The devs have put out the feelers for suggestions, so I thought I would pool what I think are the most relevant and important features to add to our prized gem, Mirror.
Some of these have been posted about before, but I will give my rendition here.
1. Collections of collateral:
Of course a no-brainer. Make it possible to join some Luna and mEth as collateral, or ANC and MIR together, to mint a single kind of asset. This builds out Mirrors flexibility and allows for easier portfolio management.
2. UI manipulation:
There are already some ways to change the display settings, but we need to zero in on the relevant trading information.
2a. On the trading page, I should be able to see oracle price and swap price. % difference is okay but working with the actual numbers makes life easier.
2b. Sorting by Premium, Volume, 24hr % change, all with simple clicks, would help smooth over the UI.
3. Categories for mAssets:
Categorizing the different mAssets will stop the Trade window from becoming a long, difficult list.
Differentiating between Funds, Crypto, Metals, etc. would be beautiful. A simple collection of categories that drop-down the list of assets when clicked would work.
4. MIR token value-accrual:
It’s already been noted that volume for mAssets on other chains is abysmal. The true stage for mAssets is within Terra of course, within farms and sometimes for traders to move into different, non-crypto strategies.
It may be necessary to accept that Stocks and ETF’s in general are less popular than volatile crypto, or even meme-stocks.
This will eventually be counteracted by bringing in seriously desirable assets. This is something that will have to be decided and consented to by the community - Everyone has a different opinion on what will be important to trade.
For myself, I would like to see mineral miner stocks, semi-conductor and tech fabrication stocks, with a healthy collection of big data and green energy - but I don’t expect the community to automatically implement those things.
However, an important phenomenon within crypto that we can observe is the explosion of small exchanges based on the fact they offer trading for rare assets. Ex: Kucoin burst to stardom simply for their selection of hard to find ERC-20’s, which were too expensive to Uniswap. Hoo currently is pulling in volume since their diversity is astounding and they have some new legit coins. (Offering deposits from almost all chains)
If Mirror is to bring in this sort of demand, we will have to look in between the lines for these assets. Look towards the economies that are rebounding, what are they producing, what is being demanded on a global scale?
5. MIR as Gas
Many people suggest simple algorithms placed into the protocol somewhere as a solution to the price degradation, and while I agree with some of these, it’s hard to see that as a long-term fix.
Since we’re an exchange, and we deal with niche assets you can’t find anywhere else in blockchain land, we really should be using our own token as gas, and potentially have a burning mechanism.
I will leave the math to the professionals, but making it normal to have to hold some MIR to pay for transactions, minting, etc. would bring in a new dimension to the coin. Burning a small % of those fees would help with MIR inflation.
MIR was meant to bootstrap liquidity, bring it in so people could actually buy and sell within these markets.
The next stage of that plan should involve a deflationary aspect with a utility-based mindset.
Hope this spurs some good thoughts !