How To Buy Mirror Protocol (MIR)?

A common question you often see on social media from crypto beginners is “Where can I buy Mirror Protocol?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Mirror Protocol on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Mirror Protocol (MIR)

First, you will need to open an account on a cryptocurrency exchange that supports Mirror Protocol (MIR).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Mirror Protocol (MIR) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Mirror Protocol (MIR)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Mirror Protocol (MIR) or Mirror Protocol (MIR) trading pairs. Look for the section that will allow you to buy Mirror Protocol (MIR), and enter the amount of the cryptocurrency that you want to spend for Mirror Protocol (MIR) or the amount of fiat currency that you want to spend towards buying Mirror Protocol (MIR). The exchange will then calculate the equivalent amount of Mirror Protocol (MIR) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Mirror Protocol (MIR) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Mirror Protocol (MIR)?

Mirror is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets.

The minting of mAssets is decentralized and is undertaken by users throughout the network by opening a position and depositing collateral. Mirror ensures that there is always sufficient collateral within the protocol to cover mAssets, and also manages markets for mAssets by listing them on Terraswap against UST.

The Mirror Token (MIR) is minted by the protocol and distributed as a reward to reinforce behavior that secures the ecosystem. With it, Mirror ensures liquid mAsset markets by rewarding MIR to users who stake LP Tokens obtained through providing liquidity. Also to incentivize users to ensure mAssets to mimic the price behavior of real-world assets, users who stake sLP Tokens obtained through shorting mAssets are rewarded with MIR. MIR is valuable as it is can be staked to receive voting privileges and to earn a share of the protocol’s CDP withdrawal fees.

Mirror is a project developed and steered by its community: its markets are maintained by its own users through MIR incentives, and the protocol evolves with new ideas through democratic governance.

How does Mirror Protocol (MIR) work?

In Mirror Protocol, users act in one or more of the following roles: Trader, Minter & Shorter, Liquidity Provider and Staker. In addition, there are special auxiliary agents that are required for Mirror’s infrastructure called Oracle Feeders.

– Trader
A trader engages in buying and selling mAssets against UST through Terraswap and benefits from price exposure via mAssets.

– Minter & Shorter
A minter is a user that enters into a collateralized debt position (CDP) in order to obtain newly minted tokens of an mAsset. CDPs can accept collateral in the form of UST, mAssets, or whitelisted collateral and must maintain a collateral ratio above the mAsset’s minimum multiplied by a premium rate for each collateral type (set by governance).

A shorter is a user that enters into the same CDP but to sell the minted tokens immediately and get newly minted sLP tokens. sLP token can be staked to earn MIR reward when there is a price premium for Terraswap price compared to the oracle price. Therefore, shorters effectively take a short position against the reflected asset’s price direction. Excess collateral can be withdrawn as long as the CDP’s collateral ratio remains above the minimum. Minters can adjust the CDP’s collateral ratio by burning mAssets or depositing more collateral.

– Liquidity Provider
A liquidity provider adds equal amounts of an mAsset and UST to the corresponding Terraswap pool, which increases liquidity for that market. This process rewards the liquidity provider newly minted LP tokens, which represent the liquidity provider’s share in the pool and also provide rewards from the pool’s trading fees. LP tokens can be burned to reclaim the share of mAssets and UST from the pool.

– Staker
A staker is a user that stakes either LP tokens or sLP tokens (with the Staking contract) or MIR tokens (with the Gov contract) in order to earn staking rewards as MIR tokens. Whereas LP and sLP token stakers earn rewards from new MIR tokens from inflation, MIR token stakers earn staking rewards from CDP withdrawal fees.

If the user has staked MIR tokens, they are eligible to participate in governance and receive voting power weighted by the amount of their total staked MIR. Governance is the process through which new mAssets get whitelisted and protocol parameters can be altered. LP Tokens can be unstaked at any time, but MIR tokens can only be unstaked when they are not used to represent a vote on a pending governance poll.

– Oracle Feeder
An oracle feeder is a designated Terra account responsible for providing an accurate and up-to-date price feed for a specific mAsset or whitelisted collateral and is the sole party that is permitted to update the registered reported price of the reflected asset. Because of its crucial role in the operational stability of mAssets, the oracle feeder is elected through governance and will be swiftly replaced by the community if ever it underperforms in its duties.

What is the Mirror Protocol (MIR) token?

The Mirror Token (MIR) is Mirror Protocol’s governance token. Currently, it must be staked to vote on active polls and is required as a deposit for making new governance polls. In future iterations of Mirror, it will serve further purposes for the protocol that increase its utility and value.

Users that stake MIR tokens also earn MIR rewards generated from withdrawing collateral from CDP positions within the protocol.

MIR is also used to incentivize users to farm yields by staking LP tokens which were minted by providing liquidity for MIR and mAssets. Yield is paid to the users from MIRs that are newly minted through annual inflation, which gradually increases the total supply of MIR until the end of 4th year.

Mirror Protocol development updates in 2023

In 2023, Mirror Protocol, a decentralized finance platform known for its synthetic assets that track real-world asset prices, has experienced a relatively stable year without significant technological advancements or major updates to its network. The key focus of Mirror Protocol remains on its foundational features and the utility of its MIR token. Here’s an overview of the key aspects as of 2023:

• Synthetic Asset Trading Platform: Mirror Protocol continues to function as a platform for creating and trading synthetic assets, offering users exposure to real-world asset prices.

• Governance and Liquidity with MIR Token: The MIR token remains integral for governance and liquidity provision within the Mirror Protocol ecosystem.

• Decentralized Nature: The protocol maintains its decentralized structure, with no significant changes to its governance model or core operations.

• Market Performance: As of the end of 2023, the MIR token has a market capitalization of around $1.6 million, reflecting its current standing in the cryptocurrency market.

It’s important to note that the absence of major updates or changes might suggest a period of stability and consolidation for the platform. For the latest and more detailed information, following Mirror Protocol’s official communication channels and community forums is recommended.

Official website: https://mirrorprotocol.is/#/trade

Best cryptocurrency wallet for Mirror Protocol (MIR)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Mirror Protocol (MIR)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).