# Protokol Aset Sintetis Memanfaatkan untuk Melacak Aset Dunia Nyata.

## Lembar Fakta Mirror Protocol (MIR)

* Mirror Protocol pada dasarnya adalah protokol keuangan terdesentralisasi (DeFi) yang memberikan pengguna kesempatan untuk mencetak aset bercermin (mAssets) yang dapat melacak harga aset dasar di pasar dunia nyata, yang pada gilirannya memberikan akses pedagang terhadap eksposur harga dari aset dunia nyata mana pun.
* Mirror Protocol juga dapat memastikan bahwa ada cukup jaminan dalam protokol untuk menutup mAssets, dan bahkan dapat mengelola pasar untuk mAssets.
* Mata uang kripto asli dan token tata kelola di balik Mirror Protocol adalah cryptocurrency MIR.
* MIR, sebagai mata uang kripto, digunakan untuk tata kelola protokol, parameter utama, pertanian, hadiah penyediaan likuiditas, dan bahkan sebagai jaminan.
* Mirror Protocol berbasis di jaringan Terra, dan didukung melalui penggunaan kontrak pintar dan dibangun oleh Terraform Labs (TFL).

## Apa itu Mirror Protocol (MIR)?

Mirror Protocol dikembangkan dari bawah ke atas untuk menjadi protokol berbasis blockchain yang terdesentralisasi untuk __[aset sintetis](https://academy.shrimpy.io/post/what-are-crypto-synths-synthetic-assets-explained)__ yang beroperasi dalam __[sektor keuangan terdesentralisasi (DeFi)](https://www.investopedia.com/decentralized-finance-defi-5113835)__.

Selain itu, Mirror Protocol juga menyediakan alat serta fitur yang memungkinkan pengguna untuk membuat aset sintetis mereka sendiri yang merupakan versi token dari aset apa pun di dunia nyata, seperti komoditas atau saham yang dapat ditemukan.

Selain itu, aset sintetis apa pun yang telah dibuat melalui Mirror Protocol disebut Aset Bercermin atau mAssets.

Ini pada dasarnya mencerminkan harga aset keuangan dunia nyata yang mereka wakili, dan inilah mengapa proyek ini dinamai demikian.

Namun, yang perlu diketahui oleh semua orang adalah bahwa Mirror Protocol dihosting di atas blockchain Terra. Ini yang pada dasarnya memberikan proyek ini akses operasi lintas jaringan dan multi-rantai, di mana ia menjadi tersedia di __[BNB Smart Chain (BSC)](https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc)__ serta jaringan __[Ethereum (ETH)](https://www.investopedia.com/terms/e/ethereum.asp)__, di mana Mirror protocol dapat berfungsi.

Semua ini juga menjadi tersedia melalui pemanfaatan __[kontrak pintar](https://www.investopedia.com/terms/s/smart-contracts.asp)__.

Prioritas utama yang dimiliki proyek ini untuk pengguna adalah untuk pada dasarnya memungkinkan mereka untuk memperdagangkan ekuitas AS 24 jam setiap hari dalam seminggu, yang merupakan prosedur yang dapat diselesaikan dari mana saja di dunia, yang secara signifikan menurunkan hambatan masuk dan memungkinkan akses mudah ke pasar keuangan bagi hampir semua orang.

Pengguna pada dasarnya dapat mengelola dan bahkan memperdagangkan aset token melalui penciptaan aset sintetis tanpa memiliki saham atau komoditas yang mereka wakili.

MIR adalah mata uang kripto asli di balik protokol yang memainkan peran integral dalam prosedur tata kelola dan dapat di-stake sebagai cara mendapatkan hak suara, di mana pengguna pada dasarnya dapat memperoleh bagian dari biaya dari posisi utang berjaminan.

### Bagaimana Mirror Protocol (MIR) Digunakan?

Protokol Mirror berbasis di jaringan Terra yang sekarang berganti nama.

Sebelum kita membahas fungsionalitas seputar Mirror Protocol, kita perlu melihat terlebih dahulu keadaan Terra saat ini.

__[Jaringan Terra (LUNA) pada dasarnya mengalami keruntuhan](https://www.cnbc.com/2022/05/13/cryptocurrency-luna-crashes-to-0-as-ust-falls-from-peg-bitcoin-rises.html)__, dan __[Do Kwon](https://www.forbes.com/profile/do-kwon/?sh=32d52e11da38)__, yang merupakan pendiri Terra (LUNA), meluncurkan strategi pemulihan baru yang dikenal sebagai “__[Terra Ecosystem Revival Plan 2](https://twitter.com/terra_money/status/1528801782914514944)__”, seminggu setelah harga LUNA terus menurun.

Rantai baru ini disebut Terra Classic dan memiliki token __[Luna Classic (LUNC)](https://www.binance.com/en/support/announcement/a94fd26ec68e44fcbf16f04812077dee)__. Begitu TerraUSD (UST) kehilangan patokan dolarnya, orang-orang bergegas untuk menebus UST mereka dengan uang tunai, yang meningkatkan suplai dan menurunkan harganya. Ini mengakibatkan keruntuhan UST, dan cryptocurrency ini tidak lagi aktif.

Ingat semua ini saat Anda belajar lebih lanjut tentang apa itu Mirror Protocol dan bagaimana cara kerjanya pada awalnya.

Setelah semua itu, Mirror Protocol didukung oleh kontrak pintar. Ini pada dasarnya cara jaringan memungkinkan pengguna secara global dan dengan latar belakang berbeda untuk pada dasarnya memperdagangkan komoditas, saham, atau aset keuangan lainnya. Mirror Protocol memungkinkan pengguna untuk menciptakan aset sintetis yang merupakan cerminan langsung dari nilai waktu nyata dan nilai kehidupan nyata dari aset apa pun yang mereka wakili.

Jaringan Terra adalah protokol terdesentralisasi berbasis blockchain, dan memberikan setiap pengembang kemampuan untuk membuat perangkat lunak Keuangan Terdesentralisasi (DeFi), aplikasi terdesentralisasi, dan bahkan protokol. Terra berjalan pada mekanisme konsensus __[Delegated Proof of Stake (DPoS)](https://academy.binance.com/en/articles/delegated-proof-of-stake-explained)__ berdasarkan Tendermint, yang menciptakan lingkungan solid bagi Mirror Protocol.

Secara khusus, Mirror Protocol mengombinasikan DPoS dengan Cosmos SDK sebagai alat untuk aset sintetis, yang dikenal sebagai mAssets.

Apa yang terjadi di sini adalah bahwa setiap pengguna diberikan kesempatan untuk menciptakan aset sintetis yang mencerminkan nilai aset kehidupan nyata melalui penciptaan posisi dalam protokol. Semua yang perlu dilakukan pengguna kemudian adalah menyetor jaminan, sementara sistem dapat mengatur suplai jaminan dan memastikan bahwa selalu ada dana yang dapat menutup nilai mAssets.

Terraswap adalah pertukaran terdesentralisasi yang dibangun di atas blockchain Terra yang memanfaatkan model pembuat pasar otomatis (AMM) yang terinspirasi oleh __[Uniswap (UNI)](https://uniswap.org/)__. Namun, itu telah bermigrasi ke Terra Classic dan sekarang dikenal sebagai Terraswap Classic.

Dengan __[Terraswap](https://terraswap.io/)__, orang-orang dapat memperdagangkan, menyediakan likuiditas dengan berbagai aset dalam ekosistem, dan pada dasarnya memanfaatkannya sebagai pusat utama di mana mereka dapat memperdagangkan aset mereka yang dihasilkan dari berbagai protokol dalam ekosistem Terra.

Dengan mengingat hal ini, pasar untuk mAssets yang disebutkan di atas difasilitasi di platform Terraswap, dan semua aset sintetis pada saat sebelum keruntuhannya, pada dasarnya terdaftar terhadap UST, yang pada saat itu merupakan stablecoin Terra yang terpegging dolar.

Mirror Protocol juga digunakan untuk menambah likuiditas ke jaringan, pertukaran, serta operasi lainnya.

Sistem ini juga mencakup Mirror Token (MIR), yang digunakan sebagai cara untuk memberi hadiah kepada peserta jaringan yang mengamankan jaringan sebenarnya.

## Kasus Penggunaan Mirror Protocol (MIR)

Aset sintetis yang dibuat di Mirror Protocol dikenal sebagai mAssets. Untuk pengguna mencetak atau membuat mAsset, mereka perlu terlebih dahulu menyetor jaminan ke protokol, yang akan mencerminkan lebih dari 150% dari nilai aset dunia nyata saat ini.

Pada saat itu, protokol menerima TerraUSD (UST), yang merupakan stablecoin yang diterbitkan melalui Terra, bersama dengan mAssets sebagai jaminan.

Pada titik waktu di mana nilai aset dunia nyata meningkat melebihi nilai jaminan yang disetorkan sebelumnya, jaminan akan dilikuidasi sebagai cara memastikan bahwa sistem tetap solvable.

Jika ada pengguna yang ingin menebus jaminan mereka, mereka perlu terlebih dahulu membakar mAssets yang diterbitkan kepada mereka, dan mereka juga akan memperdagangkan mAssets melalui interaksi dengan kolam likuiditas di atas pembuat pasar otomatis (AMM) seperti Uniswap dan Terraswap.

mAssets dapat diperdagangkan 24/7. Namun, mereka hanya dapat ditambang selama jam pasar dunia nyata karena saham dan obligasi berfungsi sebagai nilai indeks dasar mereka.

## Usabilitas & Fitur Utama Mirror Protocol (MIR)

Mirror Protocol membuat pengumuman tentang __[kemitraan dengan UniLend](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__, yang merupakan protokol pasar uang terdesentralisasi, pada Januari 2021.

Mirror Protocol di sini berhasil menghubungkan mAssets utamanya ke protokol peminjaman UniLend, dan sebagai hasil langsung dari ini, mAssets sekarang bertindak sebagai jaminan untuk pinjaman. Untuk menghasilkan keuntungan, mereka juga dapat ditempatkan dalam platform UniLend oleh penyedia likuiditas (LPs).

Selain itu, ini pertama kalinya saham sintetis digunakan sebagai jaminan dalam protokol pasar uang DeFi.

Kemudian kita melihat peluncuran __[V2 Mainnet pada 25 Juni 2021](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__. Di sini, Mirror Protocol pada dasarnya mengumumkan versi 2 dari jaringannya, dan versi baru ini mencakup fitur tambahan yang meningkatkan proses saat ini di V1 dan memastikan bahwa semua kelas pengguna diberi penghargaan atas kontribusi mereka dalam protokol.

Selain itu, pemilih aktif memenuhi syarat untuk penghargaan pemungutan suara yang ditingkatkan selain hadiah staking tata kelola yang ada di V2. Opsi abstain voting ditambahkan bagi pengguna yang ingin berpartisipasi aktif dalam tata kelola.

Mirror Protocol V2 juga memperkenalkan mata uang kripto tidak dapat diperdagangkan baru yang disebut short LP (sLP) yang dihasilkan setiap kali posisi pendek dibuat. Token sLP juga dapat di-stake, dan mereka menciptakan hadiah yang berubah secara dinamis tergantung pada premi harga saat ini antara Terraswap dan Oracle.

### Protokol

Mirror Protocol mendapatkan harga data tentang aset yang diwakili oleh tokennya melalui penggunaan orakel terdesentralisasi, yang semuanya diperbarui selama rentang waktu 30 detik. mAssets Mirror Protocol dipatok lunak ke harga
          their real-world counterparts, where this peg is maintained by mining liquidations, governance, and arbitrage.

Proses likuidasi terjadi pada saat harga aset nyata naik, di mana agunan yang disimpan untuk membuat mAsset tidak melebihi rasio agunan minimum sebesar 150%. Di sini, protokol menjual agunan untuk membeli mAssets sampai rasio mencapai maksimum lagi.

### Ledger

Cryptocurrency MIR memiliki dua fungsi utama. Pertama, MIR berperan sebagai token tata kelola dan memungkinkan pemegangnya untuk memberikan suara pada perubahan apa pun dalam protokol. Kedua, cryptocurrency MIR dibagikan sebagai hadiah kepada pengguna yang menyediakan likuiditas mAsset kepada pembuat pasar otomatis (AMM).

Untuk seorang pengguna dapat berpartisipasi dalam proses tata kelola, mereka perlu mempertaruhkan MIR mereka dan memberikan suara pada masalah apa pun yang berhubungan dengan jaringan. Jika mereka menyediakan likuiditas mAsset ke AMM, mereka juga dapat mempertaruhkan token penyedia likuiditas (LP) mereka di Mirror Protocol untuk mendapatkan hadiah dalam bentuk MIR.

### Dukungan Smart-Contract

Mirror Protocol didasarkan pada jaringan Terra dan didukung langsung oleh smart contracts. Ini memungkinkan jaringan untuk memungkinkan pengguna dari mana saja di dunia untuk secara efektif memperdagangkan komoditas, saham, dan bahkan jenis aset keuangan lainnya.

## Tokenomics & Distribusi Pasokan

Ketika kita melihat __[tokenomics resmi](https://docs.mirror.finance/protocol/mirror-token-mir#cumulative-distribution-schedule-in-millions)__ yang diposting dalam dokumentasinya, terdapat total 54,9 juta token pada saat awal dari Mirror Protocol.

Ketika kita melihat distribusi token ini, mereka didistribusikan sebagai berikut:

* 16.66% (9.15M) token diberikan melalui airdrop kepada pemegang UNI
* 16.66% (9.15M) token diberikan melalui airdrop kepada stakers LUNA.
* 6.66% (36.6M) token dialokasikan ke pool komunitas.

Pasokan total token MIR meningkat dalam rentang 4 tahun karena inflasi hingga pasokan total mencapai 370,575 juta.

* Airdrop akan menampilkan 4.9% (18.3M) dari total pasokan token.
* 4.9% (18.3M) didistribusikan kepada stakers LUNA selama tahun pertama
* 45.1% (167.27M) token akan didistribusikan ke semua pool staking mAsset dan mAsset (mETH) pada akhir tahun keempat.
* 0.4% (38.6M) token akan didistribusikan secara merata ke pool staking MIR-UST dan MIR-UST (mETH) pada akhir tahun keempat.
* 34.6% (128.1M) dari total pasokan MIR akan didistribusikan ke Pool Komunitas pada akhir tahun keempat.

Setelah akhir rencana 4 tahun, tidak ada lagi token MIR akan dicetak melalui inflasi.

## Tim & Sejarah

Mirror Protocol dibuat oleh Terraform Labs (TFL), tim yang sama yang menciptakan blockchain Terra dan didedikasikan untuk membangun seluruh tooling Terra serta ekosistem aplikasi.

Dengan pemikiran ini, Terraform Labs meluncurkan Mirror Protocol pada Desember 2020 sebagai cara untuk menciptakan aset derivatif cair yang stabil harga pada Jaringan Terra.

Ketika kita melihat cryptocurrency asli Mirror, MIR pertama kali diterbitkan di Uniswap dan Terraswap dari 11 November hingga 4 Desember 2020.

## Aktivitas & Komunitas

Ketika kita melihat __[halaman Twitter resmi Mirror Protocol](https://twitter.com/mirror_protocol)__, kita dapat melihat bahwa ada lebih dari 110.900 pengikut.

Kemudian, ketika kita melihat grup __[Telegram resmi Mirror Protocol](https://t.me/mirror_protocol)__, kita dapat melihat bahwa ada lebih dari 7.500 anggota.

### Aktivitas Pengembangan dan Repositori GitHub

Ketika kita melihat __[halaman GitHub resmi Mirror Protocol](https://github.com/mirror-protocol)__, kita dapat melihat bahwa ada total 14 repositori.

Dari mereka, empat diantaranya dipin, termasuk:

* __[Mirror.js](https://github.com/Mirror-Protocol/mirror.js)__ - SDK klien untuk membangun aplikasi yang dapat berinteraksi dengan Mirror Protocol dari dalam runtimes JavaScript
* __[Mirrorcli](https://github.com/Mirror-Protocol/mirrorcli)__ - antarmuka baris perintah untuk Mirror Protocol di Terra.
* __[Docs](https://github.com/Mirror-Protocol/docs)__ - dokumentasi resmi untuk situs Mirror.
* __[Mirror-contracts](https://github.com/Mirror-Protocol/mirror-contracts)__ - kode sumber untuk smart contracts inti yang menerapkan Mirror Protocol pada blockchain Terra.

### Aktivitas On-Chain

Menurut __[Etherscan](https://etherscan.io/token/0x09a3EcAFa817268f77BE1283176B946C4ff2E608)__, kita dapat melihat bahwa ada total pasokan maksimum 148,588,675.987673091714826435 MIR, dengan 28.866 pemegang dan 457.373 total transfer.

### Aktivitas dan Mitra

* __[Mirror dan UniLend Patner](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__ - Ini adalah kemitraan strategis yang bertujuan untuk membawa Saham Sintetis pertama ke Protokol Peminjaman Terdesentralisasi
* __[Peluncuran Mirror V2 Mainnet](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__ - pembaruan yang membawa perubahan Collateral Ratio Multiplier, UST Lock-up Period, Snapshot Period, Voter Weight, dan Premium Update Interval.
* __[Pembaruan Komunitas Mirror — Juni 2021](https://medium.com/mirror-protocol/mirror-community-update-june-2021-4d69f4e8972f)__ di sini, tim mengumumkan pencapaian, dengan peluncuran Mirror Testnet, Mirror V2, dan di mana mereka mencapai pencapaian tata kelola Mirror dengan 100 jajak pendapat yang diposting.
* __[Pembaruan Komunitas Mirror — Juli 2021](https://medium.com/mirror-protocol/mirror-community-update-july-2021-a4288316410e)__ - di sini, tim mengumumkan pencatatan token MIR di Kraken Exchange, Bitfinex, dan WazirX. Selain itu, Polkadot, Square, AMD, dan ARKK terdaftar di Mirror. mHOOD didaftarkan di Mirror Protocol, dan ada diskusi yang sedang berlangsung di Forum Mirror.

## Referensi & Laporan

### Referensi

* __[Mirror and UniLend Partner To Bring First Synthetic Stocks to a Decentralized Lending Protocol](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__
* __[Mirror V2 Mainnet Launch](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__
* __[Mirror Documentation - Official Tokenomics](https://docs.mirror.finance/protocol/mirror-token-mir#cumulative-distribution-schedule-in-millions)__
* __[Official Mirror Protocol Twitter page](https://twitter.com/mirror_protocol)__
* __[Official Mirror Protocol Telegram group](https://t.me/mirror_protocol)__
* __[Official Mirror Protocol GitHub page](https://github.com/mirror-protocol)__
* __[Mirror.js](https://github.com/Mirror-Protocol/mirror.js)__
* __[Mirrorcli](https://github.com/Mirror-Protocol/mirrorcli)__
* __[Docs](https://github.com/Mirror-Protocol/docs)__
* __[Mirror-contracts](https://github.com/Mirror-Protocol/mirror-contracts)__
* __[Mirror Community Update — June 2021](https://medium.com/mirror-protocol/mirror-community-update-june-2021-4d69f4e8972f)__
* __[Mirror Community Update — July 2021](https://medium.com/mirror-protocol/mirror-community-update-july-2021-a4288316410e)__
* __[Notice Regarding the Terra Classic (LUNC) Network Upgrade](https://www.binance.com/en/support/announcement/a94fd26ec68e44fcbf16f04812077dee)__
* __[Terraswap](https://terraswap.io/)__
* __[Uniswap](https://uniswap.org/)__
* __[Delegated Proof of Stake Explained](https://academy.binance.com/en/articles/delegated-proof-of-stake-explained)__
* __[Terra Ecosystem Revival Plan 2](https://twitter.com/terra_money/status/1528801782914514944)__
* __[Do Kwon - Forbes](https://www.forbes.com/profile/do-kwon)__
* __[Cryptocurrency luna crashes to $0 as UST falls further from dollar peg - CNBC](https://www.cnbc.com/2022/05/13/cryptocurrency-luna-crashes-to-0-as-ust-falls-from-peg-bitcoin-rises.html)__
* __[What Is Ethereum and How Does It Work? - Investopedia](https://www.investopedia.com/terms/e/ethereum.asp)__
* __[An Introduction to BNB Smart Chain (BSC)](https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc)__
* __[What Are Smart Contracts on the Blockchain and How They Work - Investopedia](https://www.investopedia.com/terms/s/smart-contracts.asp)__
* __[What Are Crypto Synths? Synthetic Assets Explained - Shrimpy Academy](https://academy.shrimpy.io/post/what-are-crypto-synths-synthetic-assets-explained)__
* __[Decentralized Finance (DeFi) Definition - Investopedia](https://www.investopedia.com/decentralized-finance-defi-5113835)__

### Market Research

* __[TradingView](https://www.tradingview.com/symbols/MIRUSD/)__
* __[Cryptorank](https://cryptorank.io/price/mirror-protocol/on-chain-activity)__
* __[Etherscan](https://etherscan.io/token/0x09a3EcAFa817268f77BE1283176B946C4ff2E608)__



Mir Token

# The Synthetic Asset Protocol Utilizes to Track Real-World Assets.

## Mirror Protocol (MIR) Fact Sheet

* Mirror Protocol is essentially a decentralized finance (DeFi) protocol that provides users with an opportunity through which they can mint mirrored assets (mAssets) that can track an underlying asset's price in real-world markets, which in turn provides traders with access to price exposures of any real-world asset.
* Mirror Protocol can also ensure that there is sufficient collateral within the protocol to cover the mAssets, and it can even manage markets for mAssets.
* The native cryptocurrency and governance token behind Mirror Protocol is the MIR cryptocurrency.
* MIR, as a cryptocurrency, is used for the protocol's governance, major parameters, farming, liquidity provision rewards, and even collateral.
* Mirror Protocol is based on the Terra network, and it is powered through the usage of smart contracts and was built by Terraform Labs (TFL).

## What is Mirror Protocol (MIR)?

Mirror Protocol was developed from the ground up to be a decentralized, blockchain-based protocol for __[synthetic assets](https://academy.shrimpy.io/post/what-are-crypto-synths-synthetic-assets-explained)__ operating within the __[decentralized finance sector (DeFi)](https://www.investopedia.com/decentralized-finance-defi-5113835)__.


Furthermore, Mirro Protocol also provides tools as well as features that allow users to create their own synthetic assets which are tokenized versions of any assets in the real world, such as the commodities or stocks that can be found.


Furthermore, any of these synthetic assets that have been created through the Mirror Protocol get dubbed Mirrored Assets or mAssets.


These essentially reflect the price of the real-world financial assets that they represent, and this is why the project has been named in such a way.


However, what everyone needs to know right away is the fact that Mirror Protocol is hosted on top of the Terra blockchain. This is what essentially gave the project cross-chain and multi-chain operation access, where it became available on the __[BNB Smart Chain (BSC)](https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc)__ as well as the __[Ethereum (ETH)](https://www.investopedia.com/terms/e/ethereum.asp)__ network, where the Mirror protocol could function.


All of this was also made available through the utilization of __[smart contracts](https://www.investopedia.com/terms/s/smart-contracts.asp)__.


The main priority that this project has in store for users is to essentially enable them the ability to trade U.S. equities 24 hours every single day of the week, which is a procedure that can be completed from any point in the world, which significantly lowers the barrier of entry and accommodates for easy access to the financial markets for just about anyone.


Users can essentially manage and even trade tokenized assets through the creation of synthetic assets without owning the stock or commodity that they represent.


MIR is the native cryptocurrency behind the protocol that plays an integral role within the governance procedure and can be staked as a means of getting voting rights, where users can essentially earn a share of the fees from the collateralized debt positions.

### How is Mirror Protocol (MIR) Used?

Mirror protocol is based on the now-rebranded Terra Network.


Before we go over the functionality surrounding Mirror Protocol, we first need to look at the current state of Terra.


__[The Terra (LUNA) network essentially crashed](https://www.cnbc.com/2022/05/13/cryptocurrency-luna-crashes-to-0-as-ust-falls-from-peg-bitcoin-rises.html)__, and __[Do Kwon](https://www.forbes.com/profile/do-kwon/?sh=32d52e11da38)__, who is the founder of Terra (LUNA), launched a new revival strategy known as the “__[Terra Ecosystem Revival Plan 2](https://twitter.com/terra_money/status/1528801782914514944)__”, a week after the price of LUNA carried on to decline.


The new chain is called Terra Classic and has __[Luna Classic (LUNC)](https://www.binance.com/en/support/announcement/a94fd26ec68e44fcbf16f04812077dee)__ tokens. Once TerraUSD (UST) lost its dollar peg, people rushed to redeem their UST for cash, which increased the supply and dropped its price. It resulted in the crash of UST, and this cryptocurrency is no longer active.


Keep all of this in mind as you learn further about what Mirror Protocol is and how it initially worked.


With that out of the way, the Mirror Protocol is powered by smart contracts. This is essentially how the network enables users on a global scale and with different backgrounds to essentially trade commodities, stocks, or any other financial asset. Mirror Protocol allows users to create synthetic assets which are a direct reflection of the real-time and real-life value of any of the assets that they represent.


The Terra network is a blockchain-based, decentralized protocol, and it provides each developer the ability to create Decentralized Finance (DeFi) software, decentralized applications, and even protocols. Terra runs on a __[Delegated Proof of Stake (DPoS)](https://academy.binance.com/en/articles/delegated-proof-of-stake-explained)__ consensus mechanism based on Tendermint, which created a solid environment for the Mirror Protocol.


Specifically, MIrror Protocol made a combination of DPoS with the Cosmos SDK as a means of providing tools for synthetic assets, which are known as mAssets.


What happens here is that any user is provided with the opportunity to create synthetic assets that mirror the value of real-life assets through creating a position within the protocol. All the user needs to do later on is deposit collateral, while the system can regulate the collateral supply and ensure that there are always funds that can cover the value of the mAssets.


Terraswap was a decentralized exchange built on top of the Terra blockchain that utilized the automated market maker (AMM) model inspired by __[Uniswap (UNI)](https://uniswap.org/)__. However, it has migrated to Terra Classic and is now known as Terraswap Classic.


With __[Terraswap](https://terraswap.io/)__, people can trade, provide liquidity with different assets within the ecosystem, and essentially utilize it as a central hub through which they can trade their assets that are generated from different protocols within the Terra ecosystem.


With this in mind, the market for the aforementioned mAssets is facilitated on the Terraswap platform, and all synthetic assets were, at the time before its crash, essentially listed against UST, which was at the time Terra's dollar-pegged stablecoin.


Mirror Protocol was also used for adding liquidity to the network, swapping, as well as any other operations.


The system also includes the Mirror Token (MIR), which is utilized as a means of rewarding any network participants that secure the actual network.

## Use-Cases of Mirror Protocol (MIR)

Synthetic assets that were created on Mirror Protocol were known as mAssets. In order for a user to mint or create a mAsset, they would need to first deposit collateral to the protocol, which would account for more than 150% of the current value of the real-world asset.


At the time, the protocol accepted TerraUSD (UST), which was a stablecoin issued through Terra, alongside mAssets as collateral.


At the point in time when the value of the real-world assets increased to exceed the value of the collateral initially deposited, the collateral would be liquidated as a means of ensuring that the system would remain solvent.


If any user wanted to redeem their collateral, they would first need to burn the mAssets issued to them, and they would also trade mAssets through the process of interacting with liquidity pool on top of automated market makers (AMMs) such as Uniswap and Terraswap.


mAssets can be traded 24/7. However, they can only be mined during real-world market hours due to the fact that the stocks and the bonds serve as their underlying index value.

## Usability & Primary Features of Mirror Protocol (MIR)

Mirror Protocol made an announcement surrounding a __[partnership with UniLend](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__, which is a decentralized money market protocol, in January of 2021.


Mirror Protocol here managed to connect its key mAssets to UniLend’s lending protocol, and as a direct result of this, the mAssets now act as collateral for borrowing. In order for them to generate profit, they can also be placed within UniLend’s platform by liquidity providers (LPs).


Furthermore, this was the first time synthetic stocks were utilized as collateral within the DeFi money market protocol.


Then we saw the launch of the __[V2 Mainnet on June 25, 2021](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__. Here, Mirror Protocol essentially announced version 2 of its network, and this new version included additional features that enhanced the current processes in V1 and ensured that all classes of users were rewarded for any of their contributions within the protocol.


Furthermore, active voters were eligible for enhanced voting awards in addition to the existing governance staking rewards in V2. An abstain vote option got added for users who wanted to engage actively in the governance.


Mirror Protocol V2 also introduced a new non-tradable cryptocurrency called short LP (sLP) which is generated whenever a short position is created. These sLP tokens are also stakeable, and they create a reward that changes dynamically depending on the current price premium between Terraswap and Oracle.

### Protocol

Mirror Protocol gets price data on the assets that its tokens represent through the utilization of decentralized oracles, all of which update throughout the span of 30 seconds. Mirror Protocol's mAssets are soft-pegged to the price of their real-world counterparts, where this peg is maintained by mining liquidations, governance, and arbitrage.


A liquidation takes place at the point in time when the price of a real asset rises, where the collateral deposited to create the mAsset does not exceed the minimum collateralization ratio of 150%. Here, the protocol sells the collateral to buy the mAssets until the ratio reaches its maximum again.

### Ledger

The MIR cryptocurrency features two main functionalities. First, MIR acts as a governance token and enables holders to vote on any changes to the protocol. Second, the MIR cryptocurrency gets distributed as a reward to those users that provide mAsset liquidity to automated market makers (AMMs).


In order for a user to participate in the governance process, they need to stake their MIR and vote on any issues surrounding the network. If they provide mAsset liquidity to an AMM, they can also stake their liquidity provider (LP) tokens on Mirror Protocol to earn rewards denominated in MIR.

### Smart-Contract Support

Mirror Protocol is based on the Terra network, and it is directly powered by smart contracts. This is how the network can enable users from anywhere in the world to essentially trade commodities, stocks, and even other types of financial assets.

## Tokenomics & Supply Distribution

When we go over the __[official tokenomics](https://docs.mirror.finance/protocol/mirror-token-mir#cumulative-distribution-schedule-in-millions)__ posted in its documentation,  there were a total of 54.9 million tokens at the genesis of Mirror Protocol.


When we look at the distribution of these tokens, they were distributed as follows:

* 16.66% (9.15M) tokens were airdropped to UNI holders
* 16.66% (9.15M) of tokens were airdropped to LUNA stakers.
* 6.66% (36.6M) of tokens were allocated to the community pool.

The total supply of MIR tokens increases within the span of 4 years due to inflation until the total supply reaches 370.575 million.

* The airdrop will feature 4.9% (18.3M) of the total token supply.
* 4.9% (18.3M) were distributed to LUNA stakers throughout the first year
* 45.1% (167.27M) tokens will be distributed to all mAsset and mAsset (mETH) staking pools by the end of the fourth year.
* 0.4% (38.6M) tokens will be evenly distributed to MIR-UST and MIR-UST (mETH) staking pools by the end of the fourth year.
* 34.6% (128.1M) of the total MIR supply will be distributed to the Community Pool by the end of the fourth year.

After the end of the 4-year plan, no more MIR tokens will be minted through inflation.

## Team & History

Mirror Protocol was created by Terraform Labs (TFL), which is the same team that created the Terra blockchain and is dedicated to building out the entire Terra tooling as well as the application ecosystem.


With that in mind, Terraform Labs launched Mirror Protocol in December 2020 as a means of creating price-stable liquid derivative assets on the Terra Network.


When we go over its native cryptocurrency, MIR was first issued on Uniswap and Terraswap from November 11 to December 4, 2020.

## Activities & Community

When we go over the __[Official Mirror Protocol Twitter page](https://twitter.com/mirror_protocol)__, we can see that there are over 110,900 followers.


Then, when we take a look at the __[Official Mirror Protocol Telegram group](https://t.me/mirror_protocol)__, we can see that there are over 7,500 members.

### Development Activity and GitHub Repositories

When we go over the __[Official Mirror Protocol GitHub page](https://github.com/mirror-protocol)__, we can see that there are a total of 14 repositories.


Out of them, four are pinned, including:

* __[Mirror.js](https://github.com/Mirror-Protocol/mirror.js)__ - a client SDK for building applications that can interact with Mirror Protocol from within JavaScript runtimes
* __[Mirrorcli](https://github.com/Mirror-Protocol/mirrorcli)__ - the command-line interface for Mirror Protocol on Terra.
* __[Docs](https://github.com/Mirror-Protocol/docs)__  - the official documentation for the Mirror site.
* __[Mirror-contracts](https://github.com/Mirror-Protocol/mirror-contracts)__ - the source code for the core smart contracts implementing Mirror Protocol on the Terra blockchain.

### On-Chain Activity

According to __[Etherscan](https://etherscan.io/token/0x09a3EcAFa817268f77BE1283176B946C4ff2E608)__, we can see that there is a max total supply of 148,588,675**.**987673091714826435 MIR, with 28,866 holders and 457,373 total transfers.

### Activities and Partners

* __[Mirror and UniLend Partner](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__ - This was a strategic partnership intended to bring the first Synthetic Stocks to a Decentralized Lending Protocol
* __[Mirror V2 Mainnet Launch](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__ - an upgrade that brought Collateral Ratio Multiplier, UST Lock-up Period, Snapshot Period, Voter Weight, and Premium Update Interval changes.
* __[Mirror Community Update — June 2021](https://medium.com/mirror-protocol/mirror-community-update-june-2021-4d69f4e8972f)__  here, the team announced milestones, with the launch of the Mirror Testnet, Mirror V2, and where they reached a Mirror governance milestone of 100 polls posted.
* __[Mirror Community Update — July 2021](https://medium.com/mirror-protocol/mirror-community-update-july-2021-a4288316410e)__ - here, the team announced the listing of the MIR token on Kraken Exchange, Bitfinex, and WazirX. Additionally, Polkadot, Square, AMD, and ARKK are listed on Mirror. mHOOD got whitelisted on the Mirror Protocol, and there are ongoing discussions on the Mirror Forum.

## References & Reports

### References

* __[Mirror and UniLend Partner To Bring First Synthetic Stocks to a Decentralized Lending Protocol](https://medium.com/mirror-protocol/mirror-unilend-partner-to-bring-first-synthetic-stocks-to-a-decentralized-lending-protocol-2063ace97010)__
* __[Mirror V2 Mainnet Launch](https://medium.com/mirror-protocol/mirror-v2-mainnet-launch-9813b1e452d6)__
* __[Mirror Documentation - Official Tokenomics](https://docs.mirror.finance/protocol/mirror-token-mir#cumulative-distribution-schedule-in-millions)__
* __[Official Mirror Protocol Twitter page](https://twitter.com/mirror_protocol)__
* __[Official Mirror Protocol Telegram group](https://t.me/mirror_protocol)__
* __[Official Mirror Protocol GitHub page](https://github.com/mirror-protocol)__
* __[Mirror.js](https://github.com/Mirror-Protocol/mirror.js)__
* __[Mirrorcli](https://github.com/Mirror-Protocol/mirrorcli)__
* __[Docs](https://github.com/Mirror-Protocol/docs)__
* __[Mirror-contracts](https://github.com/Mirror-Protocol/mirror-contracts)__
* __[Mirror Community Update — June 2021](https://medium.com/mirror-protocol/mirror-community-update-june-2021-4d69f4e8972f)__
* __[Mirror Community Update — July 2021](https://medium.com/mirror-protocol/mirror-community-update-july-2021-a4288316410e)__
* __[Notice Regarding the Terra Classic (LUNC) Network Upgrade](https://www.binance.com/en/support/announcement/a94fd26ec68e44fcbf16f04812077dee)__
* __[Terraswap](https://terraswap.io/)__
* __[Uniswap](https://uniswap.org/)__
* __[Delegated Proof of Stake Explained](https://academy.binance.com/en/articles/delegated-proof-of-stake-explained)__
* __[Terra Ecosystem Revival Plan 2](https://twitter.com/terra_money/status/1528801782914514944)__
* __[Do Kwon - Forbes](https://www.forbes.com/profile/do-kwon)__
* __[Cryptocurrency luna crashes to $0 as UST falls further from dollar peg - CNBC](https://www.cnbc.com/2022/05/13/cryptocurrency-luna-crashes-to-0-as-ust-falls-from-peg-bitcoin-rises.html)__
* __[What Is Ethereum and How Does It Work? - Investopedia](https://www.investopedia.com/terms/e/ethereum.asp)__
* __[An Introduction to BNB Smart Chain (BSC)](https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc)__
* __[What Are Smart Contracts on the Blockchain and How They Work - Investopedia](https://www.investopedia.com/terms/s/smart-contracts.asp)__
* __[What Are Crypto Synths? Synthetic Assets Explained - Shrimpy Academy](https://academy.shrimpy.io/post/what-are-crypto-synths-synthetic-assets-explained)__
* __[Decentralized Finance (DeFi) Definition - Investopedia](https://www.investopedia.com/decentralized-finance-defi-5113835)__

### Market Research

* __[TradingView](https://www.tradingview.com/symbols/MIRUSD/)__
* __[Cryptorank](https://cryptorank.io/price/mirror-protocol/on-chain-activity)__
* __[Etherscan](https://etherscan.io/token/0x09a3EcAFa817268f77BE1283176B946C4ff2E608)__


