MIR is a governance token for Mirror Protocol, a synthetic asset Protocol built by Terraform Labs (TFL) on the Terra blockchain. Mirror Protocol is a decentralized Protocol where on-chain vaults and code changes are governed by the holders of MIR tokens. TFL has no intention of retaining and selling MIR tokens, nor has it granted administrative keys and special access rights. The aim is to be a fully decentralized, community-driven project. The Mirror Protocol is a DeFi Protocol that allows users to create Mirror assets (mAsset). MAsset prices will track underlying asset prices in the real world market, giving traders access to price exposure to real world assets. The Mirror Protocol ensures that there are always enough assets in the Protocol to cover mAsset and manages mAsset's market by bringing it online on Terraswap based on UST trading pairs. The casting of mAssets is decentralized in which users can create positions and deposit collateral. Mirror Protocol was built with Terra's Terraform Labs team in Korea. Co-founder and CEO Do Kwon was listed on Forbes' 30 Under 30 list. The team is experienced in the blockchain industry and has a strong user base supported by Terra's CHAI and MemePay. In January 2021, Galaxy Digital led an investment in Terraform Labs, Coinbase Ventures, Arrington XRP Capital, Pantera Capital, Polychain Capital and others raised $25 million. Mirror Protocol has partnered with several DeFi protocols, including Band Protocol, Injective Protocol, Mask Network, UniLend and others.

Mirror Protocol is a synthetic asset Protocol built on the Terra blockchain by Terraform Labs(TFL), whose project vision is to merge the cryptocurrency market with the traditional market.

In the cryptocurrency space, there have been a number of attempts by organizations to bring U.S. stock assets into cryptocurrencies, but most have been centralized exchanges and have had little success. The first exchange in China to introduce US stock assets to the blockchain world was called BISS, but it has been shut down. BISS, which offers trading in U.S. stocks domestically, has many legal issues that are difficult to resolve, and the closure is no surprise. Now DeFi has taken over the banner, DeFi has no KYC, no access mechanism, free flow of assets in the chain, to do this, obviously the resistance is much less, how the outcome is still to be tested. U.S. stocks are a very attractive asset class globally, producing stars like Apple and Tesla, but for much of the world, access to the $36.3 trillion market is limited.

Mirror Protocol connects cryptocurrencies to traditional markets by tracking the prices of stocks, futures, exchange-traded funds, and other traditional financial assets by minting mAssets and anchoring U.S. stock prices. Thus, mirror-minted US stock tokens do not represent real ownership of the stock, but merely anchor the price of the asset and do not generate dividends. Mirror uses Band prognosticators to track and update prices every six seconds to keep Mirror's MINted US stock token prices in line with us stock prices. Mirror has already minted apple, Tesla, Twitter, Microsoft and other stock tokens that can be traded on Uniswap and Terraswap. Mirror Protocol makes it much easier for ordinary people to participate in the U.S. stock market by minting synthetic assets. There are no whole shares to own, no reviews, and no restrictions on trading. As for whether Mirror can close a deal for the market to test, and the introduction of more high-quality assets into the blockchain world, it is estimated that there will be more agreements involved. DeFi's composability and free circulation have broken many boundaries, and all of this has just begun. It is very interesting to see what can be done.

Mirror Protocol is the main introduction of US stocks to DeFi, which can "Mirror" the prices of real world assets through the chain trading price, so that global retail investors can more easily participate in the US stock market, which greatly reduces the threshold for ordinary people to participate in the US stock market, without the need for whole stock holding and no review. And there are no restrictions on trading. In addition to U.S. stocks, MIR tracks the prices of other assets, including futures, exchange-traded funds, and traditional financial assets, aiming to bring global assets into the blockchain. MIR has already minted apple, Tesla, Twitter, Microsoft and other stock tokens, all of which can be traded on Uniswap and Terraswap. All mAsset objects of the Mirror Protocol must be voted for or not supported by the DAO governance. Currently, the DAO governance vote is very active, with as many as dozens of subjects in the voting process.

Protocol governance: MIR token holders can participate in protocol management by voting on the main parameters of the protocol. To adopt the governance proposal, a majority of MIR token holders must approve it and it will take about a week to take effect. Mining: Users can pledge MIR tokens to mine tokens for other DeFi projects. Offer liquidity rewards: MIR will be on the platform as a reward for providing liquidity. Collateral: Users will be able to use MIR tokens as collateral for minting mAssets and various derivative products in the future.

The introduction of synthetic assets, especially those in traditional financial markets, can solve the problem of single assets in DeFi market, which is one of the future development directions of DeFi. Mirror Protocol is the only project on the synthetic asset track to introduce U.S. equity assets, giving it a first-mover advantage. Compared with the track leader Synthetix, it has the advantages of low mortgage rate, cross-chain support and richer assets. Mirror Protocol is a major project of Terra Ecology and Terraform Labs. The team is strong and has attracted institutional investment and a good user base. At present, it belongs to the initial stage of development and has the potential to explode in the future.

MAssets Casting and trading Users can mortgage UST to cast Mirrored Assets (mAssets) in the Mirror Protocol, or mortgage existing mAssets to cast new mAssets. Upon redemption, the mAssets generated during casting shall be destroyed and returned to the UST or mAssets mortgaged at casting. These mAssets can be traded in Terraswap (Terra's AMM DEX) and, thanks to the Shuttle cross-chain bridge, in Ethereum Uniswap, BSC Pancakeswap. Mirror Protocol is similar to Synthetix, another synthetic asset foundry/trading platform. Synthetix requires users to pledge platform token SNX to create sUSD (dollar anchor currency), and then use sUSD to purchase other synthetic assets such as sBTC and sETH (equivalent to destroying sUSD to create other synthetic assets). Because Synthetix's synthetic assets are backed by crypto assets with high volatility, the collateral rate is as high as 750% to avoid liquidation risk. The collateral of Mirror Protocol is stablecoin UST and mAssets with low volatility, so the mortgage rate is between 150% and 200%, and the fund utilization rate is higher. In order to keep the prices of mAssets in line with those of the underlying native assets (primarily U.S. stock assets), mAssets uses a predictor (supported by Band Protocol) to track and update the prices every 30 seconds. This is mainly used to determine the mortgage rate of the cast mAssets and does not directly affect the trading price of the mAssets on the trading platform. The predictor will not be able to track real time prices of native assets during non-US stock trading hours, so users can only cast mAssets during US stock trading hours.

According to the white paper, MIR issued a total of 370,575,000, which will be distributed within four years. At the beginning of creation, Mirror Protocol will issue 54.9 million tokens, which will be distributed as follows: UNI Airdrop: 16.66% (9.15 million) tokens will be airdropped to UNI holders (220MIR for users who had more than 100UNI in their wallet prior to November 23 snapshot). LUNA Stakeholder Airdrop: 16.66% (9.15 million) of tokens will be airdropped to LUNA stakeholders. Community pool: 66.66% (36.6 million) tokens will be allocated to the community pool.

Regardless of geography and market access, anyone can buy in any country without KYC and AML restrictions 7*24 hours trading Small orders can be traded (such as buying 1/1000 of Apple stock) based on liquid pools, low float stocks can get a lower slip point to trade directly in Uniswap.

Liquidity mining rewards In Terra, Uniswap, Pancakeswap, provide liquidity to platform governance token MIR/UST trading pairs and 13 mAssets/UST trading pairs for a 0.3% transaction fee reward. At the same time, LP tokens of these trading pairs in Terra and Uniswap can be pledged to the Mirror Protocol to harvest platform governance Token MIR.

Mirror can be used to synthesize equity assets, synthetix can only support their own nt $SNX Mirror mortgage rate of only 150%, and the Maker agreement is basically the same. But synthetix requires a 650% excess mortgage to get the most rewards (this is also related to the instability of the SNX price of the mortgage assets).

MIR introduces us stock assets into the blockchain world, not only introducing assets to the DeFi world, but also trading mAssets such as US stocks on MIR without KYC authentication, which means that the threshold for many users to participate in US stock transactions is lowered. In addition, the synthetic asset mortgage rate in MIR is low, which can also improve the use efficiency of user funds. For the crypto market as a whole, MIR not only expands the application boundary of DeFi, but also brings more on-chain users, which will be more conducive to promoting blockchain into the eyes of more mainstream people. However, there are currently fewer synthetic assets tracking US stocks on Mirror, and in the short term MIR does not have a significant advantage over Synthetix, which has moved ahead.

Mirror Protocol combines the crypto market with the traditional market, introduces US equity assets, and lowers the barriers for users to trade. Have some prospects. MIR has governance functions as a token of the Mirror platform. Its value is supported by the capture of transaction costs. The future value of MIR will depend on the evolution of the Mirror platform.

Mirror Protocol combines the crypto market with the traditional market, introduces US equity assets, and lowers the barriers for users to trade. Have some prospects. MIR has governance functions as a token of the Mirror platform. Its value is supported by the capture of transaction costs. The future value of MIR will depend on the evolution of the Mirror platform. Then, by looking at the data above, it can be seen from the code update frequency that the MIR project side is still making continuous efforts to improve the Mirror platform, and as a platform token, MIR still has a large space for rising. After all, this is a young project with potential to explode in the future!

All mAssets in the system are mainly cast by UST, which is Terra's algorithm stabilization coin, and the anchor value of UST is balanced by LUNA's algorithm. Therefore, the stability of UST and mAssets is limited by LUNA, which may cause system crash in case of drastic price fluctuations. At present, the Mirror Protocol has not formed a large scale, and the trading volume is mainly concentrated in MIR, and the trading volume of mAssets is low, which means that the loyalty of users to its core functions is low and there is no moat. If Synthetix launches a similar feature later, or another competitor emerges, it could lead to a significant loss of users and money.

Mirror can be used to synthesize equity assets, synthetix can only support their own nt $SNX Mirror mortgage rate of only 150%, and the Maker agreement is basically the same. However, synthetix requires 650% excess mortgage to get the most rewards (this is also related to the unstable price of SNX mortgage assets). MIR introduces US stock assets into the blockchain world, not only introduces assets to the DeFi world, but also does not require KYC authentication to trade mAssets such as US stocks on MIR. That means it lowers the barrier for many users to participate in U.S. stock trading. In addition, the synthetic asset mortgage rate in MIR is low, which can also improve the use efficiency of user funds. For the crypto market as a whole, MIR not only expands the application boundary of DeFi, but also brings more on-chain users, which will be more conducive to promoting blockchain into the eyes of more mainstream people. However, there are currently fewer synthetic assets tracking US stocks on Mirror, and in the short term MIR does not have a significant advantage over Synthetix, which has moved ahead. Mirror Protocol combines the crypto market with the traditional market, introduces US equity assets, and lowers the barriers for users to trade. Have some prospects. MIR has governance functions as a token of the Mirror platform. Its value is supported by the capture of transaction costs. The future value of MIR will depend on the evolution of the Mirror platform.