Mirror Protocol (MIR) Wallet

Mirror Protocol is a synthetics protocol built on the Terra network that uses synthetic assets to mirror real-world assets such as stocks. Such a protocol decentralizes trading and makes it accessible to everyone, no matter what assets they own in real life. It was developed by the team behind Terra and launched in December 2020.

Mirror Protocol utilizes decentralized oracles that provide the prices of the assets the synthetic ones are mirroring. In order to create a synthetic asset on Mirror protocol, called Mirror Assets or mAssets, collateral must be deposited and only during the hours of the real-world market. Collateral can be paid with TerraUSD or other mAssets and should equate to more than 150% of the real-world asset’s value. Users can also utilize bridges to access Mirror Assets on the Ethereum and BSC blockchains. MAssets can be traded and even burnt if the user wishes to redeem their collateral. MIR, the native token of the Mirror Protocol, is an Ethereum token and is used for governance by being staked.

In November 2021, Mirror Protocol handed over the Mirror Protocol UI to its community, allowing anyone to contribute to the web app source. Also, by the end of 2021, Mirror Protocol is planning to reduce the token emission rate from 233.33% to 40%.