Mirror Protocol is allows the creation of fungible assets, “synthetics”, that track the price of real world assets.
- What is Mirror Protocol?
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.
MIR is the governance token of Mirror Protocol, a synthetic assets protocol built by Terraform Labs (TFL) on the Terra blockchain.
Mirror Protocol is decentralized from day 1, with the on-chain treasury and code changes governed by holders of the MIR token. TFL has no intention of keeping or selling MIR tokens, and there are no admin keys or special access privileges granted. The intent for this is to be a completely decentralized, community-driven project.
- How was Mirror Protocol Launched?
Mirror smart contracts are built on Terra and Cosmwasm, and leverages TerraUSD as the collateral asset.
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.
Terraform Labs (TFL), the group behind Terra—a stable, programmable cryptocurrency—launches Mirror, the first synthetic assets protocol that tracks the price of stocks, futures, exchange-traded funds, and other traditional financial assets, bridging crypto with traditional markets.
Total of 54.9M tokens are available at genesis of Mirror Protocol.
The distribution of these tokens was made as below:
UNI Airdrop: 16.66% (9.15M) tokens will be airdropped to UNI holders
LUNA staker airdrop: 16.66% (9.15M) tokens will be airdropped to LUNA stakers.
Community Pool: 66.66% (36.6M) tokens will be allocated to community pool.
- Who is the team behind Mirror Protocol?
Do Kwon, Co-Founder, and CEO of Terraform Labs (TFL), the group behind Terra.
For more information on the Terraform Labs team see LinkedIn.