What Is The Mirror Protocol? An Introduction And How To Stake MIR!

Mirror Protocol is a new entrant in the now expanding space of synthetic assets platforms. It works on the Terra blockchain and is available on Ethereum via the Shuttle-bridge. These platforms allow every asset to be represented on the blockchain. So, Mirror Protocol allows synthesis and management of these tracked assets, what else does it do?

Mirror Protocol assets are called mAssets and carry the “m” moniker in the front. The system ensures over-collaterization of upto 150% for stable operation. A liquidation engine cashes them out, if the value falls below the threshold.

These synthetic assets are generated by depositing collateral, which is returned once they are burned. These mAssets gather their price from decentralized oracles, at every 30 seconds interval. The project is community driven and hasn’t raised any VC funding or reserved pre-mined team tokens.

Mirror Protocol – Mirror Token (MIR)

It’s native token is Mirror Token (MIR), which is used for governance, staking and rewards. It’s total supply is 370M and it’s designed to be released over a period of four years. In the future, it is expected that governance will find new uses for the MIR token, which will increase it’s utility and value. MIR is inflationary in nature.

It’s distribution was done through UNI airdrop (proof of long term hold), LUNA token staking (official Terra blockchain token) and the community pool distributing rewards. The staking and liquidity provision for mAssets and MIR tokens generates rewards from platform fees/new token minting. It can also be done using Liquidity Pool (LP) tokens.

How To Stake MIR Tokens

Mirror Protocol staking can be done on both Terra and Ethereum blockchains. To stake liquidity on the platform, open the page and select amount of dual side assets to contribute. Connect wallet and contribute liquidity. Simply, confirm the transaction and Liquidity Pool (LP) tokens will be sent to the wallet.

Staking Pool - Terra Blockchain | Mirror Protocol
Staking Pool – Terra Blockchain | Mirror Protocol

To withdraw your deposited assets and rewards, open the next panel. Connect wallet and choose the amount to be withdrawn. Then, confirm the transaction through your wallet and the assets plus rewards will be sent to your wallet.

Staking Liquidity Pool (LP) Tokens

Mirror Protocol allows the Liquidity Pool (LP) tokens to be staked also for further rewards. Open this link and select your desired pool or the one which you have staked your tokens in. Select pool and move on to the next step.

Staking LP Tokens - Mirror Protocol
Staking LP Tokens – Mirror Protocol

Select the amount of LP tokens to stake and click Stake. Confirm the transaction and your LP tokens will be staked. To withdraw, open the next panel and click Unstake. Repeat the same steps and LP plus rewards will be sent back to the wallet.

LP Staking Pool - Mirror Protocol
LP Staking Pool – Mirror Protocol
Mirror Protocol
Mirror Protocol© Cryptoticker

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