Mirror Protocol

Mirror Protocol


Key Metrics

Real Volume (24H)$402,727.63
Fully Diluted Valuation$39,094,498
ATH Date4/10/2021, 7:24:49 AM
ATL Date12/25/2022, 7:16:22 PM
Circulating Supply156M
Total Supply371M
Popularity Rank1676
What is Mirror Protocol?

The Mirror Protocol is a decentralized finance (DeFi) protocol built on smart contracts on the Terra network, which is a public blockchain protocol that uses decentralized stablecoins to bring DeFi to the masses. By creating synthetic assets called Mirrored Assets (mAssets), Mirror Protocol allows traders to gain exposure to real-world assets without owning them. Synthetic assets are token derivatives that mimic the value of another asset. In comparison to traditional and digital exchanges, the platform offers global access to financial markets, cheap transaction costs, and fast order execution.

Mirror Protocol's mAssets replicate the price behavior of real-world assets, such as stocks, bonds, and commodities, and offer traders open access to price exposure without the hassles of owning real assets. The platform uses two tokens for the purpose of staking: LP Tokens, which are given to liquidity providers when they add liquidity, and sLP Tokens, which are minted and immediately staked when a short position is created.

The five key stakeholders of the platform are traders, minters and shorters, liquidity providers, stakers, and oracle feeders. Traders are users who trade mAssets against UST through Terraswap and benefit from price exposure via mAssets. Minters are users who take up a collateralized debt position (CDP) to get newly minted mAsset tokens. Shorters are users who enter the same CDP but quickly sell the minted tokens and receive newly minted sLP tokens. Liquidity providers add equal amounts of an mAsset and UST to the appropriate Terraswap pool, increasing market liquidity. Stakers are users who stake either LP or sLP tokens (through the staking contract) or MIR tokens (using the gov contract) to earn staking rewards in the form of MIR tokens. Oracle feeders are responsible for supplying an accurate and up-to-date price feed for a given mAsset or whitelisted collateral.

The Mirror token (MIR) is the governance token of Mirror Protocol. Users who stake MIR tokens receive MIR payouts for withdrawing collateral from CDP positions within the network. MIR is also used to motivate users to farm yields by staking LP tokens that were produced as a result of providing liquidity for MIR and mAssets. The yield is provided to users from newly minted MIRs through annual inflation, which steadily raises the overall quantity of MIR until the end of the year.

Mirror Protocol was designed and developed by Terraform Labs, a South Korean corporation that also created the Terra network and debuted in 2020. Do Kwon, the CEO and co-founder of Mirror Protocol and Terraform Labs, previously founded Anyfi, a wireless mesh network firm that created one of the most complex decentralized apps for real-world use. Kwon worked as a software developer at Microsoft and Apple before attending Stanford University to study computer science. Other important members of the platform's team are Brian Jung (head of assets at Terraform Labs), Nicholas Platias (head of research at Terraform Labs), and Paul Kim (head of infrastructure at Terraform Labs).

MIR has a maximum supply of 370,575,000 MIR coins. Currently, MIR is required to be staked to vote on ongoing polls and as a deposit to create new governance polls. The platform aims to use MIR to serve additional uses for the protocol in future iterations, increasing its usability and value.

In conclusion, Mirror Protocol is a DeFi-based protocol that enables traders to gain exposure to real-world assets through synthetic assets. The platform's unique features, such as low transaction costs, global access to financial markets, and fast order execution, make it an attractive option for traders seeking to diversify their portfolios.


The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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