No oracle for mir

How you think - this is the end, or we will find new one?

A move that will end the agony of the dying Mirror. After this time, I don’t think the Mirror team has a plan to save it. However, if a new project based on Mirror comes out of the community, it can be avoided, but I don’t think anyone will take the legal risks.

So if team abandoned project, why they can’t say official about it ?

Considering that the bulk of MIR in the governance vaults appears to be abandoned or ‘lost’, it would be expensive or impossible to put through any proposing that upgrades to a new oracle.

There may yet be a ‘phoenix moment’ when MIR gets low enough for somebody to quietly buy up control, but I wouldn’t hold my breath. That’s a lot more likely to raid the treasury and then dump than to rebuild.

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Now very good price to buy 6mln mir and get qourum :slight_smile:

Please go ahead and buy it all.

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So Band said they cut off the Terra Classic oracle to protect end users. If this is the honest truth, could getting them to turn it back on be as simple as a community poll demonstrating that we want it on? Is anyone still hanging around this project who cares?

Can someone help share tips on how to close short position and retrieve collateral ?

Not possible anymore

In fact - we don’t need somebody, we need to get mir assets to peg with real price. After that - change to real value. Only bridge we need, that’s enough

I don’t think you understand how mirror assets work

Ok, can you explain ?

A mirror asset is essentially a loan, denominated in the underlying equity or token. But with no Oracle, all of the loans are frozen, and with no governance quorum to delist, they can never be repaid or settled in any way.

There is no bridge or possible means of converting an mAsset into the underlying… Only if the price gets high enough you can sell it and go buy the underlying somewhere else… But that’s like saying ETH and Bitcoin are the same thing because of ETH gets high enough i can still it for Bitcoin.

Without an oracle, there is ZERO relationship between any mAsset and the asset it references.

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Could you please confirm, without oracles Mirror Borrowing feature is no longer working, right?
It says “Only available during market hours” for all mAssets, while now markets are opened…

Confirmed. Without oracles, borrowing, managing positions, and repayment, are all FULLY DISABLED.

The only action that can be done with any mAssets is buying/selling via the AMM pools.

This will remain the case until either Band resumes oracles (incredibly unlikely IMHO) or until a governance quorum should emerge for delisting of assets. If an asset is successfully delisted, then minted positions can be closed again.

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Thanks for explaining bro.
So if we can implement burn mechanism - we can reduce supply , and keep price going up . And always keep near Usd value of basis token