The canary network of Ares Protocol — Mars Announced Auction Strategy
Recently, Polkadot official has published its Kusama Network function and stability report. Overall, the first round of six parachains connected to the Kusama network have been relatively stable from the process of block production, approval and final confirmation.
Meanwhile, officials brought good news about the second Kusama parachain slot auction. The 6th parachain slot auction will be officially start at UTC time 12:00 PM, First of September. The second auction will take five weeks of time ,same as the first auction. They are respectively scheduled for September first, 8th, 15th, 22th and 29th.
Ares Protocol’s canary network-Mars will continue to play its part in the second auction of KSM. Currently, the team is optimizing the Kusama crowd-loan data extraction program and developing the reward distribution module. It is expected to launch again around September 1st!
What is a Mars?
Mars is the canary network built by Ares Protocol on Kusama. It will conduct some contract call tests on asset prices, and will be deployed to Ares Protocol’s main network after qualified in the real environment.
Ares Protocol will provide Kusama with a native Oracle system after the successful bidding of the Kusama slot, which supports the Ink contract ecosystem, and brings a better Oracle service to DeFi developers.
About the Mars token $AMAS
Mars tokens ($AMAS) were used to test some contract calls for asset prices, as well as community governance and scalability.
The initial issuance of $AMAS reaches 1 billion in total. 50% will be used for slot auction, no private round investment and team holding, committed to become a fully decentralized community governed token. Any community user who stakes a certain amount of $AMAS can become an aggregator node in the Mars network.
$AMAS token allocation
Crowdloan operation process
Click to enter the slot auction page:
Click “Account”, then click “Add Account”, remember the mnemonic, and generate KSM account. Transfer KSM such as exchange and wallet into this account.
Select Networks, select Parachains from the drop-down list, and then click Crowdloan.
Select [2008 Mars] and click [Contribute].
Select the account you want to participate in, type the number you want to participate in the box, and then click Contribute.
At the end, sign and send the transaction.
Mars is currently running a Crowdloan campaign at polkadot.js.org. The serial number is “2008” and slots of 8 cycles will be auctioned, i.e., the leasing period is 6 weeks *8=48 weeks.
The current rules are:
Support 1 $KSM for 1000 $AMAS;
When the total amount of KSM staking by Mars crowdloan exceeds 50,000, users will receive $1200 AMAS for each $1 KSM they support, i.e., the fixed ratio is adjusted to KSM: AMAS = 1:1200.
A maximum of 300,000,000 $AMAS will be distributed to KSM contributors and will be released linearly upon successful bidding until the end of the leasing term. In the future, $AMAS will be staged on online exchange according to the market popularity, or be converted into $ARES according to a certain proportion. Mars will become a canary network with economic value.
At the same time, in order to repay the vast number of Aresians for their support to Mars, we will launch the invitation prize in addition to the existing auction strategy from the second round. Stay tuned!
Ares Protocol is a decentralized cross-chain oracle service that truly implements a new generation of cross-chain oracle service for on-chain validation, and it is the first to create a compensation channel for data users who suffer business losses from applying oracle service data.
Ares Protocol is a random security prognosticator solution based on Substrate framework that supports hybrid Babe and off-chain workers, incorporates polkadot’s latest on-chain governance, brings Optimistic Rollup challenge model into prognosticator realm, and supports ink contract ecosystem, brings better predictor service to DeFi developers.
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