What Is Mirror Protocol (MIR)?
MIR is the native token of the Mirror Protocol, which is a Terra-based derivative protocol that allows users to create synthetic assets. Even though the Mirror Protocol is built on the Terra blockchain, by using Terra Shuttle, it can be integrated into Binance Smart Chain and Ethereum.
Take a look at the Mirror Protocol price chart above if you want to see the current MIR price.
The synthetic assets created on the Mirror Protocol are known as Mirrored Assets or mAssets. They maintain the core values of cryptocurrencies while reflecting on-chain exchange prices of real-world assets, giving traders price exposure to these assets. Real-world assets mirrored by mAssets include stocks, commodities, derivatives, and indices.
Just keep in mind that mAssets are entirely synthetic since they merely track the price movements of related assets, as opposed to standard tokens, which act as representations of underlying assets.
Some of the primary benefits of mAssets include global access to the FX and stock markets, hassle-free fractional orders, and almost instant order finality.
How Do mAssets Work?
In order to mint mAssets, users have to create collateralized debt positions (CDP), which are short positions opened against the reflected asset's price changes. CDP can be opened using other Mirrored Assets or UST stablecoins as collateral. The Mirror Protocol charges a 1.5% CDP fee for opening new positions, as well as withdrawing collateral from these positions.
Since mAssets reflect the prices of real-world assets, it’s important to constantly follow their prices. In order to do that, the Mirror Protocol utilizes a price oracle, which monitors the prices of real-world assets and reports them every 30 seconds. Whenever the price of a certain real-world asset increases, mAsset minters have to deposit more collateral. If it’s the opposite situation, they have to withdraw a portion of their collateral.
Note that the collateral can be withdrawn at any time. It can either be fully withdrawn by burning mAssets, or it can be withdrawn in certain portions to stabilize mAsset prices, as it was just mentioned.
The Purpose of MIR Tokens
MIR is the governance token of the Mirror Protocol. It allows users to vote on various decisions that determine the future development of the Mirror Protocol crypto project. In order to earn governance rights, Mirror Protocol token holders have to stake their assets. They are rewarded with a portion of the CDP withdrawal fees for doing that.
Interested in purchasing Mirror Protocol coins? Before doing that, check out the live MIR price featured on the aforementioned Mirror Protocol price chart.
These are the project's quantitative metrics of its official X account that can be used to trace regular or artificial Social activity & growth within the project.
Followers
103.95K
Followers: 103,955
0.07%
Following
10
0.00%
Posts count
834
0.00%
These are the project's quantitative metrics of its official Reddit account that can be used to trace regular or artificial Social activity & growth within the project.
Subscribers
-
Subreddit type
-
Moderators
-
Currently, official Mirror Protocol (MIR) Reddit Stats account doesn't exist or wasn't submitted. 🔆 Submit Now
These are the project's quantitative metrics of its official Telegram account that can be used to trace regular or artificial Social activity & growth within the project.
Members
5.94K
Members: 5,948
0.20%
Title
Mirror Protocol
These are the project website's metrics based on Ahrefs Rank. They're used to trace website activity & growth within the project. DR (Domain Rating) metric is a sign of the project's website reputability that is ranked from 0 to 100 (the higher the rank, the better reputability). Organic Traffic - is a metric of how many monthly users visit the project's website via search engines. All these metrics are used for determining active or passive projects despite the artificial hype.
Website Rating (DR)
59 / 100
0.00%
Ahrefs Rank
316,938
2.44%
Organic Traffic (mo.)
1
0.00%
These are the project's quantitative metrics of its Organizational GitHub Public account that can be used to trace regular or artificial development activity & growth within the project.
Public repos
14
Type
Organization
These are the project's quantitative metrics of its official GitHub Public Repositories that can be used to trace regular or artificial development activity, growth & popularity of the project.
Stars
12
0.00%
Watchers
6
0.00%
Forks
15
0.00%
Language
SCSS
Mirror Protocol hot topics
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@mirror_protocol posts