What is MIR
Mirror is a decentralized finance (DeFi) protocol on the Terra blockchain network allowing for the creation of synthetic assets called Mirrored Assets or mAssets. mAssets are used to mimic price behavior of real-world assets and traditional asset classes including stocks and real estate, providing traders open access to price exposure without the burden of owning or transacting real assets. Asset tokenization eliminates many barriers to entry, allowing traditional asset classes to become globally accessible, censorship resistant, infinitely divisible with low transaction fees. The Mirror Token (MIR) is a Terraswap CW-20 token minted by the protocol to reward users for providing liquidity to mAsset markets by staking MIR LP to mAsset-UST or MIR-UST Terraswap liquidity pools. Users staking MIR will receive voting privileges and earn a share of the protocol's Collateralized Debt Position (CDP) withdrawal fees. Mirror protocol requires users deposit collateral and maintain a collateral ratio to mint mAssets, encouraging users to burn mAssets to recover collateral. When new mAssets are whitelisted, Mirror Protocol creates a Terraswap CW-20 token for the new mAsset, a Terraswap trading pair for the new mAsset against TerraUSD UST, and a Terraswap CW-20 Token for the new mAsset's LP Token. Ethereum network ERC-20 wrapped MIR and mAssets liquidity pools are available on Uniswap decentralized exchange platform. Users can stake BEP-20 MIR and mAsset LP on PancakeSwap and other yield platforms for Binance Smart Chain (BSC). Assets bridged from Terra to Ethereum or BSC have the same name and ticker symbol and are backed 1:1 by the underlying CW-20 asset value. ETH.mirror.finance or mETH is a web interface to enable staking of ERC-20 MIR LP tokens. MIR tokens are distributed to mETH users as staking rewards once per day. mAsset price quotes are kept up to date by oracle feeders tasked with periodically fetching exchange rates from reputable sources and reporting to the Oracle contract. Among the most popular Mirrored Assets include Mirrored Tesla mTSLA, mirroring the value of Tesla stock price, and mAAPL to mirror Apple stock.