Mirror Protocol (MIR) is a popular DeFi protocol operating on the Terra and Ethereum blockchains. It allows users to create synthetic assets called Mirrored Assets (mAssets) based on real-world assets such as foreign equities and commodities. These mAssets can be traded on the Mirror platform, offering users the benefits of DeFi. MIR is the native token of the Mirror Protocol and is used for distributing rewards to participants within the ecosystem. Users can also stake MIR to participate in the governance of the protocol.

Mirror Protocol supports different types of users within its platform:

• Traders: Perform buy and sell actions on mAssets to generate profits.
• Minters: Create synthetic assets based on real-world assets by entering into collateralized debt positions (CDPs).
• Shorters: Perform sell actions on mAssets to obtain sLP tokens and earn rewards.
• Liquidity Providers: Contribute equal amounts of mAssets and stablecoins to increase liquidity in the markets.
• Stakers: Stake LP or sLP tokens to earn rewards in the form of MIR.
• Oracle Feeders: Provide accurate price feed data on-chain for the mAssets listed and traded on the platform.

Mirror Protocol was launched in December 2020 by Terraform Labs, the creators of the Terra blockchain. The native token, MIR, was first issued to Terra's liquidity providers in November and December 2020. In May 2021, Mirror Protocol became the 15th largest DeFi platform in terms of Total Value Locked (TVL) during the crypto market's bull run. Since then, Mirror Protocol and MIR have gained significant attention in the DeFi space.

The Mirror Protocol token price has shown resilience even after the collapse of Terras UST and LUNA in May 2022. This offers some confidence that investing in MIR tokens could be a good option to consider.

Although the Mirror Protocol was originally designed for the Terra ecosystem, it also operates on Ethereum and did not enjoy any algorithmic link or significant price exposure to the failed TerraUSD stablecoin. This helped the MIR price see fewer losses through the period of the crash and the bearish mood in the wider crypto sector in its aftermath.

Notwithstanding the Terra blockchains debacle, there are several reasons to be bullish about the Mirror Protocol as a crypto asset to invest in. The proliferation of DeFi adoption among investors and mainstream financial institutions could keep the Mirror DeFi platform in the spotlight, as it is one of the few leading projects that allow real-world assets to be traded as mAssets.

An uptick in the number of mAssets on its platform bringing more users and liquidity can send the Mirror Protocol token price and market cap higher. In addition, an overall positive mood among crypto investors could further contribute to an uptrend in the MIR price in the future as well.

MIR serves as the governance token of the Mirror Protocol and at the time of launch in December 2020, the initial supply of the crypto was distributed across the community. The initial supply of MIR crypto was 54.9 million, which were distributed in the form of premised rewards and airdrops.

Uniswap users received an airdrop of 16.66% of this initial supply and an identical share was airdropped to Terra LUNA holders as well. The Mirror Protocol Community Pool received the remaining 66.55% tokens, which were used to fund the DeFi platforms governance and development.

According to data on BYDFi, the total supply of MIR tokens as of May 2022 was set at a little over 370 million. The circulating supply of the Mirror Protocol token stands at over 77 million.

The MIR token has several uses, including:

Governance Token in Mirror Protocol

As a MIR token holder, you are eligible to participate in the governance of the DeFi project. This means you can vote on proposals for updates and future developments taking place on Mirror Finance.

Rewards Distribution

You can also earn rewards in MIR within the synthetic assets protocol for providing liquidity via LP or sLP staking options. The move lets you lend liquidity for the mAssets being traded on Mirror to ensure the smooth functioning of the platform.

Stake MIR to Earn Passive Income

You can also generate a stream of passive revenue by holding MIR and staking it on Mirror Finance. Staking MIR lets you earn CDP withdrawal fees as rewards and grow your Mirror crypto holdings.

Crypto Asset to Invest in, Trade and HODL

The Mirror Protocol token is a valuable digital asset with promising fundamentals that make it an attractive investment opportunity. Always remember to check the Mirror Protocol price, trading volume, market cap, and news before entering a new trade in MIR.

The DeFi project itself commands quite a bit of attention due to its focus on mirrored assets, which give it a high potential for mainstream use. You can buy or sell Mirror Protocol or even HODL if you believe in its long-term potential.

You can stake MIR crypto via the Mirror Protocol app or even on other leading exchanges and DeFi protocols that have listed this token. Heres how you can stake MIR on the Mirror Finance platform:

1. Create an account with Mirror Protocol if you are new to the DeFi platform.
2. Buy MIR on a cryptocurrency exchange that lists the token, such as BYDFi, and transfer it to your Mirror Finance account. Ensure that you check the latest Mirror Protocol price, market cap, 24-hour trading volume and perform market analysis to gauge the MIR price action before buying the crypto.
3. Head to the Governance page within the app and click on Stake.
4. Enter the number of MIR tokens you wish to stake, confirm all details on display, and proceed.
5. Remember, you cannot unstake your MIR crypto if you have participated in a governance poll where the voting period remains ongoing. This is possible only after the voting period ends and the poll concludes.