❓Eclipse FAQs
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1. What is Eclipse Pad?
Enabling Dapps and Cosmos chains to launching their token, raise funds through and IDO, gain exposure for their project.
Enabling public investors to gain early access to top-tier upcoming projects at a premium before they launch on the market.
2. What is the difference between Eclipse Pad and other Launchpads?
Put simply, Mars is a decentralised dynamic-interest-rate credit protocol, while Anchor is a Saving-as-a-Service (SaaS) protocol with predictable rates.
Anchor relies on yield from Proof of Stake (PoS) assets to provide fixed income to users, thus only allowing PoS assets as collateral. Mars can use any Terra asset as collateral, so the interest rates depend on demand/supply facAs a savings protocol, Anchor is designed to achieve one overarching goal: making it incredibly easy to earn a relatively fixed rate on stablecoin deposits.
As a decentralized credit protocol, Mars is designed with a different goal: enabling the borrowing and lending of virtually any Terra-based tokens.
Together, they dramatically expand the utility of all Terra-based assets.
3. What is the ECLIP token? What are its utilities?
MARS tokens are used to govern the Mars Protocol. The guiding principle behind MARS’s token economics is that of skin in the game: those making decisions should bear the consequences of those decisions, both positive and negative.
Unlike other governed ecosystems, Mars governance participants 'underwrite' the protocol risk.
MARS stakers receives xMARS in return, which has the following key properties:
Governance: Make decisions on asset listing, risk parameters, treasury spending etc., within the Martian Council.
Collect Fees: Mars distributes a portion of its fees to xMARS stakers on an ongoing basis through purchases of MARS.
Safety Fund: The Mars Safety Fund can be tapped by the Martian Council to compensate users for Shortfall Events attributable to governance failures.
4. Will Eclipse Pad build its own chain? What about cross-chain launches?
The Martian Council — a DAO of xMARS token holders — governs the deployed Mars protocol. All members have the power to vote on proposed changes to the deployed Mars smart contract system and submit their proposals for changes.
5. Will there be an airdrop?
At the time of this writing, Mars' Red Bank supports ANC, LUNA and UST for borrowing and lending. Governance will have the power to add additional assets.
6. Will I be required to KYC? (know your client registration)
7. How are new projects sourced and selected for IDO launches?
Assets are approved for listing by the Martian Council. This listing decision is based on the independent judgment of each xMARS holder. MARS contributors have developed a risk scoring framework to help guide listing decisions and lending limits. The riskier an asset is, the greater the limitations the protocol imposes on that asset.
Refer to this article for details:
8. What is the Eclipse Pad tier system?
Rates are based on market demand for borrowing. To see the latest rates, visit the Mars application.
9. How do I earn Cosmic Essense?
Red Bank borrowers are liquidated when their loan-to-value (LTV) ratios fall below the required maintenance margin, which happens when their collateral decreases in value relative to their debt. Similarly, if a user is engaging in leveraged yield farming in the Fields of Mars, they can get liquidated when the collateral they provide falls below the liquidation threshold for that asset. To avoid liquidation, a user can reduce his or her debt position (by paying back a portion of their borrowings) or add more collateral.
10. What is the Weighted staking Model?
This model uses Control Theory to dynamically adjust to changing market conditions. This approach improves capital efficiency and helps to quickly determine the interest rates that balance supply and demand.
Dynamic rates, when approved by the Martian Council, will be handled by a “PID Controller” or proportional-integral-derivative controller. The classic example of a PID Controller is the cruise control on a car. Maintaining a fixed speed is simple on a flat surface. But as soon as you hit a hill, the car’s computer must adapt to changes in gravity. That means the car must apply more power when going uphill and less power when going downhill. Mars’ dynamic interest rates will operate similarly. Thanks to an integrated PID Controller, the protocol can adjust rates based on changes in supply and demand to target an optimal utilization level.
Mars launched with a standard, two-slope rate model (similar to Aave or Compound).
Mars’ groundbreaking dynamic rate model is expected to be deployed after market dynamics fully kick in. To learn more about dynamic interest rates, please see the Mars litepaper.
Note: Mars Protocol will launch with a standard, two-slope rate model similar to those used by Aave and Compound. The Dynamic Interest Rate Model can be deployed by governance after market dynamics fully kick in.
11. How will Eclipse Pad remain sustainable and grow long-term?
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