AMA Recap 404 Daily Crypto with Mars Ecosystem

Hello 404 Daily Crypto Community

On 22th June 2021, Mars Ecosystem conducted an AMA in the 404 Daily Crypto. Our guest is Mars Ecosystem team.

Lots of questions as usual from the Community about Mars Ecosystem progress. Mars Ecosystem team took part in a very interesting AMA session which included Project introduction, Questions from live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Mars Ecosystem.

Let’s take a look at the most interesting points of our conversation

Opening

Please introduce yourself, your background and your roles within Mars Ecosystem?

Hello, guys! 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!!
And let me introduce you a bit about 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. 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!

Introduction

Can you give us a brief description about Mars Ecosystem project and how you came up with the idea?

Mars Ecosystem was founded in the belief that decentralized stablecoins 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.

What measures can you let our community know to give them confidence in the project?

First of all, Mars Ecosystem has made many innovations.
In order to be widely accepted and used by DeFi users, a decentralized stablecoin protocol must have at least the following properties: High price stability, High degree of decentralization, High scalability. But there is no decentralized stablecoin protocol that can satisfy all of these properties at the same time!

To solve all these problems, 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.
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. We will not begrudge the bounty.

Can you tell us $XMS Tokenomics? And what is the function of $USDM ( Mars USD stable coin) on Mars Ecosystem?

Mars Ecosystem uses a two token system: The stablecoin of the Mars Ecosystem is USD-Mars (USDM), and the governance token is Mars Ecosystem Token (XMS).

The stablecoin USDM could serve as the reserve currency of the DeFi world, as any token aimed to be the reserve currency has to be stable. The governance token XMS captures the value generated from the creation and circulation of USDM, and has a huge appreciation upside.

Mars Ecosystem has made many innovations which include the following ways:
-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.

-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.

-The Treasury assets classification mechanism, which reduces the volatility of the market value of treasury assets, which will make USDM more stable, while reducing the redemption and selling pressure of XMS, which will benefit USDM and XMS holders. The Treasury assets classification mechanism enables the Mars Treasury to have external DeFi protocols tokens, so that proposals that are beneficial to Mars Ecosystem can be passed in other DeFi protocols, such as allowing USDM and XMS to be used as collateral at a Lending protocol, which will benefit USDM and XMS holders.

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?

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.

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.

As far as I can see, NFT and BSC are the next trend of new projects. As I know there are a lot of very good development projects on this platform, what do you think about this development?

Yes, I totally agree with this view! And Mars Ecosystem will participate in this trend without hesitation. We already have a plan on it: Mars Ecosystem will select a certain number of users from those who have contributed to the community to airdrop our limited Boarding Pass NFT or Captain NFT of our first Spacecraft. Those who get it will join the Mars Ecosystem on the Genesis Spacecraft 1 and jointly create our MarsDao community.

As the first aboriginal on Mars and one of the ambassadors of Mars Ecosystem, I also have one special mission :
Airdrop & sell more NFTs to users who follow Mars Ecosystem, including Mars equipment, spacecraft, oxygen cylinders, towels, speakers, skateboards, etc…. and directly reward XMS.

In the future, Mars Ecosystem will also empower different levels of NFT, so stay tuned!

Is MARS available for the global people or It’s limited for some area? If it’s globally available are you guys planing to introduce it globally?

Mars Ecosystem is absolutely for global people. We have no geographical restrictions and our goal is to bring Financial Stability and Transparency to the world economy! Together we can live a better world!
And we have channels in various languages in Discord, everyone is welcome to join us and talk in your own language. Our discord: https://discord.gg/gEWC4VVnNt

Mars Stable Coins can we earn through staking? I mean if I hold Mars stable coin I can stake those?

Yes, we finished our IMO (Initial Mars Offering) on 15th June successfully. And in June users who hold USDM and XMS can provide liquidity after the Genesis launch, and receive XMS as rewards.

Now you can buy XMS at https://swap.marsecosystem.com/swap
And then you can stake the XMS you have to earn at: https://swap.marsecosystem.com/stake

What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

The goal of Mars Ecosystem is to build the central bank and reserve currency of the DeFi world. Our priorities in 2021 is:
-Build a strong and motivated Mars community
-Expand Mars Ecosystem by doing more cooperation with other DeFi protocols. Launch Mars FixedIncome, which is a fixed-rate lending protocol
-Expand our protocol to more public chain such as Ethereum, Solana, Avalanche, ICP, etc.

In mid June, we have launched Mars Swap and did IDO on several major launchpads on BSC to distribute our token to early supporters. 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.

Live AMA

From Username @Ayshunasrin
Smart contracts are still, prone to bugs. How secure, is your smart contract? so that we believe, Your project is safe and good for the future of investors?

Our smart contracts are audited by the best security auditors in the world: Certik and SlowMist. Once our smart contract is launched, we will cooperate with the best bug bounty agencies in the world and we will not begrudge the bounty. At the same time, we also welcome experienced volunteers in other fields to join us and maintain community safety together! Anyone interested can contact us through our website.

From Username (Hidden)
What benefits will liquidity providers get besides collecting transaction fees and funding fees? Do you have events or programs to attract more users and new liquidity providers? Why should I buy and poject tuken for the long term?

Users who hold USDM and XMS can provide liquidity after Genesis launch, and to receive XMS as rewards. And a “Genesis Rocket Launch” will be held at 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.

From Username @Tayden129
“STAKING” is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term. Does your GREAT PROJECT have plan about Staking?

XMS staking rewards comes from transaction fees of MarsSwap. The transaction fees are used to buy XMS and distribute to XMS stakers daily. Besides, we decided to give a special rewards to our stakers: 461501 XMS will be distributed to the XMS Staking Pool in the next 6 months. XMS staking APR will be at least 263% with 350,894 XMS staking.

From username @labiba017420
According to the project’s roadmap- what are your most important next priorities? Does your team have enough Funds and Community to achieve those milestones?

We have successfully raised $2 million in seed funding. The round attracted investment from several major blockchain funds, including Continue Capital, Parallel Ventures, Kernel Ventures, and YBB Foundation, among others.

Mars Ecosystem will now use the funds to help deliver the milestones on its ambitious 2021 roadmap, including an imminent Genesis launch.

From username @TBedward
Thanks Dr. Marvin & 404 Daily Crypto Group. First of all, I’m huge fan of Mars Ecosystem and also participated the IMO.
Here is the funny question. Would you invest in a real Mars Project (like rockets or satellites in real life) if you get the chance in the future? That would be very cool!

Haha, thanks, that’s a very interesting question or proposal for us. If there is a chance, our team will definitely seize the opportunity. And we’re looking forward to more real-life applications. Besides, i am a big fan of interstellar travel, and i truly believe that mankind will go to Mars one day.

Closing

Yeah, first of all, thank you for hosting and thanks all members here. Marc Ecosystem will hold 🚀”Genesis Rocket Launch” at early July, please stay tuned!!! The duration of the Genesis event is 3 days. During these 3 days, users can deposit BUSD into Mars Treasury to mint USDM. Users can earn free XMS during the Genesis Launch.

And please note that you can buy XMS now at

Stake is available as well: https://swap.marsecosystem.com/stake

More Information

Mars Ecosystem

► Telegram https://t.me/mars_ecosystem
► Twitter https://twitter.com/MarsEcosystem
► Website https://marsecosystem.com

404 Daily Crypto

► 404 Daily Crypto Group: https://t.me/DailyCrypto404
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