Mirror Protocol is an exciting new DeFi platform powered by the Terra network that allows for the creation and trading of synthetic assets. On December 3rd, the Mirror Protocol team announced a fair launch that distributed MIR (Mirror Protocol governance token) to UNI token holders and LUNA stakers.
Based on the current distribution model, LUNA stakers will continue to earn MIR overtime for the next year, and have the opportunity to earn additional MIR by participating in MIR LP staking pools on the Mirror Protocol platform. Learn more by reading below.
What is Mirror Protocol?
Built by Terraform Labs (the company behind Terra), Mirror Protocol allows users to create and trade synthetic versions of real world US based stock equities called mAssets on Mirror Protocol. This will give traders around the world price exposure to an asset that would otherwise be out of their reach due to their geographic location or citizenship status. Mirror Protocol users can already purchase synthetic versions of stocks like Google, Amazon, and Apple.
Mirror Protocol users can:
- Trade mAssets
- Mint new mAssets by entering a Collateralized Debt Position (CDP)
- Provide liquidity which is rewarded in LP tokens
- Stake LP tokens which is rewarded in MIR
The MIR token is the governance token on Mirror Protocol and must be staked to vote on polls and is required as a deposit for making new governance proposals. At genesis, 9.15M MIR were distributed to both LUNA stakers (must be staking a minimum of 1000 LUNA) and UNI token holders (must have a minimum balance of 100 UNI).
Additional MIR can be earned by:
- Continuing staking LUNA
- Staking LP tokens
- Staking MIR (necessary to participate in governance)
Users staking LUNA, LP tokens, or MIR will receive a portion of rewards for their pool equivalent to their proportional share of staked assets for that pool. Overtime, the majority of MIR will be distributed to LP token and MIR stakers.
A further overview of Mirror Protocol can be found here.
Claiming MIR as a LUNA Staker
Using Chrome or Brave browser, head to terra.mirror.finance/airdrop.
Click the connect button at the top right of the screen, and if you don’t already have it, follow the prompt to download the Terra Station extension.
You can use the Terra extension to connect to your Ledger device (recommended) or to your software wallet. Once successful, you should see your address at the top right corner of the screen.
You will see an option to claim your MIR tokens (if you are eligible). It is important to note that you must have been staking at least 1000 LUNA to be eligible.
New LUNA holders can check out our LUNA Staking Guide for more information on staking LUNA on Terra.
A Burgeoning Ecosystem
The Terra ecosystem has experienced tremendous growth in 2020 thanks in part to Terraform Labs and the rest of the Terra community. CHAI, a mobile payments app built on Terra is now the most used DApp in the world in terms of daily active users, and the release of Mirror Protocol and the expected release of their recently announced Anchor Protocol could lead to Terra becoming the next great DeFi Hub in the blockchain ecosystem.
Figment & Terra
At Figment, we support LUNA token holders and Terra developers with our staking, middleware, and application layer solutions.
With Figment, you can:
- Stake LUNA on Terra and start earning LUNA and MIR rewards.
- Gain access to real time on-chain Terra data, and receive notifications of on-chain events with Hubble.
- Connect to Terra in seconds without having to manage your own infrastructure with DataHub.
- Learn how to build the next great decentralized application on Terra with Figment Learn.