DeFi Protocol Powered by Smart Contracts on the Terra Network that Enables the Creation of Synthetic Assets
What is Mirror Protocol?
Mirror Protocol is a decentralised finance (DeFi) protocol that enables the creation of synthetic assets called Mirrored Assets (mAssets). This protocol is built on the Terra Network. The mAssets reflects the value of the real assets, and therefore allowing users to get exposed to the price of the real assets without having to own the actual assets. The minting of mAssets are done through depositing collateral and also through liquidity pools. Mirror Protocol will ensure that enough collateral is available to cover the mAssets. Users may also open a short position on an asset through the minting of sLP token.
Mirror Token or MIR is the governance token for Mirror Protocol. Its main utility is for governance of the Mirror Protocol through staking MIR, and voting for new proposals or new mAssets. MIR is also used as staking reward for liquidity providers in the liquidity pools of mAssets/UST (TerraUSD) and MIR/UST. MIR is a CW20 token with a maximum supply of around 370 million MIR, distributed over 4 years since genesis.