Call us aliens, because here at Flipside Crypto, we’re all about the Mars Protocol.
What is the Mars Protocol you ask? Allow us to explain.
Also known as the “Bank of the Future”, it’s a powerful borrowing and lending protocol built atop Terra. Earth first made contact with the Mars protocol in April of this year, when the project’s Twitter account first went live and shared a Medium post entitled “The Mars Protocol: Prologue.”
As outlined in that post, the protocol is designed to serve as a non-custodial, open-source, transparent, algorithmic, and community-governed replacement for traditional banks. Many believe it could serve as the Terra network’s version of protocols like Alchemix and Aave, which offer similar lending markets on the Ethereum network.
The protocol plans to first issue collateralized as well as uncollateralized debt when it debuts later this year. These will “involve simple leveraged yield farming strategies on Mirror and Nebula,” according to the Red Paper. In the future, the team plans to establish standards that will allow any smart contract to receive a credit line from Mars.
There’s a lot to be excited about when it comes to the Mars Protocol — and a lot to try to understand. In an effort to help you do just that, Flipside recently hosted “Mars + Chill,” a deep dive into this new and exciting protocol, featuring our very own GJ Flannery and Omkar Bhat.
If you missed out on the event in real-time, no worries. Check out the replay of our event below.