After consistent horrible polls and 0 improvements over a whole year, Anchor aust destroying mirror in my opinion, people only doing delta neutral to farm and dump the mirror token, leaving once rewards go down, premiums sitting at 30%!! for days and days, tokens sitting at -12% polls like simp-3 being rejected constant governance malicious activity i am done, i am sad a previous holder of over 400K mirror i have sold and i am done.
I see no progress happening, Terra labs not doing anything to improve their first protocol, 0 community updates or engagements, to me it’s a dying project and about to run into a major kill zone with premiums never moving. Anyone who comes to the platform will leave as soon as they see all the assets are useless due to not being close to the correct price, it is not a “Mirror”
My address if you want to check on my 400K+ mirror holdings in the past.
I wish this project picks itself back up but i tried helping with the premiums at 27% by arbitraging and just ended up losing $30k it seems the pressure from malicious activity is too strong, the failure of simp-3 is just proof of this.
sorry for the rant and bad grammar i am just upset i had to sell my favorite project.
They can do manage the project without telling that its TFL.
There should be interested parties to support the ecosystem and at least make announcements of votes and reposts. Make suggestions and make changes, improvements. Someone should get paid for this.
the fact no one is shorting for a “Quick” profit also proves there is very little faith in mirror protocol to actually resolve the problems and fix everything. theoretically people should be making a quick 25% profit but instead no one will take this “risk” due to them knowing mirror is on a downward spiral…
i can only imagine the people who started shorting at 10% premium for it to now be 30% and will take a loss due to liquidation worries… i’m sure they will lose a lot of faith after that, 20% loss on an arbitrage is no joke. That to me is a dead project with no actual trading. Simp-3 being rejected should be VERY worrying, although it was only a text poll they should now do the poll with the code and heavily advertise around the social medias to vote on it.
Yeah I have to admit Im on this bandwagon. I shorted assets around 10% premium with the idea its relatively safe thing to do. What am I now thinking seeeing 30% premiums after a month? Apple moving from basically zero premium to 22% in month? Microsfot going from 10% to 30%? All while short farming rewards going down only.
Ah well, crypto is cruel world, but this Mirror is too cruel perhaps.
I was in the discord just reading the general chat, the way this “Committee” speaks to people is horrendous and laughable the most self centered people i’ve ever seen in their own little bubble. I love the idea of a committee but defiantly got the wrong people in it.
Yep man, sorry to hear this. I believe it will be sorted out but how long? will the project collapse until it’s fixed? Everyday it’s left like this is everyday people will not revisit a synthetic protocol that is not even close to the real prices.
Everyone needs to take a chill pill! So much FUD here.
The protocol is not on the verge of collapse. It is working well within its intended parameters.
Yes premiums have risen and some folks were on the wrong side of that trade. Now tracking error is hitting arbitrage constraints and is unlikely to get meaningfully worse.
There are many ways to bring down this tracking error and once a well-defined and effective proposal is put forward it will be voted for.
There is no rush and no need for panic. In fact, higher premiums are a sign that Mirror Protocol is a great success. Liquidity is up. TVL is up. Higher premiums are a sign of strong demand and that is a positive. It is much, much better than the opposite problem of liquidity drying up and all mAssets falling.
I understand your frustration 100%. Indeed, delta neutral is a tool for many people to milk rewards. However, removing aUST will only drive premiums even higher because the short side is not sufficiently compensated while long-side is well paid by the trading fees from the liquidity pool plus the MIR rewards. Too bad to see you go without voting on the several polls aiming at reducing sky-high premium.
you’re at the same time condemning the committee but also deriding the failure of the proposals that we put forward?
I realize that some members of the committee can be a little unpleasant (myself too, i’m sure) but it was the best group of people we could get that were willing to do free work for a failing protocol.
Well, you must’ve overdose those chill pills. Shorting is only viable since the v2 version, because they thought it’d deal with the high premiums which was a concern in that time too. The mathematical formula which was intended to hold the price peg was just badly written in the first place. Sadly we couldn’t even
repair it now with this poll - I understand that in this point it looks like that the protocol is just slowly bleeding out.
Hell, I’m in the same drawdown as the OP. Based on the oracle price, I clearly got the trade well - it looks like it will keep tanking, but with these high premiums, I even have a slight chance that I might got liquidated. The protocol is obviously shit now, but I still think it can be repaired, just need everyone to be focused and give it another try. Denial is as bad as doomspeaking in this situation.
Just don’t be delusional folks, we are heading towards the 50% premium limit, the problem is more severe week by week now, just look at the historic premium metrics. We’re just in the mercy of the biggest whale, how could you know for sure that he/she will not squeeze the fuck out from this market? Did so systematically in that past weeks nonetheless. The whale could benefit from this even greatly, there are ways to do that, read after it if you don’t beleieve me. We could only hope that it’d want to profit from this situation in the long run. I agree that DN strategies are a clear headwind in this enviroment, but it is what it is…
Yes, there are more ways to deal with the problem, we’re already chatting about it, high quality problem solving is brewing under the service, but than again, this proposal was well defined and it could also be implemented rather quickly, but still…we’re here. We could give it another try, but it’d only make a meaningful effect if people would start leaving the DN strategies and reenter a bit later, from higher prices. Clearly there are not enough shorters right now, also we can’t assume that all of a sudden a bunch of new users (shorters) would show up and take risky setups in a broken system.
Just try to be rationale here, if nobody wants to actually do something to fix this thing, than you’ll just wait almost a year in a shitty farming position to just get out with a few percent - if you don’t capitulate before.
This part…It’s so-so wrong in every take that hurts to even elaborate it - just pls don’t fall for this “we can be ignorant together, everything’s nice ostrich policy”. Yes, it’s not gonna collapse the next day, but in order to not collapse in the not so distant future, we need to take action right know.