First, I’m glad to see the comms from the Mars team:
Second, I’m generally supportive of the proposed plan.
However, answers to a couple questions regarding this line would be tremendously helpful.
"A portion of the total supply of new MARS tokens are planned to be distributed 50/50 between holders of MARS and xMARS on Terra Classic "
Why is it just a “portion”? Why aren’t 100% of the new tokens going to the holders of the tokens today? There is already a dev fund, for example, and everyone owning Mars today has the expectation of 1 Billion total supply. Why would new coins be going to anyone but current holders?
The “50/50” line is confusing. How many of the 1 billion total supply are in Mars today vs xMars? If it’s not equal halves then this would mean one side will get an advantage over the other, and it would cause a bunch of people to stake tomorrow if that advantage is to xMars over Mars. Easy solution is to change it from 50/50 to prorata based on the actual ratio at the time of the snapshot.
Clarity on the above two questions would be much appreciated.
Thanks for the great questions, Erik. Current thinking is:
It’s a brand new token set… since circulating supply !== total supply, then current mars holders receive “a portion” of total supply. We are still finalizing the exact details around uncirculating tokens though we expect there to be few if any changes. The total supply will remain 1 billion MARS tokens.
Great point on the 50/50 line. We have updated the article for clarity. The goal is to send 50% of circulating tokens to MARS holders in Snapshot 1, and 50% to MARS holders in Snapshot 2.
The amounts will be distributed to MARS holders. In the case of xMARS holders, they will receive MARS based on the # of MARS tokens that their xMARS represented at the time of either snapshot.
What about those xmars that are in unstaking cooldown ?
Thanks for the quick response.
That makes since re: circulating supply and it’s good to hear the new total will also equal 1B. Can you convey the rough circulating supply today so we know how different it is from the 1B total supply?
Understood. Can you confirm then that it doesn’t matter whether Mars is in Mars form or xMars form? (If true, then people don’t need to worry/care whether their Mars is in one form or the other ahead of this imminent snapshot)
Thank you all for this communication. Combined with setting up a lending protocol on Osmosis, all of this puts some much needed wind in my sails.