MIR is the governance token of Mirror protocol on Terra and Ethereum.
MIR token is used for
- Staking to vote on polls.
- Used as a deposit for making governance proposals.
- Rewards when withdrawing collateral from a CDP.
- Liquidity providers yield farm MIR by staking their LP-tokens.
How could value accrue to MIR token?
Governance tokens offer possibility off current and future cash flows to tokenholders.
- A protocol fee is charged whenever a withdrawal from a CDP is made (including closing the position).
- Fee is sold to MIR through Terraswap and distributed to stakers.
- The token will have more utility outside governance.
What is Mirror Protocol?
Mirror Protocol is a cross-chain platform to create synthetics that track the price of any asset (like TSLA stock).
How Mirror Protocol works
Mirror protocol is built by Terraform Labs (TFL) on the Terra blockchain.
Assets are transferred to ETH through Shuttle.
Mirror consists of
- MIR (governance token)
- mAssets (any generated asset)
- Collateral locked to mint the mAsset
- UST (TerraUSD stablecoin)
To create mAsset
- Lockup 150% of value in UST or other mAssets as collateral.
- Regulates minting, collateral can be liquidated if positions fall below ratio.
Redeem an mAsset
- A user burns the same amount of mAssets issued when opening the CDP.
- On Terraswap. Fees (0.3%)
- Wrapped mAssets on Uniswap (or MIR and UST)
- MIR serve as incentivize for liquidity providers to trade.
- A decentralized oracle that is updated every 30 seconds keeps mAssets to peg.
Total supply: 370,575,000 (over 4 years).
Terraform Labs aims for a fair distribution and do not intend to keep any tokens.
Distributed to LPs, community, stakers and Dev Fund.
- Genesis: 54 M
- Y1: 183 M
- Y2: 256.2 M
- Y3: 320.25 M
- Y4: 370.58 M
- Genesis: 18,3M MIR will be airdropped to LUNA stakers and UNI holders.
- Over the course of the first year 18.3 million MIR tokens will be distributed to LUNA stakers on a weekly basis (every 100,000 blocks).
Claim MIR tokens
Based on snapshots taken on 11/23/2020, users with staked LUNA will receive tokens, and anyone with 100 UNI will receive 220 MIR.
- Go to eth.mirror.finance
- Connect wallet
- On the right you’ll see “Claim”
- Click and sign the transaction with Metamask.