MIR Token
Crypto Overview
Overview
Mirror Protocol is a DeFi protocol built on the Terra blockchain that enables the creation of synthetic assets called mAssets. These synthetic assets track the price of real-world assets like stocks and commodities.
Purpose and Utility
MIR token serves as the governance token for the Mirror Protocol ecosystem. Token holders can participate in governance decisions and receive rewards for providing liquidity to mAsset pools. The protocol allows users to gain price exposure to traditional financial assets without directly owning them.
Business Model Analysis
The protocol generates value through trading fees and liquidation penalties. The synthetic assets creation process involves collateralization with other cryptocurrencies.
Development and Adoption
The protocol has faced significant challenges following the collapse of the Terra ecosystem in 2022. Development activity has largely ceased, and the protocol's functionality has been severely impacted.
Token Distribution
Initial distribution included allocations to the community mining rewards, protocol team, and early investors. Vesting schedules were implemented for team and investor allocations.
Crypto Impact
To assign a comfort level investing in MIR Token from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MIR Token.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.