Mirror Protocol is a project used to create synthetic alternatives to real-world resources in simple terms. These synthetic assets are called mAssets and exactly mimic the price of the asset to which they have been constrained and can, of course, be traded on secondary markets such as Terraswap AMM and Uniswap of Ehtereum. The project comes from a company called Terraform Labs.
Mirror Protocol is a decentralized project governed by the community via the MIR token also used for staking.
Table of Contents:
Fundamentals
Use case
Mirror Protocol prides itself on being decentralized and governed by the community. Although Terraform Labs founded it, it has no privileged function. The Terraform team didn’t even present 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 the Binance Smart Chain (BSC). Today, even the BSC community can create tokenized synthetic assets minted on Mirror Protocol.
All assets that are currently on the platform are tokenized U.S. 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 to mint bonds, futures and other derivatives such as mAssets.
As the white paper states, almost anything that has a price, be it an asset, could theoretically become a synthetic asset on Mirror. But what are the benefits of users trading mAsset instead of the actual underlying asset? Well, a lot:
- Trading 24/7 without the need for authorization from anyone and anywhere in the world
- No intermediary; all transactions are executed on the blockchain ledger.
- Users can only trade a fraction of a 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 far fewer 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 common features:
- users create mAssets by locking 150% of the asset price in USDT or 200% if traders decide to use other mAssets as collateral.
- Once traders reach a minimum collateral ratio, as with any capital, you need to add more. If the trader does not, his positions will be liquidated.
- When traders mine mAssets, the same amount of mAssets issued when opening the CDP must be burned. The measure reimburses the guarantees used.
- mAssets are listed and exchangeable on many DEX AMM such as PancakeSwap (BSC), TerraSwap (Earth) and Uniswap (Ethereum). The low trading fees that users will have to bear serve as a reward for liquidity providers.
- The mirror protocol will update Oracle every 30 seconds. Measure necessary to ensure that the mAsset is pegged to the underlying assets. If the oracle and the price of the asset are not the same, traders are incentivized to arbitrage, then the mAsset price returns to what it should be.
mAssets are purchased to be exchanged per day, but not only. Synthetic assets can be held or used to add collateral in the creation of new mAssets, create stable liquidity 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 controlled and protected by a cybersecurity company called Cyber Unit.
Tokenomics
Mirror Protocol has its own native MIR token, which is mainly used for governance, staking, and as a reward for liquidity providers. In particular, the suggestions 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, MIR can be earned in three different ways:
- Users can point $LUNA, the native token of the Terra project
- Providing liquidity to the MIR/UST 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 offer of 18.3 million MIR tokens was transmitted to the owners of LUNA and UNI, projects with which Mirror connected.
Team
Mirror Finance was launched by a South Korean technology company called Terraform Labs. Founded by Kwon and Daniel Shin in early 2018, the company launched its first Earth (LUNA) project. And since then it has seen tremendous 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 safe hands with brothers Shinat and Terraform Labs.
Community
As mentioned above, 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 they have.
All members may propose new changes to the governance of the protocols. To do this, users must first aim for a little MIR. And if the community rejects your proposal, the pointed MIR will be burned.
On the other hand, if the proposal is accepted, the Mirror Governance Contract implements it automatically.
The whole process is entirely decentralized. Not even the founders of Terra Labs have executive powers. Truly permissionless and completely decentralized, what encryption should be.
The proposals are discussed in the group of Telegram platforms that has more than 11 thousand members on the forum and subreddits of Mirror Protocol. Proposals are displayed and can be voted 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 loves their product.
Traders have a wide range of options to start using Mirror’s services, using the web or mobile app. And I must 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 Terra blockchain that offers returns fueled by block rewards from the major Proof-of-Stake blockchains. Anchor provides a stable savings product in capital-protected coins 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 barriers to entry for new traders around the world. Perhaps, it is the beginning of a new era.
Mirror Protocol faces serious competition 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 world of cryptocurrencies is on the verge of a real bear market. Bitcoin has tumbled 50% from its all-time high among the broadest market declines impacted by furious inflation and US Fed rate hikes.
Investors sell risky assets and move into more stable markets. Crypto is still perceived as a very risky game and therefore the sell off.
Our algo still sees some greenery in 2022, especially in the second half of the year. This is reflected in our forecasts for 2022.
Right now, Bitcoin needs to find a local fund before we can move in the opposite direction and reverse the trend.
Once Bitcoin stabilizes in the new price range, altcoins will start doing the same – we’ve witnessed this scenario dozens of times in distant and more recent history.
Our price forecast model is bearish for the next 90 days with a hint of a bull market straddling the Q1 to Q2 quarters. We expect whales and other larger players in the market to finish filling their bags during 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.
Below is a tabular overview of how MIR will develop in the short term (for the next 90 days), according to our forecast model:
Mirro Protocol Price Prediction 2022
Most experts agree that this bear market will last at least for the first quarter of 2022 before seeing some stabilization and small trend reversals.
MIR Price Forecast 2025
Our forecast model sees MIR reach $0.6032 in 2025.
Mirror Protocol Price Prediction 2030 – 2040
Which mirror protocol will be valid in 2030?
Our forecasting model sees the Mirror protocol reach $1.51 in 2030.
Which mirror protocol will be valid in 2040?
Our forecast model sees Mirror Protocol reach $3.02 in 2040.
Will Mirror Protocol replace/surpass/surpass Bitcoin?
No, Mirror Protocol will not replace or surpass 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: you invest most of your crypto 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 has a higher chance of going up than going down because of the good use case, the well-designed tokenomics, the active community, and a solid team behind it.
How much will the Mirror protocol be worth?
For the short-term future, it could reach $0.1924. In the long run (8-10 years), it could jump to $1.51 or even more.
Why will Mirror Protocol be successful and go up in price?
Mirror Protocol has a good use case, well-designed tokenomics, an active community, and a solid team behind it. All of these are a prerequisite for success and that’s why our forecast model sees the mirror protocol rise to $1.51 in 2030.
Why will the Mirror protocol fail and decrease in price?
Crypto 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 envisaged on the protocol, failed to attract new developers to build on their platform.
How high will the Mirror protocol go?
Our forecasting model sees the price of the Mirror Protocol explode and reach $3.02 in the distant future.
What is the short-term outlook for Mirror Protocol?
Mirror Protocol will reach $0.1924 over the next 90 days, which is a 9.1% change from the current price that hovers around $0.2116.
Can Mirror Protocol make you a millionaire?
Yes, if you buy a fairly large sum. Don’t expect to invest $100 and become a Mirror Protocol millionaire. But 100x price explosions are a common show in crypto, 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 $0.2258 tomorrow.
Why will the Mirror protocol be successful?
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 or abandons the project altogether.
