Mirror Protocol Price

What Is Mirror Protocol (MIR)?

MIR is the native token of Mirror Protocol, and is based on Terra’s fungible CW20 token standard. Mirror Protocol, a decentralized finance (DeFi) app created by Terraform Labs, lets its users create synthetic crypto assets called mAssets that mirror the price movements of real-world assets.

The real-world assets are primarily based on stocks of well-known companies or popular cryptocurrencies, while the mAssets allow you to access the underlying real-world assets without actually holding them. Some examples of the available mAssets are mBTC (for Bitcoin), mETH (for Ether) and mTSLA (for Tesla stock), to name a few.

To mint an mAsset, you need to provide collateral in a range of cryptocurrencies. The typical collateral-to-loan ratio is around 2:1 (200%).

Mirror Protocol is built on the Terra blockchain, which uses the Terra Bridge for interchain transfers between Ethereum, BNB Smart Chain and Terra. Mirror sources its liquidity and offers from Terraswap, an automated market maker (AMM) protocol on Terra.

Besides the mAsset issuance, the Mirror Protocol offers staking, liquidity farming and coin swaps, which use MIR and the mAsset tokens.

Mirror Protocol Price (MIR)

MIR started trading in December 2020 at around $1.30. In its first few days on the market, the token declined to slightly under $1, and then set out on an impressive growth trajectory for the next few months. By mid-April 2021, MIR’s price rose to an all-time high of $12.90.

The token remained above $10 until early May 2021, quickly declining to around $4 by the end of the month. After this sharp slump, MIR gradually trended down to near $1 by early May 2022, when the Terra blockchain collapse unfolded. As a result of the Terra fiasco, the MIR token quickly lost three-fourths of its value in mid-May 2022 and was worth around $0.24 by May 14. Since the crash, MIR has remained remarkably stable, trading between $0.15 and $0.25.

What Is MIR Used For?

MIR is used for staking and liquidity provision, and for Mirror Protocol governance. The project’s white paper specifies the theoretical possibility of using MIR as one of the collateral tokens for mAsset issuance. However, MIR is not currently used in that capacity for any mAsset token.

Staking on the Mirror Protocol using MIR is possible via the MIR/UST trading pool. When you stake tokens in the pool, you’re issued liquidity provider (LP) tokens, which represent your investment. LP tokens are also issued when you add liquidity to mAsset/UST token pools. You can further invest LP tokens on the protocol’s yield farms to earn MIR rewards.

Staking MIR tokens also gives you the right to vote on proposals concerning the protocol.

MIR Tokenomics

MIR’s total and max supply are 370,575,000. MIR’s distribution shares to allocate the total supply have been specified as follows:

• 2.47% — Airdrop to UNI holders
• 45.14% — mAsset liquidity
• 10.42% — MIR liquidity
• 7.4% — LUNA staking
• 34.57% — Community Development Fund

Who Is the Founder of Mirror Protocol?

Mirror Protocol’s co-founders are Terraform Labs creators Daniel Shin and Do Kwon.

How to Store MIR

The MIR token is based on the CW-20 standard, which is commonly stored in wallets including Terra Station, Leap Wallet and XDEFI Wallet.