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What Is The Mirror Protocol? An Introduction And How To Stake MIR!

source-logo  cryptoticker.io 18 March 2021 00:18, UTC
Mirror Protocol is a new entrant in the now expanding space of synthetic assets platforms. It works on the Terra blockchain and is available on Ethereum via the Shuttle-bridge. These platforms allow every asset to be represented on the blockchain. So, Mirror Protocol allows synthesis and management of these tracked assets, what else does it do?

Mirror Protocol assets are called mAssets and carry the “m” moniker in the front. The system ensures over-collaterization of upto 150% for stable operation. A liquidation engine cashes them out, if the value falls below the threshold.

These synthetic assets are generated by depositing collateral, which is returned once they are burned. These mAssets gather their price from decentralized oracles, at every 30 seconds interval. The project is community driven and hasn’t raised any VC funding or reserved pre-mined team tokens.

Mirror Protocol – Mirror Token (MIR)

It’s native token is Mirror Token (MIR), which is used for governance, staking and rewards. It’s total supply is 370M and it’s designed to be released over a period of four years. In the future, it is expected that governance will find new uses for the MIR token, which will increase it’s utility and value. MIR is inflationary in nature.

Staking Pool - Terra Blockchain | Mirror Protocol

To withdraw your deposited assets and rewards, open the next panel. Connect wallet and choose the amount to be withdrawn. Then, confirm the transaction through your wallet and the assets plus rewards will be sent to your wallet.

Staking Liquidity Pool (LP) Tokens

Mirror Protocol allows the Liquidity Pool (LP) tokens to be staked also for further rewards. Open this link and select your desired pool or the one which you have staked your tokens in. Select pool and move on to the next step.

Staking LP Tokens - Mirror Protocol

Select the amount of LP tokens to stake and click Stake. Confirm the transaction and your LP tokens will be staked. To withdraw, open the next panel and click Unstake. Repeat the same steps and LP plus rewards will be sent back to the wallet.

LP Staking Pool - Mirror Protocol

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