Mirror Assets on Solana

Hello Everyone, LC here with the Cedros Team.

Cedros has been working on making a Serum Dex UI and focusing on Spanish support because we believe it is an underrepresented region in Crypto and in Defi especially. A lot of the things we are working on are much longer term goals, and how to make a CEX/CEFI experience but completely on-chain and decentralized as possible, as we believe it is the way to empower users and grow crypto to one billion people.

We want to put forward a cooperation proposal in two communities in which we can bring together the projects to better each other, and the services provided to Crypto users.

Project Serum of Solana and Mirror Protocol of Terra.

Our familiarity comes from the Latam region and what users are accustomed to. For many Latam people that is very low risk and traditional products that they are familiar with. Cash, Real Estate, and Certificates of Deposit. Then in some cases they have access to local stock markets, or in fewer cases international stock markets. As we want to grow Cedros and total users of crypto, we believe a financial tool that has been underrated is the synthetic stocks of Mirror Protocol. It is a two fold issue, one side is that crypto native people prefer to chase higher volatility assets and speculate for higher returns than stocks, and non crypto natives are not aware of these stock alternatives.

We want to work with Mirror and Serum and in doing so utilize two other projects (Wormhole, Atrix) to port over Mirrored Assets, Create Serum Markets, and Incentivize Liquidity.

As an initial test of market fit, we propose the following.

Using Wormhole to port over

  • mAMZN
  • mAAPL
  • mTSLA
  • mNFLX
  • MIR
  • (open to community input for more)

Creation of new Serum Markets with Serum Grant funding. (~1,200 SRM)

  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  • MIR/USDC

With new Serum Markets create AMM pools on Atrix for (~600 SRM)

  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  • MIR/USDC

Incentivize the Artix Pools with Grant Funding from Mirror and Serum

  1. Targeting a 10% dual yield in each SRM and MIR for Liquidity Providers
  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  1. Targeting 15% Yield in MIR for Liquidity Providers
  • MIR/USDC

As a UI in the ecosystem and very focused on educational documentation, we hope to list the order book markets on Cedros, show users how to trade synthetic stocks, and what exactly are synthetic stocks and what their benefits and drawbacks are in comparison to traditional stocks.

Solana-based synthetics have not arisen to the occasion yet, and Mirror has been tried and tested through the volatility of this year. Also, the tokenized digital stocks that FTX or Binance have seem very distant to be allowed to trade in a decentralized manner.

We believe that this would stimulate and benefit all of those involved and grow the crypto ecosystem. Adoption and growth of Mirror’s synthetic assets as they can be traded on an Orderbook decentralized exchange. Growth of the Serum liquidity on order books and increases in trading volumes. Then as a community, encourage greater adoption and growth of crypto as now there is a familiar brand (although synthetic) available for them to have transparent and fair access to, unlike their local traditional finance institutions.

Goals

  1. Bring together Mirror and Serum to offer a more complete crypto asset offering
  2. Bridge mirAssets to Solana
  3. Create order book Serum Markets for synthetic stock pairs
  4. Add markets to Atrix Liquidity Pools
  5. Incentivize Atrix Liquidity Providers with Srm/Mir
  6. Documentation/ Educate the 1m Phantom Wallet and many more other Solana users they can hold Synthetic Stocks
7 Likes

Finally some substantive conversations which have not occurred lately. Looking forward to seeing peoples thought and how this progresses.

3 Likes

This proposal has been submitted to Project Serum as well, as soon as public we will link them together. We are pending the posting filter of their community forums to gauge the feedback in the Serum community, but we hope this collaborative effort can develop into a greater crypto offering for the ecosystems. Look forward to comments and how we can move forward with this proposal.

Update and proposal to submit.

Hello all!

We would love to push forward with the bridging of mirAssets on Solana. We have not been able to get the post published on the Project Serum forums due to admin review taking some time. Yet we would like to push through our thoughts before the end of the year.

There is an upcoming Hackathon that fits the exact implementation that Cedros has been looking to solve and add potential to do more in the Hackathon parameters.

To build up on the foundations Solana is looking to accomplish we would like to submit a proposal and make edits to our initial thoughts. We see that it may be best for the Mirror community to push the entire efforts without the initial cooperation of Serum and set up things in the Solana Ecosystem without Serum Grants yet. This may also entitle the Mirror protocol to hackathon rewards in some categories as you see in the Devpost page.

  1. Proposal to utilize Community fund for Solana implementation (1,500,000 MIR) ~2.7% of Fund
  2. Convert portion of MIR to SOL to cover costs of new Markets and Liquidity Pools ~3,000 MIR
  3. Bridge Remaining MIR to Solana through the Wormhole Bridge.
  4. Establish Markets for the following assets.

a. mAMZN/ UST
b. mAAPL / UST
c. mTSLA / UST
d. mNFLX / UST
e. MIR / UST

(SPOT ORDER BOOK MARKETS TO BE LISTED ON CEDROS)

  1. Create AMM pools on Atrix for the above markets ensuring liquidity on order books
  2. Lock MIR into Call options incentives for AMM pools.

a. Issue 25 MARCH 2022 @$2.50 Call options through Psyoptions on Solana
b. 200,000 MIR in Call Options incentives per pool over 70 days (~2,857 MIR in Call Options per day)

i. See below link in benefits of implementing incentives this way
ii. https://medium.com/psyoptions/the-options-are-limitless-58dddbd28cb4
  1. Reward Cedros protocol with 10,000 MIR for bridging assets implementation

a. Rewards Matched with Cedros’ UST and locked into Atrix Liquidity for 1 year.

  1. Monitor demand and success of Mirror Assets on Solana to either:

a. Increase incentives on above pools
b. Add additional Mir Asset markets in Solana
c. Create new strikes and options for incentives.

  1. Cedros collaborates more with Mirror to reward liquidity providers further with Cedros incentives

If approved Cedros will work with Mirror devs to bridge and coordinate all the pieces. Additionally Cedros will seed the above pools Liquidity to the best of our ability with Dex’s treasury. If any of the above pieces are unable to be fulfilled, and Mirror assets on Solana turn out to be incompatible, community funds will be returned minus any protocol and transaction fees incurred.

1 Like

Your proposal is for 15 million Mir , half of the community pool? No multisig? WTF?

6 Likes

Now all sorts of people come out trying to milk the community pool with just some paper ideas…

4 Likes

Most definitely a slip on a Zero. Glad to have you here. Can not amend, will not push that ahead. Would still like to see this happen (Mirror assets on Solana).

Think the idea and porting of assets has some merit, glad to have you here! Was a slip on a Zero. Please vote No. Would like Mirror devs to help with this, as it would be great collaboration and market for Mirror Assets.

Due to fat finger proposal says 15M MIR which is incorrect. To implement this proposal, only needs 1.5M MIR. And should not pass. PLEASE VOTE NO.

If by oversight of votes it passes with 15m MIR, 13.5M will be returned to Community Fund.

1 Like

We all make mistakes but we are to trust you to implement all this with community funds. Not a good first impression.

Also I don’t understand if your first post with USDC is what you are proposing or the later post with UST pools?

2 Likes

My suggestion is that this poll should be voted No or Abstain, and a separate poll should be submitted with the right number of MIR tokens requested from the community pool. 15M being sent to the defined wallet doesn’t seem so safe and we can only rely on the ‘promise’ to return 13.5M to the community pool.

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No new poll should be submitted until this is discussed, and everyone should vote no on the previous poll

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How can we trust that you will use the MIR you receive for that purpose? You will receive a huge amount of MIR’s and you can easily sell it make huge profit. Also you should post a new proposal alerting people that they should vote no because of your mistake asap.

3 Likes

So sketchy. I will vote no even if you made it 1.5M. A fat finger ? Explain how. Please vote no

5 Likes

This is a plain SCAM. 15M or even 1.5M MIR transfered to your account with no control.

VOTE NO!!!

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While there are many great ideas in the crypto space, many remain just that, ideas. If asking for a community fund of $3 million+, you need to put together a formal proposal including listing team, qualifications, schedule, budget, deliverables, milestones, etc.

Generally speaking, payments are not made upfront either. Perhaps start with smaller steps, smaller proposals, prove that you can execute and hit your milestones on time while getting funding for next steps, one step at a time.

Also not a good look that the proposal comes from a new wallet that was created on December 22, one day ago. How can the community be so sure that we are not dealing with the creator of poll 177?

3 Likes

The hackathon desires that UST be used in the Solana Ecosystem

Glad to have you here ! Agreed.

Yep it was. Sorry about that!

Not a scam. Was a mistake. Glad to have everyone here to work on this.