Huobi Welcomes Mirror Protocol
Huobi Global welcomes Mirror Protocol & different spot trading pairs: MIR/BTC, MIR/ETH, MIR/ USDT are available now.
🔹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.
🔹What are the uses of MIR in Mirror Protocol?
- Staking to vote on polls.
- Used as a deposit for making governance proposals.
- Rewards when withdrawing collateral from a CDP.
- Liquidity providers yield farm MIR by staking their LP-tokens.
What is Mirror Protocol?
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.
What is Huobi?
Huobi Global is the leading global digital asset exchange.
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