduated from prestigious universities such as Stanford University, Barcelona University, etc. The team has many years of cross-terminal capabilities, financial background and mature Defi industry experience. The most important is that they all have firm beliefs and great visions for blockchain technology and Defi!
Yes, XMS has been officially listed on CoinMarketCap and CoinGecko. You can check real time trading data of XMS here below now.
https://coinmarketcap.com/currencies/mars-ecosystem-governance-token/
https://www.coingecko.com/en/coins/mars-ecosystem-token
More Information about Mars Ecosystem:
Website: https://marsecosystem.com/
Telegram: https://t.me/mars_ecosystem
Twitter: https://twitter.com/MarsEcosystem
Medium: http://mars-ecosystem.medium.com/
whitepaper: https://docs.marsecosystem.com/
Discord: http://discord.gg/gEWC4VVnNt
Airdrop/IMO: https://app.marsecosystem.com/claim
