Quantity or quality? New protocol launches can have a favorable impact on a token's price, but if the launch goes wrong, there could be major consequences.
) reserves and the Mars protocol launch coincide nicely with the sudden rise in LUNA price at the end of February 2022.
LUNA is used as a counterpart to UST to maintain the price peg of UST to USD. When UST is worth more than $1, it means there is a greater demand for UST than the supply in the Terra ecosystem. So the protocol incentivizes participants to burn LUNA and mint UST to meet the increasing demand for UST until the value of 1 UST is equal to $1.
Here is an example of the recently launched Mars protocol, where LUNA price jumped from sub $50 to over $60 in two days right after the new protocol pre-launch phases started.Here is another example of how LUNA price went up from sub $60 to over $90 in December 2021 right after Astroport’s pre-launch phases started.The new protocol launch in the past two recent cases did help push up LUNA’s price, which can be seen as a positive effect on the Terra network.
Since the protocol just launched, the code is often not available in the public domain for people to find the claim method. But a wild guess most of the tech-savvy investors had was that Mars protocol was forked from Astroport. So the claim method was highly likely the same as Astroport’s. It turned out to be true and these investors managed to claim the MARS airdrop using the same function “claim_rewards_and_unlock” on the chain.
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