List Atom & Luna as mAssets

Mirror is part of a larger whole. By working together with the rest of the ecosystem we can create value and synergy for all platforms involved.

Adding more users and mirrored assets to the platform dilutes the Mirror rewards of existing pools in absolute numbers. But it increases the value of the protocol, which is exactly what we need (and as a bonus could increase the value of the Mirror token).

We, as governing DAO, are here to add more mAssets, improve Mirrors’ tocenomics, and spread the word within other communities.

Increasing Users, Use Cases, and Total Value Locked is essential, because it helps the protocol expand, grow, and mature into the biggest broker in the world.

As Do Kwon said: Mirror is intended to Mirror ALL tokenizable assets in the world.

If so, why did we vote to exclude Mirrors grandfather - Atom? And why don’t we have Mirrors mother - Luna on the platform?

Adding these tokens would add a lot of value to the community in the “standard” Mirror way:

  • Increasing liquidity for the assets involved,
  • Driving usage and TVL of Mirror,
  • Driving demand for UST,

Asides from this “standard” synergy, there are really cool strategic advantages to be realized for the Atom-Luna-Mirror community. By adding Atom & Luna, our community could:

  • Secure profits without selling when Atom or Luna is peaking
    • You simply open a short farm, and are no longer exposed to price movements.
    • This way you don’t have to give up on your long-term investment, but can temporarily “leave” the market when it’s too hot to handle.

Moreover, it opens up a completely new use case and business model on the Mirror platform:

  • Cross-Chain Delta Neutral Farming
    • As the returns (especially on Atom) outside of Mirror are high, you would short farm on Mirror, long farm somewhere else. Everyone in the Atom community could pause their exposure to price movements whenever they want, and earn high interest rates in the meantime, by using the Mirror protocol.

When a protocol adds a lot of benefit to specific communities, these communities start to explore, use, and write about the protocol.

In a way, adding Atom and Luna to Mirror can be seen as a form of “growth-hacker marketing”. It will give us a lot of exposure within communities that are practically already family.

Let’s incentivize our family to merge with our community, and create synergy for all.

I’d love to hear your suggestions and/or iterations on this proposal.

Agreed!! Why did people vote no on monero list poll for example…

I think you make some really good points. It is disappointing that such a well thought out post has not received more engagement.

I think ATOM is necessary and it was surprising when it didn’t pass when up for a vote last time. I think if it was put up again that it would pass. LUNA may be a bit more controversial. While the use cases that you laid out for mirrored LUNA do exist, I think there may be some people who would argue that it would take away buying interest that could be going toward buying the token itself. That being said, I think it would be a very sensible addition for Mirror.

In my opinion, and I think a lot of people share this belief, is that crypto assets are not fully aligned with the ethos of Mirror. Cryptos can already be obtained in a permissionless way. Mirror is a way
of having exposure to assets that do have KYC requirements. Having a ton of cryptos only serves to fracture liquidity from assets that are harder to get exposure from. If I had to choose between a new crypto or a new stock probably going in the stock direction.

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I don’t see a point of adding terra native assets into mirror.

The only argument is that it lets you short assets, but you will be able to do that once we get proper lending platform on terra.

Specifically Mars will solve that. You will be able to borrow Luna directly, and sell it. Effectively taking a short position on it.

And Atom will be bridged into terra, so same thing applies. Instead mAsset, you will be able to take long/short positions on bridged Atom.

So what is wrong with listing the assets until they’re actually available elsewhere? The magic of Mirror governance votes is you can pull things off the list too.

Right now everyone seems super particular about what they are willing to have listed and we risk adding nothing because it’s not “perfect”

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Risk is fracturing liquidity on something that as you said will become redundant in a short time…

Never said it will be short, and unlikely to be short. Far easier to get US stock exposure than crypto – I don’t need a whole new wallet to buy stocks.

Liquidity concern is far overblown and self solving – if demand goes up but liquidity is low, APRs surge and liquidity follows. Right now we have less than 30 assets, liquidity isn’t a problem

Maybe it’s easier to get US stock exposure…if you are in the US. Not everyone lives in the US and has access to those markets, so it’s not fair for you to assume that (consider the Mirror team who are based in Korea). But again I don’t see strong advantage of having mLuna and Luna on the same chain…like if I want Luna I can go to terraswap TODAY and buy it now, why do this mental gymnastic when you can already get Luna. Let’s focus on asset classes that are not 1 already click away :sweat_smile: