Mirror Protocol (MIR)
A Synthetic Asset Protocol to Track Real-world Assets.Mirror Protocol is a DeFi protocol that enables users to mint mirrored assets (mAssets). mAssets will track the underlying asset prices in real-world markets, giving traders access to the price exposure of real-world assets.
Mirror Protocol ensures that there is always sufficient collateral within the protocol to cover mAssets, and also manages markets for mAssets by listing them on Terraswap against UST. The minting of mAssets is decentralized, where users are able to open positions and deposit collateral.
MIR is the protocol's native governance token and has the following use cases:
- Protocol Governance: MIR token holders may participate in protocol governance by voting on the protocol's major parameters. Passing a governance proposal requires a majority approval by MIR token holders, and takes about one week to take effect.
- Farming: Users may farm tokens from other DeFi projects by staking MIR tokens (PancakeSwap, Harvest, etc).
- Liquidity Provision Rewards: MIR tokens will be provided as rewards for liquidity provision on the platform.
- Collateral: In the future, users will be able to use MIR tokens as collateral to mint mAssets and a variety of derivative products.
As at April 19th 2021, the total supply of MIR is 370,575,000 and the current circulating supply is 56,260,867 (about 15.2%).