Mirror Protocol (MIR) is a synthetic asset protocol established by Terraform Labs (TFL) on the Terra blockchain and MIR is its governance token.
Users can mint mirrored assets via the Mirror Protocol, which is a DeFi protocol (mAssets). The underlying asset price in real-world market will be tracked by mAssets, allowing traders access to the price exposure of real-world assets. Mirror Protocol guarantees that the protocol always has enough collateral to support mAssets, as well as managing mAsset market by listing them on Terraswap against UST.
MIR must be staked to vote on active polls and is required as a deposit for making new governance polls. It is also utilized to encourage users to farm yields by staking LP tokens, which were created by offering MIR and mAssets liquidity.
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