Mirror Protocol is a project used to create synthetic alternatives to real-world resources in simple terms. These synthetic assets are called mAssets and mimic exactly the price of the asset to which they have been tied and can, of course, be traded on secondary markets such as Terraswap AMM and Ehtereum’s Uniswap. The project is by a company called Terraform Labs.
mAssets currently mirror US stocks and ETFs, but will likely be added in the future.
Mirror Protocol is a decentralized project governed by the community via the MIR token that is also used for staking.
Table of Contents:
Use case
Mirror Protocol prides itself on being decentralized and governed by the community. Although Terraform Labs founded it, they have no privileged function. The Terraform team didn’t even reward the token.
The project initially connected its ecosystem with the Ethereum network to give users the ability to trade on Uniswap. As the project grew, it also joined Binance Smart Chain (BSC). Today, the BSC community can also create tokenized synthetic assets minted on Mirror Protocol.
All assets that are currently on the platform are tokenized US stocks. However, this will not always be the case. Mirror Protocol gives users the ability to create the synthetic equivalent of any resource. In the future, mAssets could include artwork, real estate, precious metals, commodities, fiat and cryptocurrencies, and much more. There has already been a lot of talk and interest in the community about the minting of bonds, futures and other derivatives such as mAssets.
As the white paper states, almost anything priced, be it an asset, could theoretically become a synthetic asset on Mirror. But what are the advantages of users trading mAssets instead of the actual underlying asset? Well, a lot:
- Trading 24/7, without the need for authorization from anyone and from anywhere in the world
- No intermediary; All transactions are performed on the blockchain ledger.
- Users can only trade a fraction of an mAsset, instead of having to own it all necessarily.
- Mirror Protocol, with its tokenization, allows for better and greater liquidity.
- By trading assets using smart contracts, traders will incur much lower legal and operating costs.
- The world of trading is more accessible; By trading fractional assets, fewer liquid users will finally be able to participate.
As we said before, synthetic assets created on Mirror Protocol are also called mAssets. So Tesla (TSLA) will be called mTSLA, and Apple (AAPL) will become mAAPL, and so on. And mAssets all have the same shared characteristics:
- users create mAssets by blocking 150% of the asset price in USDT or 200% if traders decide to use other mAssets as collateral.
- Once traders reach a minimum guarantee ratio, as with any stock, more need to be added. If the trader does not, his positions will be liquidated.
- When traders subscribe to mAssets, the same amount of mAssets issued at the opening of the CDP must be burned. The measure reimburses the guarantee used.
- mAssets are listed and tradable on many AMM DEXs such as PancakeSwap (BSC), TerraSwap (Earth) and Uniswap (Ethereum). The low trading fees that users will have to incur serve as a reward for liquidity providers.
- The mirror protocol will update the Oracle every 30 seconds. A necessary measure to ensure that the mAsset is anchored to the underlying assets. If the oracle and the price of the asset are not the same, traders are incentivized to arbitrage, so the price of mAsset returns to what it should be.
mAssets are purchased to be traded on the same day, but not only. Synthetic assets can be held or used to add collateral in the creation of new mAssets, create synthetic stable pools, create liquidity pools for decentralized exchanges, and much more.
And to top it all off, the smart contracts used by Mirror Protocol are incredibly secure, having been audited and protected by a cybersecurity company called the Cyber Unit.
Tokenomics
Mirror Protocol has its own native MIR token, mainly used for governance, for staking, and as a reward for liquidity providers. In particular, tips for liquidity providers come from the fees that users pay.
Mir operates with a fixed supply of 370,575,000 tokens that are released slowly and gradually over four years.
Today there are 67,236,656 MIR in circulation. And with a market cap of $335 million, the project is the 229th largest.
In addition to buying it on the stock exchange, the MIR can be earned in three different ways:
- Users can point $LUNA, the native token of the Earth project
- Providing liquidity to the MIR/FSO pair.
- Providing liquidity to any mAsset/UST pool pair other than BNB
It should also be noted that Mirror Protocol did not offer a pre-mine or ICO. All the initial circulating supply of 18.3 million MIR tokens was sent to the holders of LUNA and UNI, projects with which Mirror connected.
Team
Mirror Finance was launched by a South Korean tech company called Terraform Labs. Founded by Kwon and Daniel Shin in early 2018, the company launched its first Terra (LUNA) project. And since then it has seen huge success, to date, it is the 42nd largest coin by market capitalization.
Soon, on December 4, 2020, they launched their second major crypto project, Mirror Finance. And their track record doesn’t lie. MIR is in good hands with brothers Shinat and Terraform Labs.
Community
As mentioned above, the MIR being a completely decentralized project means that the community plays a significant role in its governance. All users need to do to participate in the decision-making process is to point the MIR token. The more a user gets stuck in the system, the more voting power he has.
All members may propose new governance changes to the protocols. To do this, users must first aim for some MIR. And if the community rejects your proposal, the MIR in play will be burned.
On the other hand, if the proposal is accepted, the Mirror Governance Contract automatically implements it.
The whole process is entirely decentralized. Not even the founders of Terra Labs have any executive power. Truly permissionless and completely decentralized, what encryption should be.
The proposals are discussed on the platforms of the Telegram group that has more than 11 thousand subscribers on the forum and subreddit of Mirror Protocol. Proposals are displayed and can be voted on on their website.
Market price forecasting
Investor Portfolio
Wallet Investor is exceptionally bullish on Mir, and the website predicts that the coin will reach $30 and an incredible $125 in five years.
Digitalcoin
Digitalcoin comes with a less bullish forecast and the website has set its target for MIR at $6.71 and $13.4 over five years.
Government capital
Another bullish thesis from Gov Capital predicts that MIR will reach $23 this year and up to £130.58 in five.
My Mirror Protocol Price Prediction 2021
Although Mirror Protocol only went public on December 3, 2021, the project already sees a lot of use and adoption. The market is loving their product.
Traders have a wide range of options to start using Mirror’s services, using the web or mobile app. And I have to say that both have great designs.
In addition, the community is also very active and has seen a lot of participation in the decision-making process and the development of new updates, with new mAssets often proposed on the forum.
One of the
highly anticipated additions to Mirror is the Anchor Protocol product, a savings protocol on the Earth blockchain that offers returns fueled by blocking rewards of leading Proof-of-Stake blockchains. Anchor provides a stable coin savings product protected by capital that pays depositors a stable interest rate.
Mirror is a great project. The demand for the decentralization of asset trading, particularly with the younger generation, is increasingly clear, as the entire Gamestop and Robinhood fiasco has shown. Platforms like Mirror Protocol could drastically level the playing field and lower the barriers to entry for new traders around the world. Perhaps, it is the beginning of a new era.
Mirror Protocol addresses a , from the much larger Synthetix (SNX), to name one. However, I think there is a lot of room for MIR to grow in the future.
The entire cryptocurrency world is on the verge of complete collapse. Bitcoin fell 75% from its all-time high amid broader market declines caused by furious inflation and the US Fed’s rate hikes.
When you add the most recent collapses of huge industry players (FTX, Celsius, Moon etc.) into the equation, the horizon is murky and there will be more blood on the streets of the crypto city.
Investors are selling risky assets and moving to more stable markets. Crypto is still perceived as a very risky game and therefore sell off.
Our algo still sees some green in 2023, especially in the second half of the year. This is reflected in our forecast for 2023.
Right now, Bitcoin needs to find a bottom before we can move in the opposite direction and reverse the trend.
Once Bitcoin settles into the new price range, altcoins will start doing the same – we’ve seen this scenario dozens of times in distant and more recent history.
Our price forecasting model is bearish for the next 90 days with a hint of a bull market straddling quarters from Q1 to Q2. We expect whales and other larger players in the market to finish filling their bags around that time, which will cause a typical and sudden crypto spike.
The fundamentals we evaluate are teams, tokenomics, use case, community, marketing efforts, liquidity and availability of exchange, hype and speculative potential, and some other proprietary factors developed in our crypto lab.
Mirro Price Protocol Forecast 2023
High inflation and the extremely dangerous macroeconomic situation have been heavily reflected in the price of Bitcoin in 2022. When we take the internal crypto issues with big players like FTX, Celsius, Voyager, Luna going down, 2023 doesn’t look too good for bulls. We’ll likely see a lot of boring sideways price action with a tendency to slide down with each minor market tremor.
MIR Price Prediction 2025
Our forecast model sees MIR reaching $0.3974 in 2025.
How much will MIR be worth in 5 years?
The price of the MIR in 5 years could be around $ 0.2532
Mirror Protocol Price Prediction 2030 – 2040
Which mirror protocol will apply in 2030?
Our forecasting model sees Mirror Protocol reach $0.9936 in 2030.
Which mirror protocol will apply in 2040?
Our forecasting model sees Mirror Protocol reach $1.99 in 2040.
Will Mirror Protocol replace/overtake/surpass Bitcoin?
No, the Mirror protocol will not replace or exceed BTC.
Can the Mirror protocol reach $10?
Yes, Mirror Protocol could reach $10 by the end of 2025.
Can the Mirror protocol reach $100?
No, our forecasting model sees no chance for Mirror Protocol to reach $100 in the short or medium term.
Can the Mirror protocol reach $1000?
No, our forecasting model sees no chance for Mirror Protocol to reach $1000 in the short or medium term.
Is it worth buying Mirror Protocol?
We are supporters of moderately risky investments: invest most of your cryptocurrency portfolio in BTC (50%); 35% in a basket of large-cap coins and the rest in small projects with huge increases. So, in this context, it is worth buying Mirror Protocol.
Is Mirror Protocol a good investment?
Mirror Protocol is, just like all other cryptocurrencies, a risky investment. It is more likely to go up than down because of the good use case, well-designed tokenomics, active community, and a strong team behind it.
How much will Mirror Protocol be worth?
For the short-term future, it could reach $0.1265. In the long term (8-10 years), it could jump to $0.9936 or even higher.
Why will Mirror Protocol succeed and increase in price?
Mirror Protocol has a good use case, well-designed tokenomics, active community, and a solid team behind it. All of these are a prerequisite for success and that’s why our forecasting model sees Mirror Protocol rise to $0.9936 in 2030.
Why will Mirror Protocol fail and go down in price?
Cryptographic projects fail for various reasons. Some of the most common are: the team goes rogue and abandons the project, regulators declare it illegal and press exchanges to delist it, lack of media attention, more successful competitors, lack of a well-designed marketing strategy, loss of community support, potential vulnerability in the protocol, failure to achieve the minimum development activity foreseen on the protocol, inability to attract new developers to build on their platform.
How high will Mirror Protocol go?
Our prediction model sees the price of Mirror Protocol explode and reach $1.99 in the distant future.
What is the short-term forecast for Mirror Protocol?
Mirror Protocol will reach $0.1265 over the next 90 days, which is a 6.4% change from the current price which hovers around $0.1352.
Can Mirror Protocol make you a millionaire?
Yes, if you buy a large enough sum. Don’t expect to invest $100 and become a Mirror Protocol millionaire. But 100x price explosions are a common sight in cryptocurrencies, so a $10k investment in Mirror Protocol could make you a millionaire.
Mirror Protocol
Price Prediction Today – What will be the price of Mirror Protocol tomorrow?
Mirror Protocol will hover around $0.1394 tomorrow.
Why will Mirror Protocol succeed?
Because it offers a valuable service, it has already built a name for itself in its niche and has not suffered security breaches or other types of compromises (economic, reputational, etc.). The token itself provides utility and makes sense, which is not the case with many other similar projects.
Why will the mirror protocol fail?
Mirror Protocol may fail due to fierce competition, dynamic technology field, and rocket speed developments in its niche. Another common reason why this type of project fails is team problems: the team splits up or leaves the project entirely.
Where to buy MIR and how to store it
The best places to trade MIR are:
- Uniswap (buy and sell with: ETH, UST)
- Coinbase Pro (buy and sell with: BTC, EUR and GBP)
- Gate.io (buy and sell with: USDT and ETH)
And the best places to store KAI are:
- MetaMask
- Ledger Nano S
- exodus
