Wrapped MIR Token   token: ico review, security check & audits

check date
Sun Jun 13 2021
Source code
-
Ethereum address
0x09a3ecafa817268f77be1283176b946c4ff2e608
Market Cap(24h)
$54,740,699
3.10 %
Status
COMPLETED
ICO Rating
10
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Overview

Wrapped MIR is an ERC20 token that represents the MIR coin on the Ethereum network. MIR is a core element of the decentralized Mirror Protocol created on the Terra blockchain.

The Mirror project generates synthetic crypto tokens called Mirror Assets (mAssets) that reflect the price behavior of corresponding fiat counterparts. Users can trade them on secondary markets like the underlying assets.

The difference in prices creates arbitrage opportunities. If a fiat asset is traded at a higher price on the exchange, the market participants can mint additional coins and sell them on Terraswap to gain benefit. If the cost is lower, the mAsset is purchased and burned.

MIR is a governance token, which is generated through the process of mining. The fixed supply of coins makes it inflation-resistant. It is used for staking to secure the system, farming tokens from other DeFi projects, as a reward, and for protocol management. Liquidity providers are rewarded with MIR tokens that come from the fees paid for closing positions on mAssets, trading. MIR holders who stake MIR also earn the withdrawal fees. To earn MIR tokens users can stake LUNA (the Terra native coin), provide liquidity to MIR/UST pair or to any mAsset/UST pool pairs.

MIR stakers can participate in system management and create new governance proposals. The voting power depends on the amount of MIR staked by users. If the proposal is rejected that deposit is forfeit.

Wrapped MIR is exchanged with MIR at a 1:1 ratio. It can be bought, traded, and stored like any other digital asset.

Wrapped MIR Token token price chart

Security checks of MIR token