Osmosis is going to Mars

in LeoFinance2 years ago

Well, technically, Mars is moving to Osmosis.

As the fallout from the Terra Luna collapse continues, the plan ahead for some of the apps built on top of Terra is starting to become clear. While many have announced they will stay with the newly launching Terra 2.0 chain, others have made the decision to move on from the steaming pile of wreckage, to greener pastures.

Mars Protocol is one that is announcing a change of direction, and exploring a much bigger picture of its future beyond Terra. You can read the full announcement of their planned path forward in this medium post

Mars on Osmosis.png

The Mars Protocol is an autonomous lending protocol that was built on the Terra blockchain. With the demise of its home chain, the team behind it have been formulating a new plan, and have decided on a path forward that actually expands the reach of the Mars mission, launches a dedicated new chain, and looks at launching outposts on a number of Cosmos chains. The first of these outposts, is the obvious choice of Osmosis.

How will it work?

So, the structure of how their project will look down the track is as follows:

  • Mars Hub - a new chain as home base, for governance, revenue distribution and staking.
  • Osmosis outpost - this will be the first outpost, and enable lending and borrowing, initially of ATOM and OSMO, with USDC (bridged via Axelar) under consideration.
  • Future outposts - not announced at this stage, but potentially on the relaunched Terra 2.0 chain, Juno, Comdex and/or others.
  • The Hub and the outposts will be linked via IBC, cross chain smart contracts, and interchain accounts, all made possible by the highly successful IBC protocol.

Planned to be built using Cosmos SDK, Mars Hub could serve as the homebase for all of Mars’ outposts throughout the Cosmos galaxy. Each outpost of the Red Bank and Fields of Mars would stand alone on independent chains with their oracles. But the outposts could continually route data and fees back to Mars Hub.

The new MARS token will be distributed to those that held the previous token on Terra, with two snapshots taken in line with how the Terra chain is conducting its own snaps for Luna 2.0 or whatever they are calling it. The new MARS tokens will become available once the project launches its new chain, and it will control governance and earn staking rewards.

My thoughts.

I think this seems to be a very smart way to rebuild and overcome the challenge of having built upon Terra. The collapse could have ruined many of the projects on Terra, but it is good to see that plans are being put in place to change directions and adapt to the new realities of post UST life.

Personally, I have not used, or been involved with the Mars Protocol previously. Having its App on Osmosis is something I will look forward to. Despite the sell off and current low OSMO price, I still feel it is the best Dex in the cosmos eco-system. Having a dedicated credit platform on top of it broadens the appeal, and enhances the range of possibilities on Osmosis. I am looking forward to exploring Mars on Osmosis.

My other thought is that I really hope that one of the next outposts as Mars expand across the Cosmos will be on Comdex. I believe the synergy there would be strong, especially with the impending launch of Comdex's own stablecoin (CMST), which Comdex validator @carbonzerozone looked at in detail recently.

What do you think Osmonaughts, is a trip to Mars something you are looking forward to?

Let me know in the comments below.

For extended coverage of the Terra collapse, and relaunch, be sure to follow @melbourneswest, who is keeping across all the good, bad, and ugly happenings during the Terra saga.

Thanks for reading,

JK.


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I've started to pick up Osmosis and Atom. Only had $200 left over from everything so jammed it half in Atom and half in Osmosis.

They seem well under valued currently and Atom has a 50% discount. Pairing the network to UST has caused it to collapse.

Someone should create a pegged stable coin for the Cosmos. Preferably backed by gold.

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Do you see these coins as promising? The Atom is trading just above $9.5 but peaked at no more than $12.5, do they have a chance to skyrocket? Are there any fears that the LUNA coin is waiting for them?

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The LUNA situation can't happen to ATOM. It is a fairly safe, conservative option really. If I had spare money, I'd be accumulating ATOM at these prices. No stablecoin for ATOM, so no risk there.

Terra issues are not cause for alarm for the rest of the Cosmos eco-system. It has been hit by UST collapse, mainly as it was a popular as a liquidity pool pair in the various Dex's. Overall, LUNA systematic failure is not replicated with ATOM and other Cosmos assets.

Not financial advice.

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I will have to take the time to go into the details of this coin. Thank you!

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Cosmos used UST as it's stable coin. I think once it imports a proper one it will peak again. It had been $US30 in the past and I think that is a fair price point. I could be wrong though.

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Maybe I have a stereotype lol. regarding the price of coins exceeding 1 Hive in value, lol, I will try to overcome it)

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I think you are right, both OSMO and ATOM are cheap currently. OSMO inflation drops by 1/3 in the near future (can't remember exactly when). Hopefully, lower emissions will help stabilize the price.

ATOM really needs a decent value capture, beyond shitcoin airdrops. Interchain security will hopefully be the missing component to give extra incentive to hold ATOM long term.

$CMST is coming, a USD pegged stablecoin that will work like DAI. Overcollateralized. There is also another one coming called IST, but I have not looked into it.

Comdex is also bringing out cGOLD, which will be a synthetic Gold token. Not backed by physical gold, but overcollateralized with Cosmos assets, and priced using Oracles.

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Nah, I think I'll keep to what I already know and even consolidate more of the assets I still have in the Cosmos ecosystem.

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I'll be approaching Mars with caution. My Osmosis assets are in rebuild mode, so I'm trying to be more cautious. I'll likely have a little play when it happens, mainly to have something to post about and give it a review. If I like it, then I may use it more.

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Please tell me, the Osmosis coin is on Binance, I don’t find it in the crypto search.

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Osmosis is not on Binance, or any other notable Cex at all.

  • To buy it, you can start by buying ATOM pretty much anywhere.
  • Next step is to get a Keplr wallet (it works like Metamask, but for Cosmos assets)
  • Move your ATOM from Binance into your Keplr.
  • Connect Keplr to Osmosis
  • Deposit your ATOM there.
  • Swap for OSMO is that is what you want.

It may seem like a lot of steps, but it is not hugely difficult if you are keen. Fees are very low, and you can start using Osmosis with no fee by selecting that option for your initial transactions.

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I have bookmarked your comment and will use your very detailed instructions, once again, thank you so much!

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I have not used it either I just hope it recover from terra and see more Investors eventually

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Hopefully. Price has dropped from a high of over $10 a few months ago, down to around $1.30 recently. Here is hoping that it can recover a bit.

Terra hurt it a lot, but it was already on the way down.

Lets hope the worst is over.

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I haven't used it either, but it's interesting to see projects I hear about but haven't used pop up here and there.

Looking at your links at the end of the story! Now I see how to do the links!

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Yeah, I'm not sure if anyone clicks the links, but it could happen sometimes. Seems like a good idea to give people somewhere else to go if they come from Twitter and enjoy the article, keep them on Leo for a bit longer.

Good thing about Leofinance is we can get an idea of what other people are investing in, and it can prompt further research if it peeks an interest. That's how so many Leo lions found RUNE way back in the day.

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Will be good if it gives a shot in the arm for Osmosis!

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Hopefully it does just that. I have not used it, but will once it launches on Osmosis. Will be interesting to see how it plays out.

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Well, I appreciate the heads up, so thanks for that. I have been letting Osmosis slip a bit, so need to get back and see what is going on there.

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