About Mirrored Twitter
Mirrored Twitter is a DeFi 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.
Mirrored Twitter 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.
Mirrored Twitter 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 incentivize 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 Twitter 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 Twitter (mTWTR) Storage Key Points
|Coin Name||Mirrored Twitter|
|Circulating Supply||501,576.12 mTWTR|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Official Project Website||Mirror|
How It Works
Mirrored Twitter Mirror Protocol allows the creation of fungible assets, “synthetics”, that track the price of real world assets. Mirror synthetics are intended to be used as key building blocks in smart contracts, and to bring the world’s assets to the blockchain.
To mint a Mirror asset (mAsset), an issuer must lock up > 150% of the current asset value in Terra stablecoins OR mAssets as collateral. If the value of the asset rises above the collateralization threshold, the collateral is liquidated to guarantee solvency of the system.
To target the price of the mAsset, the system reads in underlying asset prices via a decentralized price oracle – prices are updated every 30 seconds. When the price of the mAsset drifts significantly from the primary market, traders are incentivized to purchase / sell the asset to mint / burn to claim the collateral.
To burn a mAsset, the issuer must burn the equal amount of mAssets issued when opening the CDP – the collateral is then returned to the issuer.
In Mirror Protocol, users act in one or more of the following roles:
- Minter & Shorter
- Liquidity Provider
Mirrored Twitter In addition, there are special auxiliary agents that are required for Mirror’s infrastructure:
- Oracle Feeder
A trader engages in buying and selling mAssets against UST through Terraswap and benefits from price exposure via mAssets.
Mirrored Twitter is a user that enters into a collateralized debt position (CDP) in order to obtain newly minted tokens of an mAsset. CDPs can accept collateral in the form of UST,, or whitelisted collateral and must maintain a collateral ratio above the minimum multiplied by a premium rate for each collateral type (set by governance).
A shorter is a user that enters into the same CDP but to sell the minted tokens immediately and get newly minted sLP tokens. sLP token can be staked to earn MIR reward when there is a price premium for Terraswap price compared to the oracle price.
Therefore, shorters effectively take a short position against the reflected asset’s price direction. Excess collateral can be withdrawn as long as the CDP’s collateral ratio remains above the minimum. Minters can adjust the CDP’s collateral ratio by burning mAssets or depositing more collateral.
Mirrored Twitter 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.
A staker is a user that stakes either LP tokens or sLP tokens (with the Staking contract) or MIR tokens (with the Gov contract) in order to earn staking rewards as MIR tokens. Whereas LP and sLP token stakers earn rewards from new MIR tokens from inflation, MIR token stakers earn staking rewards from CDP withdrawal fees.
If the user has staked MIR tokens, they are eligible to participate in governance and receive voting power weighted by the amount of their total staked MIR. Governance is the process through which new mAssets get whitelisted and protocol parameters can be altered.
LP Tokens can be unstaked at any time, but MIR tokens can only be unstaked when they are not used to represent a vote on a pending governance poll.
Mirrored Twitter An oracle feeder is a designated Terra account responsible for providing an accurate and up-to-date price feed for a specific or whitelisted collateral and is the sole party that is permitted to update the registered reported price of the reflected asset. Because of its crucial role in the operational stability of , the oracle feeder is elected through governance and will be swiftly replaced by the community if ever it underperforms in its duties.
The Collector accumulates fee rewards generated from CDP withdrawal within the protocol, and converts them into UST in order to purchase MIR from the MIR-UST Terraswap pool. The MIR is then sent to the Gov Contract to supply trading fee rewards for MIR stakers.
Developed by the community
The Mirror Protocol is entirely built and governed by the community of MIR token holders, which is fairly distributed via liquidity and platform incentives without a team or investor pre-mine. MIR tokens can be used to propose and vote on important changes to the protocol here.