Mirror protocol launched giveaway in which users can receive airdrop tokens if their wallets meet the conditions. MIR tokens will be airdropped to UNI token holders and LUNA staker wallets.
MIR is the governance token of Mirror Protocol, a synthetic assets protocol built by Terraform Labs (TFL) on the Terra blockchain.
Mirror Protocol is decentralized from day 1, with the on-chain treasury and code changes governed by holders of the MIR token. TFL has no intention of keeping or selling MIR tokens, and there are no admin keys or special access privileges granted. The intent for this is to be a completely decentralized, community-driven project.
Token distribution allocations and timeline can be found below:
At Genesis, 9,150,000 tokens will be airdropped to UNI token holders. Only wallets with at least 100 UNI on 11/23/2020 at 00:00 UTC+0 will receive the airdrop.
Another 9,150,000 tokens will be airdropped to LUNA staker wallets. These tokens will be distributed pro-rata based to wallets with staked LUNA on 11/23/2020 at 03:36 UTC+0.
At launch, there will be three ways to earn MIR:
Contributing to liquidity provision for these pairs on Terraswap or Uniswap yields the largest amount of MIR rewards. 20,587,500 will be rewarded to depositors in the first year, 3X the rewards of what any individual mAsset/UST pool yields, but which also presents the greatest risk.
Because liquidity provision must be contributed equally for one stable asset (UST), and one volatile asset (MIR), depositors may be subject to impermanent loss as a result of MIR price volatility.
Earning MIR through LUNA staking is mechanically the most simple of all the methods. There are 18,300,000 tokens allocated to stakers for the first year only, which will be distributed weekly on a pro-rata basis of total LUNA staked (every 100,000 blocks, 53 times). As mentioned above, TFL’s LUNA reserves will be blacklisted from earning MIR. Staking can be done via the Station Wallet desktop app, which can be downloaded on TFL’s website: https://terra.money/
This option presents medium reward/risk; previously staked LUNA that has been unstaked requires 21 days to be unbonded (unfrozen). Therefore the main risk is the potential price downside over this 21-day unbonding period.
At launch, there will be 13 different mAsset/UST pools each on Terraswap and Uniswap that yield MIR. 44,606,250 MIR will be allocated for each network in the first year, across 13 pools each, resulting in 3,431,250 MIR (44,606,250 MIR / 13) per pool in the first year.
Although each individual mAsset/UST pool yields a lower amount of MIR compared to the other options, this method likely presents the least risk.
Liquidity provision must be contributed equally for one stable asset (UST), and a mirror asset of a US equity (e.g. mApple, mGoogle). So while depositors may still be subject to impermanent loss, price volatility for large cap US equities is generally less than those of crypto assets.