Mirror Protocol (MIR): tokenomics, risks and score
A protocol issuing synthetic versions of US equities on Terra, which collapsed with that ecosystem in 2022 and was separately charged by the SEC.
What Mirror Protocol is, and what it does
This asset has failed. It is recorded here so that a search returns what actually happened rather than promotional material that is still online.
What the MIR token itself does: It receives a share of the fees the protocol collects, so holding it is a claim on real revenue.
Where it runs: Terra Classic. Mechanism: Synthetic equity protocol on Terra. It has been running since 2020, so roughly 6 years.
The facts
- TICKER
- MIR
- SECTOR
- Failed and defunct
- CHAIN
- Terra Classic
- LAUNCHED
- 2020, so around 6 years of operating history
- MECHANISM
- Synthetic equity protocol on Terra
- MAXIMUM SUPPLY
- 370.5 million
- VALUE CAPTURE
- Fee share
- UPGRADE CONTROL
- DAO governed
- VESTING
- Complete
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
A hard maximum supply that cannot be raised without the agreement of essentially every participant. A share of protocol fees reaches holders directly, which is the strongest form of value capture available.
Changes go through token holder governance, so control is distributed but influenced by whoever holds most. Ownership is heavily concentrated. A small number of wallets hold enough to determine the price on their own.
Where it is strong and where it is not
- None. The protocol collapsed with the Terra ecosystem in 2022.
- Collapsed entirely with the Terra ecosystem
- Named by the SEC as an unregistered securities offering
- A long undetected pricing bug drained substantial collateral
- No meaningful operation or development remains
Incident history
A long undetected pricing bug allowed users to withdraw far more collateral than they were entitled to over an extended period.
Collapsed with the Terra ecosystem. The SEC subsequently named the protocol in its fraud case as an unregistered securities offering.
Our read
The main risk
The protocol collapsed with Terra and was named in SEC enforcement. It no longer meaningfully operates.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.