Mirror Protocol Adds Support for DOT, AMD, and SQ Through Community Votes

The latest additions promise to add more value-added benefits for users of the DeFi platform.

By
Utulu Hope
on
July 16, 2021
Category:
Blockchain News

Introduction 

Mirror protocol has added support for Polkadot (DOT), Square (SQ), and Advanced Micro Devices (AMD). The synthetics protocol announced the new development on 15th July via Twitter.

Now, users can farm all three assets (mDOT, mSQ, and mAMD) and obtain high Annual Percent Rates (APRs). 

Source


Asset Listing: Mirror Adds Support for DOT, AMD, and SQ Via Community Votes 

Mirror Protocol gives the community access to governance. It offers users the option to vote on polls in the form of “Governance Proposals.”

Governance proposals on the protocol come in different formats, such as Asset listing, Reward Distribution, Parameter Modification, and Suggestion/Others. Users have a say in all four proposals issued by the protocol. 

Through Asset Listing, users can vote on the whitelisting of a given asset. In essence, the proposal is created to start a poll to whitelist a new asset. 

On the 7th of July, Mirror Tweeted its Asset listing poll to whitelist DOT, SQ, and AMD. Users voted by staking some of their MIR holdings — the native token of Mirror protocol.

In essence, whitelisting of new Mirrored Assets (mAssets) is entirely governed in a decentralized way by MIR stakers. They can also choose to delist a mAsset already registered by the protocol. 

New mAssets, More Benefits 

DOT, SQ, and AMD will add more benefits to Mirror protocol and increase adoption. Presently, all three synthetic assets offer the highest APRs. Users can stake and earn more.

What’s more, users can now borrow all three assets in addition to the synthetic assets available by using other mAssets as collateral. With over 25 assets mimicking real-world assets available on Mirror protocol, the DeFi platform is growing while also adding more benefits for every user.

In addition, we anticipate new assets listing polls and even more mAssets to be whitelisted. 

Image
Source

What Is Mirror Protocol? 

Mirror protocol is a Decentralized Finance (DeFi) platform powered by smart contracts on the Terra network. The Terra network enables the production of synthetic assets (mAssets). These mAssets mimic real-world assets' price behavior and give users/traders access to price behavior anywhere worldwide without owning or transacting real assets. 

mAssets are minted by users in a decentralized manner. Users mint synthetic assets by opening a position and depositing collateral on the network. The protocol ensures enough collateral to cover mAssets while managing mAssets markets by listing them on Terraswap against Tether (UST). Its native MIR token is minted by the protocol and issued out to users as a form of incentive to enhance the ecosystem’s processes. The token is also valuable in that it can be used to vote on the governance of the Mirror ecosystem. In short, the project is backed and developed by the community, and its users strengthen its markets. 

Where to find Mirror Protocol:

Website | Telegram | Discord | Twitter |


Tags:
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.