to learn more, read the docs or the white paper
and join the community on Telegram
to learn more, read the docs or the
white paper and join the community
on Telegram

How It Works

Mirror Protocol allows the creation of fungible assets, “synthetics”, that track the price of real world assets. Mirror synthetics are intended to be used as key building blocks in smart contracts, and to bring the world’s assets to the blockchain.
To mint a Mirror asset (mAsset), an issuer must lock up > 150% of the current asset value in Terra stablecoins OR mAssets as collateral. If the value of the asset rises above the collateralization threshold, the collateral is liquidated to guarantee solvency of the system.
To target the price of the mAsset, the system reads in underlying asset prices via a decentralized price oracle - prices are updated every 30 seconds. When the price of the mAsset drifts significantly from the primary market, traders are incentivized to purchase / sell the asset to mint / burn to claim the collateral.
To burn a mAsset, the issuer must burn the equal amount of mAssets issued when opening the CDP - the collateral is then returned to the issuer.

Powered by Terra,
available on the interchain

Mirror smart contracts are built on Terra and Cosmwasm,
and leverages TerraUSD as the collateral asset.

mAssets are also available on Ethereum via the Shuttle

Developed by the community

The Mirror Protocol is entirely built and governed by the community of MIR token holders, which is fairly distributed via liquidity and platform incentives without a team or investor pre-mine. MIR tokens can be used to propose and vote on important changes to the protocol here.

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