Mirror Protocol
About Mirror Protocol
The price of Mirror Protocol (MIR) is $0.01369563 today, as of Sep 16 08:14 p.m., with a 24-hour trading volume of $58,976. Over the last 24 hours, the price has decreased by -3.32%. Mirror Protocol currently has a circulating supply of 156.06M and a market cap of $2.14M.
Mirror (MIR) is the native token of the Mirror Protocol, a defunct decentralized finance (DeFi) protocol for synthetic assets built on Terra. Mirror was built by Terraform Labs, the inventors of the failed algorithmic stablecoin, TerraUSD (UST). The stablecoin collapsed in May 2022, wiping hundreds of billions from crypto’s total market cap. Investors fled from Mirror around the same time.
MIR launched at the start of December 2020, trading at $1.36. Its debut came just in time for the 2021 crypto boom. In April 2021, just as bitcoin hit its first all-time high for the year, MIR peaked at $12.90.
Like BTC, Mirror’s token fell before the middle of 2021. MIR reached lows of $3.54 at the end of May. But while BTC and many other tokens recovered in the autumn, MIR continued to fall.
Things got worse in May 2022: The entire Terra blockchain collapsed after UST fell from its $1 peg, taking its sister token, LUNA, with it. MIR fell to lows of 20 cents – a stunning collapse from its all-time high the previous April.
MIR launched with an initial supply of 54.9 million and a fixed, capped supply of more than 370 million tokens. Of the initial tokens, 16.66% were air-dropped to holders of Uniswap’s native token, UNI.
An equivalent amount was distributed to those who staked LUNA in Terraswap, a decentralized exchange built on Terra. The rest went to a community pool to build the network.