DeFi has grown quickly in the past couple of years as investors are looking for alternative ways to improve their financial performance. MarsRise token is one such project that provides an easy and secure way to invest and earn interest. Compared to other cryptos, MarsRise is quite new in the crypto-sphere, but it was still interesting enough to catch our eye. Let’s see what it is and why it may deserve your attention.
What exactly is the MarsRise token?
Before investing in any cryptocurrency, it’s important to know exactly what it is and how it works. In this case, MarsRise token is represented as $MarsRise on BscScan. The network was only recently verified on BscScan given that it was launched in the 3rd quarter of 2021. Nevertheless, the listing is a good sign allowing investors and users to monitor the network’s activity.
It is hosted on Binance Smart Chain, similar to many other DeFi tokens, and the network’s native token is the eponymous – $MARSRISE. 1 Quadrillion of these tokens were released at launch, and this represented the total supply of $MARSRISE that would ever be generated.
Half of the coins were burned after deployment and the rest were sent to crypto exchanges for the public to acquire. The particular exchange being used for acquiring and trading $MARSRISE is PancakeSwap, which is a decentralized exchange (DEX). According to the project whitepaper, $MARSRISE is now also listed on some centralized exchanges (CEXes) such as LBank.
Since being launched, the community supporting MarsRise is growing quickly. You can see this from the number of MarsRise Twitter followers and discussions on MarsRise Reddit. The most active communities, though, are on Telegram where there are over 76k members and 73k on the secondary channel. For such a newly launched coin, it has not been a bad run so far.
What does the MarsRise token do?
The main goal of MarsRise is to generate interest for anyone holding the coin… sort of like investing in the project. This interest is generated by charging fees for transactions on the network and redistributing them to those who have a stake in MarsRise. For instance, when you first purchase MarsRise token, you will be charged a fee, which will be distributed as follows:
As you can see above, a majority proportion of fees collected (10%) are directed toward a liquidity pool. This is so as to ensure that there is enough liquidity to accommodate new buyers interested in MarsRise. At the same time, it prevents the coin’s value from dropping too low either when a whale or a group of investors make a huge sale simultaneously.
At the same time, having deep liquidity should ensure that the MarsRise token price remains stable. Other measures such as anti-whale and anti-dumping are also in place to protect the network from being used as a rug. With these measures, the price of MarsRise has managed to remain stable as seen in this chart from Poocoin:
As long as MarsRise has been in existence since its launch, the $MARSRISE token price has been rising albeit not consistently. Nevertheless, this growth is representative of the confidence investors have in the project and why you too should consider making the investment.
How does one buy MARSRISE?
As a relatively new coin in crypto, MarsRise has still not been listed on the major crypto exchanges. Right now, you can only buy the MARSRISE token through PancakeSwap, which is a decentralized exchange (DEX) popular for trading tokens and other less popular coins.
The complete instructions can be found on the MarsRise website. Briefly, though, you will first need to acquire another form of cryptocurrency since fiat is not accepted on PancakeSwap. The most popular token on the platform is BNB, but it also supports CAKE, BUSD, USDT, WBNB and more. You can buy any of these coins from your preferred exchange such as Binance, Coinbase or the rest, but Binance is renowned for providing the widest variety.
Once you have acquired the coin you intend to use on the exchange, send it to the wallet of your choice. On PacakeSwap, the top supported wallet is Trust Wallet but it also accepts WalletConnect, TokenPocket and MathWallet. However, the easiest and simplest to use is Metamask, which is installed as a browser extension on Chrome.
Once done, head back to PancakeSwap and connect your wallet to the exchange. After it’s complete, it will be simple to exchange any number of coins for $MARSRISE, a transaction that should be verified relatively quickly. On PancakeSwap, you can modify some of the settings using the dialogue box above to achieve your desired effect. But the recommended level of slippage according to the MarsRise official website is 17%.
How reliable is MarsRise?
At the moment of publication, the network has had over 100,000 transactions including more than 10 every hour or so and the $MARSRISE token is being held in over 36,000 crypto wallets. This shows that the project has had widespread support from different investors unlike ruggable tokens with only a few wallet addresses.
Part of this appeal is that the project has been around longer than many others. While most BEP-20 tokens were launched in Q4 2021, this one was created in Q3 2021. To date, it is still actively traded and continues to develop different aspects of the project. For this reason, we find EverRise to be quite reliable within the industry.
There has been a proliferation of BEP-20 tokens this year since the launch of the Binance Smart Chain. Anyone can create such a token and promise to deliver high returns only for it to be a scam. Therefore, we would encourage anyone interested in the MarsRise token to be very cautious. These coins have a high degree of risk even though some do have a lot of potential. With MarsRise, this just might be the case and you can keep an eye on it through MarsRise token Poocoin. Alternatively, once invested, you can use a tool like DEXTools to keep track of price changes and other updates.