Mirror Protocol allows the creation of fungible assets, “synthetics”, that track the price of real-world assets. Mirror synthetics are intended to be used as key building blocks in smart contracts and to bring the world’s assets to the blockchain.
To mint a Mirror asset (mAsset), an issuer must lock up > 150% of the current asset value in Terra stablecoins OR mAssets as collateral. If the value of the asset rises above the collateralization threshold, the collateral is liquidated to guarantee the solvency of the system.
To target the price of the mAsset, the system reads in underlying asset prices via a decentralized price oracle — prices are updated every 30 seconds. When the price of the mAsset drifts significantly from the primary market, traders are incentivized to purchase / sell the asset to mint / burn to claim the collateral.
InsurAce.io has listed Mirror Protocol on app.insurace.io to protect these mAssets held by mirror users against smart contract vulnerabilities. Offering insurance to their users exemplifies Mirror Protocol’s dedication to security and protecting their users.
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce,” says Do Kwon, Co-Founder and CEO of Terraform Labs. “InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
InsurAce.io has listed Mirror Protocol with a 4 star security rating, an annual premium price of 5.99%, and has an initial capacity of $8 million split between Ethereum and Terra.
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce,” says Do Kwon, Co-Founder and CEO of Terraform Labs. “InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
Mirror will be making the insurance process as simple as possible on their web app by adding a pop-up reminder to users to click through to purchase insurance via InsurAce.io.
“Mirror Protocol is a great new addition to the Terra family, and following our recent success with Anchor Protocol, we welcome the chance to offer insurance services to this great project, its users, and the wider Terra community as we continue to help to make DeFi a safer space for everyone.” Oliver Xie, Founder of InsurAce.io
About Mirror
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.
Mirror Community
About InsurAce.io
InsurAce.io Protocol is a DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The INSUR token was released in February 2021 and has a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.
InsurAce.io is a decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants, and provide coverage for cross-chain DeFi projects to benefit the whole ecosystem.
InsurAce.io is backed by DeFiance Capital, Parafi Capital, Alameda Research, Hashkey group, Huobi DeFiLabs, Hashed, IOSG, Signum Capital and a dozen of other top funds.
The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that he
entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards blockchain-based Open Finance for the past few years.
For press enquiries and assets please contact: dan@insurace.io
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