Why Terra Co-Founder Do Kwon Hyped Up This UST-based Airdrop
February 21 2022 - 12:00PM
NEWSBTC
The Terra ecosystem keeps on expanding, increasing the total market
cap of its native token LUNA. The cryptocurrency has managed to
enter the top 10 digital assets by market cap replacing memecoins
DOGE and Shiba Inu (SHIB). Related Reading | Terra’s UST Becomes
First Decentralized Stablecoin To Surpass $10B Market Cap As of
press time, LUNA follows the general sentiment in the market with a
4.4% loss in the last week, but some profits in lower timeframes.
The Terra-based cryptocurrency trades at $49,58 and has seen much
less loss than larger cryptocurrencies, such as Bitcoin and
Ethereum, which record over 10% losses in the same period. Terra’s
success seems supported by its protocol’s tool to provide users
with vast opportunities to generate profits via staking or “locking
down” their tokens. In that sense, the ecosystem’s stablecoin UST
has also seen impressive growth zooming on Tether (USDT), and USD
Coin (USDC), in terms of market cap. Via his Twitter account, Do
Kwon, Terraform Labs Co-Founder, mentioned a new use case that
seems poised to increase the demand for UST. Lending and borrowing
platform Mars protocol announced the start of its lockdrop which
incentivizes users to lock their UST to receive rewards. I’m coming
in https://t.co/7jRgSEVR31 — Do Kwon 🌕 (@stablekwon) February 21,
2022 User will yield farm the protocol’s governance token MARS by
locking any amount of the stablecoin for the next 3 to 18 months,
as clarified in an official announcement. After this period is
concluded, the user will be able to withdraw 100% of their initial
investment. The team behind the protocol said: All participants who
lock $UST will receive a “drop” of fully transferable MARS
governance tokens when the full protocol launches in ~2 weeks. As
knowledgeable DeFi users with skin in the game, lockdrop
participants will receive the vast majority of circulating MARS
tokens at launch (around March 7). Terra Enables More Yield Farming
Opportunities Created as an open-source, algorithm, and
non-custodial credit protocol supported by its own governance
model, the Mars protocol will distribute 10,000,000 MARS governance
tokens to participants within the Terra ecosystem. The airdrop has
the objective of helping Mars to “function properly”. In addition
to those users locking their UST on the protocol, liquidity
providers for the MARS/UST trading pair on the decentralized
exchange Astroport will be able to earn a portion of 10,000,000 in
the governance token for 1 year. This process will be post-launch
and will include those users with UST deposits to the Red Bank.
Related Reading | Terra (LUNA) Holders Approve New Sports
Sponsorship Deal LUNA holders will benefit from this launch, as
stated by the team behind Mars, with a one-time distribution on
10,000,000 MARS. In order to receive the airdrop, users needed to
be stakers by January 1st, 2022, when a snapshot was taken to
determine the beneficiaries. The announcement added: Airdrop
recipients will be able to claim their tokens for up to three
months after the launch of Mars. Any unclaimed tokens will be
returned to the Martian Council — a DAO of xMARS token holders.
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024