About Mirror Protocol Coin
Mirror Protocol price today is $7.21 with a 24-hour trading volume of $52,683,965. MIR price is down -7.9% in the last 24 hours. It has a circulating supply of 65 Million MIR coins and a max supply of 371 Million. Uniswap (v2) is the current most active market trading it.
What is MIR?
MIR is the governance token for Mirror Protocol. MIR can be staked to receive voting privileges and to earn a share of the protocol's Collateralized Debt Position (CDP) withdrawal fees.
How to obtain MIR?
What is Mirror Protocol?
Mirror Protocol is a decentralized derivative protocol that creates synthetic assets, incubated by Terra Protocol. The synthetic assets are called Mirrored Assets (mAssets). The aim of mAssets is to mimic the price of any assets and give investors access to more assets to invest in.
Mirror protocol is an inter-chain DeFi protocol that can be accessed across multiple blockchains. Mirror protocol is developed on the Terra blockchain with access to Ethereum and Binance Smart Chain through Terra Shuttle.
Some of the upcoming features include:
Hold stocks to earn yield (automated yield farming)
Margin trading (10x long or short on stocks)
Dynamic ETFs (anyone can create their own ETFs and define the rules for rebalancing)
How to access Terra Blockchain?
Similar to using Metamask on Ethereum, users can download the Terra Station Chrome Extension to interact with the Terra Blockchain. The blockchain’s transaction fees will be deducted using UST.
How to create mAssets?
Similar to synths from Synthetix, mAssets can be minted by creating a collateralized debt position (CDP) with either TerraUSD (UST) or other mAsset tokens as collateral. The CDP is essentially a short position against the price movement of the reflected asset. If the stock price of AAPL rises, minters of mAAPL would have to deposit more collateral to maintain the collateral ratio. If the ratio falls below the minimum ratio of 150%, it can be margin called and liquidated by other users.
Users can choose to get back their collateral by burning the mAssets. This is referred to as closing the position. A Mirror protocol fee of 1.5% is charged when a position is closed. This fee is then converted into MIR through Terraswap and distributed to MIR token stakers as a staking reward.
Users can also choose to withdraw some of their collateral as long as it is not below the minimum collateral ratio. A protocol fee of 1.5% will also be charged when withdrawing collateral from positions.
To ensure that the target price of the mAssets stay close to the price of the real world assets, the system reads the underlying asset prices via a decentralized price oracle that is updated every 30 seconds. When the price of the mAsset drifts significantly from the primary market, traders are incentivized to purchase or sell the asset to mint or burn the collateral. Currently Mirror Protocol uses Band Protocol as their price oracle.
What is Terraswap?
Terraswap is a fork of Uniswap. It is used to establish trading pairs for mAssets and MIR on the Terra Blockchain. Currently, only UST pairs are supported. In Mirror, each liquidity pool has a fixed Liquidity Provider fee of 0.3%.
How many mAssets are there?
Currently there are 13 mAssets, tracking the price of
Stocks: Apple (AAPL), Google (GOOGL), Tesla (TSLA), Twitter (TWTR), Netflix (NFLX), Microsoft (MSFT), Amazon (AMZN), Alibaba (BABA)
Commodities: iShares Gold Trust (IAU), iShares Silver Trust (SLV), United States Oil Fund (USO)
Derivatives: ProShares VIX (VIXY)
Index: Invesco QQQ Trust (QQQ)
How to access mAssets in Ethereum?
All mAssets, MIR, and UST are available for trade in Uniswap.
How to access mAssets in Binance Smart Chain?
Some of the mAssets and UST are available for trade in PancakeSwap.
How to invest in mAssets?
Other than buying through Uniswap and Terraswap, users can now also buy it through Mirror’s mobile app that supports buying through USD using Moonpay.