What Is Mirrored GameStop Corp (mGME)?
Mirrored GameStop Corp protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). 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.The minting of mAssets 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 mAssets, and also manages markets for mAssets by listing them on Terraswap against UST. The Mirror Token (MIR) is minted by the protocol and distributed as a reward to reinforce behavior that secures the ecosystem. With it, Mirror ensures liquid mAsset markets by rewarding MIR to users who stake LP Tokens obtained through providing liquidity.
Also to incentive users to ensure mAssets to mimic the price behavior of real-world assets, users who stake sLP Tokens obtained through shorting mAssets are rewarded with MIR. MIR is valuable as it is can be staked to receive voting privileges and to earn a share of the protocol’s CDP withdrawal fees.
Mirrored GameStop Corp Storage Key Points
|Coin Name||Mirrored GameStop Corp|
|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|
What’s new for Mirror v2?
Coming into Mirror Protocol v2, there are new feature additions which supplement existing mechanisms from v1 so that all classes of users are sufficiently incentivized for their given contributions within the protocol. These changes will drive governance participation upwards by reducing risks related to poll creators’ deposits and incentivizing active participation.
Governance participation incentives
Governance plays a crucial role in the decision-making and success of the Mirror Protocol, but users were not sufficiently incentivized to actively participate. As a result, the quorums were often not reached as users were disincentivized by the fact that their staked MIR tokens were locked until the end of the poll. This was further exacerbated by the fact that MIR deposits were mandatory to create new polls, so poll creators had a relatively high chance to lose their MIR due to lack of poll participation.
Mirrored GameStop Corp Protocol v2, active voters will be eligible for additional voting rewards in addition to existing governance staking rewards. An vote option is also added for users who want to participate actively in governance but feel that they do not adequately understand the proposal. In addition, a snapshot of the quorum will be saved once it reaches to ensure that additional MIR staked in the governance contract does not affect the minimum amount of MIR needed to reach quorum.
A highly requested feature addition by the community was to add MIR to the list of accepted collateral for mint positions. Mirrored GameStop Corp Once the IPO happens in the underlying market, Mirror Oracle will begin reporting prices from the market, and the asset will have the same features as any other mAsset. Assets scheduled to undergo an IPO can be whitelisted and traded on Mirror v2. Any user can specify the details of the underlying asset via governance poll creation.
One of the largest issues in Mirror Protocol v1 was the persisting price premium between the Mirrored GameStop Corp and Oracle price. To reduce price premiums, a user would have to mint an asset and then sell it against Terraswap pools. However, there was no incentive for a user to short an asset since rewards from providing liquidity with bought assets were higher. In addition, minting an asset was much less capital efficient than simply buying the mAsset from Terraswap, even with the price premiums.
Mirrored GameStop Corp Mirror v2 presents a new non-trad able token called sLP tokens, which is minted from creating a short position. sLP tokens are also stake able, and generates a reward that is dynamically increasing or decreasing based on the current price premium between Terra swap and Oracle price.