What Is Mirrored Facebook Inc (mFB) ?
Mirrored Facebook Inc (mFB) is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets.
Mirrored Facebook Inc (mFB) minting of m Assets is decentralized and is undertaken by users throughout the network by opening a position and depositing collateral. Mirror ensures that there is always sufficient collateral within the protocol to cover m Assets, and also manages markets for m Assets by listing them on Terraswap against UST.
Mirrored Facebook Inc (mFB) is minted by the protocol and distributed as a reward to reinforce behavior that secures the ecosystem. With it, Mirror ensures liquid m Asset markets by rewarding MIR to users who stake LP Tokens obtained through providing liquidity. Also to incentivize users to ensure m Assets to mimic the price behavior of real-world assets, users who stake sLP Tokens obtained through shorting m Assets are rewarded with MIR.
Mirrored Facebook Inc (mFB) is valuable as it is can be staked to receive voting privileges and to earn a share of the protocol’s CDP withdrawal fees. Mirror is a project developed and steered by its community: its markets are maintained by its own users through MIR incentives, and the protocol evolves with new ideas through democratic governance.
Mirrored Facebook Inc (mFB) Storage Key Points
|Coin Name||Mirrored Facebook Inc|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
In Mirror Protocol, users act in one or more of the following roles:
- Minter & Shorter
- Liquidity Provider
Minter & Shorter
Mirrored Facebook Inc (mFB) A minter is a user that enters into a collateralized debt position (CDP) in order to obtain newly minted tokens of an m Asset. CDPs can accept collateral in the form of UST, m Assets, or whitelisted collateral and must maintain a collateral ratio above the m Asset’s minimum multiplied by a premium rate for each collateral type (set by governance).
Mirrored Facebook Inc (mFB) A liquidity provider adds equal amounts of an mAsset and UST to the corresponding Terraswap pool, which increases liquidity for that market. This process rewards the liquidity provider newly minted LP tokens, which represent the liquidity provider’s share in the pool and also provide rewards from the pool’s trading fees. LP tokens can be burned to reclaim the share of mAssets and UST from the pool.
Mirrored Assets (mAssets)
Mirrored Facebook Inc (mFB) are block chain tokens that behave like “mirror” versions of real-world assets by reflecting the exchange prices on-chain. They give traders the price exposure to real assets while enabling fractional ownership, open access and censorship resistance as any other cryptocurrency.
Mirrored Facebook Inc (mFB) An mAsset can be described by the following properties:
Name & Symbol
Mirrored Facebook Inc (mFB) Describes the underlying asset the mAsset is supposed to track.
Minimum Collateral Ratio & Multiplier
Mirrored Facebook Inc (mFB) A CDP that mints the mAsset cannot have a collateral ratio below minimum collateral ratio times the multiplier parameter, lest it be subject to liquidation through auction. A multiplier is a parameter assigned to each asset type that could be used as collateral to open a CDP and is multiplied to the minimum collateral ratio of the minted to determine the final minimum collateral ratio for the given position.
Mirror Token (MIR)
Mirrored Facebook Inc (mFB) Mirror Token (MIR) is Mirror Protocol’s governance token. Currently, it must be staked to vote on active polls and is required as a deposit for making new governance polls. In future iterations of Mirror, it will serve further purposes for the protocol that increase its utility and value.
Users that stake MIR tokens also earn MIR rewards generated from withdrawing collateral from CDP positions within the protocol.
Mirrored Facebook Inc (mFB) is also used to incentivize users to farm yields by staking LP tokens which were minted by providing liquidity for MIR and mAssets. Yield is paid to the users from MIRs that are newly minted through annual inflation, which gradually increases the total supply of MIR until the end of 4th year.