Mirror Protocol is allows the creation of fungible assets, “synthetics”, that track the price of real world assets.
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- How to Stake MIR?
The Mirror Token (MIR) is Mirror Protocol’s governance token. Currently, it must be staked to vote on active polls and is required as a deposit for making new governance polls. In future iterations of Mirror, it will serve further purposes for the protocol that increase its utility and value.
Users that stake MIR tokens also earn MIR rewards generated from withdrawing collateral from CDP positions within the protocol.
MIR is also used to incentivize users to farm yields by staking LP tokens which were minted by providing liquidity for MIR and mAssets. Yield is paid to the users from MIRs that are newly minted through annual inflation, which gradually increases the total supply of MIR until the end of 4th year.
You can stake MIR here.
- How much can I make Staking MIR?
MIR Token stakers receive MIR token rewards every block, which are generated from protocol fees from CDP withdrawals. The protocol fees are collected from CDP collateral and are sold for TerraUSD to buy MIR through Terraswap. The MIR tokens are then distributed as rewards to MIR stakers in proportion to the percentage of total stake. This process balances the generation of new MIR by creating buying pressure.
The effective staking rate depends on Captured CDP Closure Fees, and Total Staked MIR. You can estimate returns for individual scenarios in the Mirror Staking Calculator.
MIR Staking Returns are automatically compounded.
- Is there any risk Staking MIR?
Yes, there is smart contract risk and the risk of impermanent loss when depositing liquidity into LPs.