The MARS Farm team is excited to officially announce MARS Farm’s Symbiosis upgrade.
SYMBOSIS: After reviewing the latest in tokenomic designs, tapping into the innovations pioneered by coins such as CORE and many others, and brainstorming with our VIP community channel (the Champagne Lounge), we are excited to publicly reveal the next phase in MARS Farm’s evolution. The Symbosis upgrade will transition MARS from its current state as a high-inflation yield farming coin into an aggressively deflationary yield farming ecosystem.
MARS’s new token design uses a combination of community-governed flexible yields, unstaking and transfer taxes/burns, and tiered rewards for LP token staking lockups. These elements work together in symbiosis to create a deflationary token with sustainable high yields that incentivizes steady growth in MARS’s liquidity pools, as overall coin supply is steadily reduced through transactional tax token burns. MARS being unstaked and/or sold leads to more MARS being both burned and distributed to LP stakers as yield, which results in MARS becoming scarcer while simultaneously pushing yields steadily higher.
This positive feedback loop will result in MARS’s available sell pressure being consistently burned away or locked up earning yields by liquidity providers.
With Symbiosis we aim to 1. Achieve a state of deflation, reducing sell side supply and increasing MARS’s scarcity. 2. Incentivize liquidity in our LPs by providing sustainably high yields.
Locked MARS token staking rewards are on a sliding scale, where farmers are eligible to receive additional reward streams if they choose longer voluntary lockups. This removes sell pressure from the market and provides increased rewards to those who are providing the greatest value to the network and market. The highest tier of rewards (user fees from MARS Farm’s flagship product, REDACTED, currently under development) will only be available to those who permanently lock their liquidity in LP tokens — a secondary market for those locked LP tokens will be provided, however.
MARS’s Symbiosis upgrade will go live on MARCH 3rd. Leading up to the launch MARS 1.0 inflation will be halted, the current pools will be shutdown, a snapshot will be taken of holders’ token balances, MARS 2.0 will be distributed to holders’ wallets, and the updated pools with all their additional rewards will go live!
We will be publishing additional updates leading up to the launch. These will cover the swapping process, a detailed timeline, MARS’s governance portal, some internal burn and yield rate projections, and perhaps a sneak peak of MARS Farm’s flagship product. So keep an eye out here