Mirror Protocol was a Terra-based decentralized finance protocol for minting and trading synthetic assets called mAssets, which tracked reference prices such as public equities. Its mechanics ceased operating on Terra Classic after Band Protocol ended price-feed support in August 2022. MIR remains separately listed, but a token listing does not mean the protocol is active.
| Stat | Value |
|---|---|
| Ticker | MIR |
| Price | $0.0006951 |
| Market Cap | $54,040.65 |
| 24h Change | +0.40% |
| Circulating Supply | 77.743 million MIR |
| Max Supply | 370.575 million MIR |
CoinGecko snapshot captured 2026-10-24 08:43 UTC showed $42.12 in 24-hour volume across two tracked pairs; the deeper pair had only $165.91 in +2% market depth. MIR is a thin residual listing, not an active Mirror Protocol market. Price and market capitalization refresh dynamically; liquidity may be extremely limited.
MIR Tokenomics
MIR was the protocol’s governance and incentive token. Archived documentation describes rewards for liquidity providers and short-position liquidity providers, voting rights, and a share of collateralized-debt-position withdrawal fees. These are historical utilities, not evidence those functions remain available.
Kraken reports an initial 370 million MIR allocation across liquidity operations, treasury, future hires, and team tokens. CoinGecko reports 370.575 million total and maximum supply and 77.743 million circulating. These figures do not establish a current vesting schedule.
How It Worked
Users opened collateralized debt positions to mint mAssets, whose prices followed oracle feeds. They could trade synthetic exposure without owning shares or shareholder rights. Oracle prices also supported collateral and liquidation calculations, making reliable feeds essential.
Shutdown and Residual Market
Terra’s 2022 collapse damaged Mirror’s markets and infrastructure. Its documentation is now an archived repository. Kraken says the Terra Classic mechanisms stopped when Band Protocol ceased feeds in August 2022. CoinGecko shows two very small DEX pairs, about $42 in 24-hour volume, and under $200 in quoted depth. These figures change and do not establish usable liquidity.
Risks and Scope
MIR differs from the later Terra chain’s LUNA and from unrelated projects named Mirror. Historic token functions should not be described as currently available. Discontinued feeds, collateral design, Terra’s collapse, and thin residual trading all shape how MIR should be understood.
Last updated: 2026-10-24
Related Terms
See Also
- Why Algorithmic Stablecoins Keep Failing (And Why People Keep Trying Anyway)
- What the Celsius Collapse Actually Tells Us About Crypto Lending Risk
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
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Sources
- Mirror Protocol Documentation — GitHub Archive — The archived project documentation explains mAssets, MIR governance, liquidity incentives, and the protocol’s Terra design.
- Mirror Protocol (MIR) — Kraken Crypto Asset Statement — Kraken documents the end of Mirror mechanics on Terra Classic after Band stopped its price feeds in August 2022.
- Mirror Protocol (MIR) — CoinGecko — CoinGecko identifies the tracked legacy MIR asset and reports its market and circulating-supply snapshots.