What Is The Mirror Protocol? An Introduction And How To Stake MIR!
Synthetic asset generation and management platforms have been increasing in number lately, what are they? What is the Mirror Protocol?
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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. Also, 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?
In fact, 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.
For instance, deposit collaterals generate these synthetic assets and return them 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)
In fact, the native token is Mirror Token (MIR), which is used for governance, staking and rewards. Its total supply is 370M, and it should drop over a period of four years. In the future, we expect that governance will find new uses for the MIR token, which will increase it’s utility and value. MIR is inflationary in nature.
I
UNI airdrop (proof of long-term hold) allows the distribution, along with 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. In addition, Liquidity Pool (LP) tokens will make it happen.
How To Stake MIR Tokens
In fact, you can do Mirror Protocol staking 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 arrive to the wallet.
To withdraw your deposited assets and rewards, open the next panel. First, connect the wallet and choose the amount to withdraw. Second, confirm the transaction through your wallet and the assets. The rewards will then arrive in your wallet.
Staking Liquidity Pool (LP) Tokens
Mirror Protocol allows Liquidity Pool (LP) tokens staking for further rewards. Open this link and select your desired pool or the one in which you have staked your tokens in. Select pool and move on to the next step.
Select the amount of LP tokens to stake and click Stake. Confirm the transaction and your LP tokens will become staked. To withdraw, open the next panel and click Unstake. Repeat the same steps and LP plus rewards arrive back to the wallet.
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