SINGAPORE--(BUSINESS WIRE)--Recently, Mars Ecosystem won the September Monthly Star of MVBIII in September. Community-first is how the Mars Ecosystem team is approaching the future. This write-up will deep dive into stablecoins and what Mars Ecosystem means for the future of DeFi and crypto as a whole.
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. However, with time and usage, specific attributes of stablecoins have turned them into the antithesis of decentralization.
Mars ecosystem aims to combat this directly by reinventing stablecoins with decentralization and scalability intact. Currently, every stablecoin protocol has its share of tradeoffs concerning the three properties. However, all of the issues can be boiled down to the positive externality problem and the integration problem.
To resolve these, Mars Ecosystem stands apart as a decentralized stablecoin paradigm, incorporating an all-inclusive system designed to capture the actual utility of stablecoins, presenting a three-part system 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) program, an initiative formed by Binance smart chain to support innovative projects. The Mars Ecosystem was one of the winners of the MVBIII - September Monthly Stars.
With BSC supporting Mars’ products and technology, it adds an additional layer of credibility to the growth of the Mars Ecosystem. Alongside this, the Mars Ecosystem will receive critical support from BSC.
The foundation on which the Mars Ecosystem resides and grows is the Mars Treasury.
The treasury is built to support multiple types of cryptos, from the likes of BTC to DeFi blue chips. $ USDM stablecoin can be minted with $1 worth of any of the Mars Treasury white-listed assets. The maximum supply of $USDM is relative to the market cap of $XMS. This cap in supply is part of their mintage control mechanism, which ensures the $USDM is consistently stable.
Mars DeFi Protocols are a series of functionalities being added to the Mars Ecosystem to facilitate transactions, improve liquidity, and enhance $USDM’s utility as a medium of exchange and store of value. Mars Swap is first in the series of DeFi protocols, an automated market maker-powered DEX similar to Uniswap.
This DEX is designed to provide 24/7 liquidity for $USDM and other DeFi protocols that adopt $USDM as a token of exchange.
The transaction fees generated on Mars Swap are pushed back into the Mars Treasury, where liquidity providers and $XMS holders and stakers are rewarded.
Everyone holding $XMS tokens can participate in the MarsDAO and contribute to the evolution of the Mars Ecosystem. Also, Mars Ecosystem will be opening its NFT collection to the community to purchase alongside a few airdrops for lucky winners. The Boarding Pass NFT and the Captain NFT have been designed to reward those contributing to the initial MarsDAO community.
Mars Ecosystem believes that ‘To Mars’ will be the new ‘to the moon’ in the crypto and DeFi community. However, in place of the volatility, it will see the stablecoin $USDM grow into the DeFi world’s reserve currency!
Hitchhike with Mars Ecosystem, and secure the place on Mars.
Source link: https://www.newsbtc.com/news/company/reinventing-stablecoins/
