Mirror Protocol, a leading DeFi (Decentralized Finance) platform, operates seamlessly on the Terra and Ethereum blockchains. Its primary purpose is to empower users to generate synthetic assets derived from real-world assets, including foreign equities and commodities.
These synthetics, aptly named Mirrored Assets (mAssets), are readily created and traded on this decentralized platform, endowing users with the full spectrum of benefits DeFi offers.
MIR, the native token of the Mirror Protocol, plays a pivotal role within the ecosystem. It is minted within the project and serves to reward participants. Users who provide liquidity to Mirror in diverse mAssets are incentivized with MIR crypto.
Moreover, MIR is extended as a reward to users who actively contribute to maintaining the price stability of mAssets by collateralizing them with corresponding real-world assets facilitated by sLP tokens. Additionally, users can engage in governance by staking their MIR tokens on the Mirror Protocol. This enables them to exercise voting rights on proposals and future updates to the platform.
