Mirror Protocol is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets.
The minting of mAssets is decentralized and is undertaken by users throughout the network by opening a position and depositing collateral. Mirror ensures that there is always sufficient collateral within the protocol to cover mAssets, and also manages markets for mAssets by listing them on Terraswap against UST.
What can you do with Mirror tokens?
MIR tokens have a variety of functions on the Mirror Protocol. The first and foremost functionality of the token allows holders to participate in governance on the protocol. In addition, by providing liquidity to the MIR token pool, MIR LP tokens issued can be further staked in order to receive CDP withdrawal fees in the form of MIR tokens.