Mirror Protocol (MIR) price has declined today.
The price of Mirror Protocol (MIR) is $0.021292736740 today with a 24-hour trading volume of $314,743.84. This represents a -1.60% price decline in the last 24 hours and a -19.20% price decline in the past 7 days. With a circulating supply of 160 Million MIR, Mirror Protocol is valued at a market cap of $3,325,143.
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.
MIR was airdropped to UNI and LUNA holders. Currently it is distributed via yield farming to Liquidity Providers (LPs) of mAssets.
How to obtain MIR?
MIR can be purchased from exchanges such as Uniswap or Kucoin. You can find MIR trading on various centralized and decentralized cryptocurrency exchanges.
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:
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Hold stocks to earn yield (automated yield farming)
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Margin trading (10x long or short on stocks)
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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
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Stocks: Apple (AAPL), Google (GOOGL), Tesla (TSLA), Twitter (TWTR), Netflix (NFLX), Microsoft (MSFT), Amazon (AMZN), Alibaba (BABA)
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Commodities: iShares Gold Trust (IAU), iShares Silver Trust (SLV), United States Oil Fund (USO)
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Derivatives: ProShares VIX (VIXY)
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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.
Where can you buy Mirror Protocol?
MIR tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Mirror Protocol is BingX, where the most active trading pair MIR/USDT has a trading volume of $75,896.83 in the last 24 hours. Other popular options include Gate.io and MEXC.
What is the daily trading volume of Mirror Protocol (MIR)?
The trading volume of Mirror Protocol (MIR) is $314,743.84 in the last 24 hours, representing a 8.80% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for Mirror Protocol (MIR)?
The highest price paid for Mirror Protocol (MIR) is $12.90, which was recorded on Apr 10, 2021 (over 2 years). Comparatively, the current price is -99.80% lower than the all-time high price.
What is the all-time low for Mirror Protocol (MIR)?
The lowest price paid for Mirror Protocol (MIR) is $0.009794250227, which was recorded on Nov 21, 2023 (19 days). Comparatively, the current price is 117.40% higher than the all-time low price.
What is the market cap of Mirror Protocol (MIR)?
Market capitalization of Mirror Protocol (MIR) is $3,325,143 and is ranked #1695 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of MIR tokens (160 Million tokens are tradable on the market today).
What is the fully diluted valuation of Mirror Protocol (MIR)?
The fully diluted valuation (FDV) of Mirror Protocol (MIR) is $7,896,016. This is a statistical representation of the maximum market cap, assuming the maximum number of 370 Million MIR tokens are in circulation today. Depending on how the emission schedule of MIR tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of Mirror Protocol compare against its peers?
With a price decline of -19.20% in the last 7 days, Mirror Protocol (MIR) is underperforming the global cryptocurrency market which is up 9.00%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of Mirror Protocol today?
The community is bullish as more than 100% of users are feeling good about Mirror Protocol (MIR) today.
How to add Mirror Protocol (MIR) to MetaMask?
Adding Mirror Protocol (MIR) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import MIR as a token. You can copy MIR’s contract address (0x09a3ecafa817268f77be1283176b946c4ff2e608) and import it manually, or if you've installed MetaMask's chrome extension, add MIR to MetaMask with one click on CoinGecko.
Add MIR to MetaMask.
