Crypto-backed stablecoins are getting more and more popular. Apps and ecosystems recognize that to have a truly decentralized DeFi system, we need DeFi stablecoins too. The Mars ecosystem has a decentralized stablecoin. And now they are adding an IDO launchpad for new projects. Starting December 29th, you can issue an IDO on Mars.
What Is Mars?
Mars describes itself as a ‘decentralized stablecoin ecosystem‘. The Mars Ecosystem is 3 parts:
- Mars Treasury
- Mars Stablecoin
- and the Mars DeFi protocols
The idea is to have all 3 work together to create a positive feedback loop each making the other stronger. The Mars goal is to build the central bank and reserve currency for the DeFi world.
Their goal for their coin, like Maker with DAI, is to have a stablecoin backed by crypto collateral. Unlike Maker, whose DAI is over-collateralized, Mars maintains a 1:1 collateral relationship with the assets on their white list. Those assets include in order of volatility for asset classification:
- Layer 1 Blockchain leaders like ETH or BNB
- DeFi Blue chips like UNI, AAVE, and CAKE
- Mars Ecosystem token ($XMS)
The Mars Treasury controls the pool of these 5 assets and establishes the direction of when to accept more stablecoins for the pool to bring volatility down or when more coins like AAVE or CAKE are ok to add to the pool. The Treasury manages all this in a decentralized way and allows you to mint their stablecoin USDm. It looks really easy, just connect your wallet and go.
Then, in another way that makes Mars unique, they have DeFi options like liquidity pools and yield farming, as well as swap options with many tokens to improve interoperability. You can already buy NFTs with it too and not just use it for DeFi.
Current TVL is $173 million, with APRs on some of their farms at 500%.
And now to further increase the value of USDm, XMS, and the whole ecosystem, Mars is starting a launchpad.
The Mars IHO Launchpad
IHO? Yes. Mars calls them Individual Holder Offerings. But they are IDOs. They expect the launchpad to help projects with friendly and open participation requirements while increasing the need for their tokens and other protocols.
Parking Infinity, as the first IHO project on Mars IHO Launchpad, launched at the Binance NFT Marketplace on the 27th. If the pre-sale for Parking is any indication, then it looks like this offering will go off successfully. They sold $140,000 worth of Binance NFTs in just 7 minutes.
📢📢The first batch of 500 Binance NFT pre-sales in total.
💥The sales in 2 minutes exceeded US$100,000,
💥The trading volume in 5 minutes exceeded US$140,000,
💥The 7-minute pre-sales were basically sold out! ! pic.twitter.com/aYUYpfsZxT
— Parking Infinity (@InfinityParking) December 27, 2021
Current users, called hitchhikers, and new users both get a chance to participate in the Parking Infinity IHO.
What is Parking Infinity?
Parking Infinity is a virtual car-themed game with NFTs. The game expects to launch in mid-January. In keeping with the car theme, you can buy and sell cars and car parts via NFT. You can also mine in the game just by ‘parking’ your car in a garage or parking lot (car park for you Brits).
There are 5 levels of cars from Bronze up to Legendary. You can use the game’s GameFi or DeFi features seamlessly or separately. Like many blockchain games, they will operate through their community and a community-based DAO. The governance token for the DAO is what you can buy at the IHO on Mars.
And among the other coins like BUSD, BNB, and USDT that you can use to buy your prototype car (PNFT) is Mars’ own USDm. One more thing you should know about the game is according to their roadmap, airdrops of BNB and a token lottery will be part of future plans for Parking Infinity.
The Parking Infinity IHO Details
Here’s what you need to know. The IHO will be for $PARK, the Parking Infinity governance token on the BSC chain.
- Starting time: 12.30-2.30 UTC
- Total Supply of PARK: 1 billion
- IHO Allocation: 5% or 50 million
- Price: 0.045 USD (4.5 cents)
- Park Raise Token: XMS. Right before the IHO starts, you will get a conversion price between XMS and PARK to maintain transparency
- Vesting Schedule: Over a 60 day period when the game launches. The expected launch date is January 15, 2022
And lastly, and definitely important for those of you interested in Mars, ALL XMS collected from the IHO will be part of a token burn right after the IHO ends.
$XMS Price Activity
Mars Governance Token $XMS currently trades at $0.177 down 16% in the last 24 hours. Its circulating supply is 171 million giving it a market cap of $30.3 million, per our friends at Coingecko. $XMS has a total supply of 1 billion coins.
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