Mars v2 Vision

Mars v2 builds on the C2C primitive pioneered by Mars v1 to create a new sub-primitive tailored today's dynamic multichain environment: a type DeFi credit account referred to as a "Rover", which, in effect, is a general-purpose C2C Borrower. Any user can create their own Rover on an Outpost through that Outpost's Credit Manager smart contract. This Rover will initially be funded by the user's own tokens, which then may be used as collateral to borrow additional tokens into the Rover from the Red Bank.

The Rover architecture resembles the “sub-account” experience familiar to users of centralised exchanges and enables Rovers to composably integrate with other DeFi mechanisms, whether such mechanisms are part of Mars (borrowing/lending on the Red Bank) or belong to other whistelisted DeFi protocols. Through Rovers and Vaults, users can cross-collateralise leveraged strategies with multiple assets counting toward a single liquidation LTV.

Each Rover is represented by, and made transferable across blockchain accounts by means of, an NFT that is initially credited to the creating user's blockchain address. A user may create multiple unique Rovers for a particular address, each with its own mix of collaterals and strategies and its own LTV, and each such Rover will be represented by a separate NFT.

Rovers effectively allow for a “rebundled” DeFi experience as users would be able to access their favourite tokens, farms, and protocols, using leverage, through the Mars credit account. This integrated experience represents the next evolution of DeFi, providing a user experience (UX) comparable to centralised exchanges (CEXes) on many important dimensions (such as speed, leverage, liquidation penalty, and asset choice), while gaining the potential to integrate key DeFi primitives and maintaining the advantages of decentralisation: self-custody and censorship-resistance.