Launched on November 13, 2020, Terraswap creates automatic, decentralized markets enabling users to exchange assets directly on the Terra blockchain.Terraswap serves as a smart contract interface to exchange native Terra assets (LUNA, UST, KRT, etc.) and user-defined CW20 tokens. Terraswap also provides an interface for users to become liquidity providers by depositing assets to Terraswap pools.
Terraswap is a Uniswap-inspired automated market-maker (AMM) protocol implemented with smart contracts on the Terra blockchain. This enables a decentralized on-chain exchange for the various assets involved in Terra ecosystem.
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The Mirror Token (MIR) is Mirror Protocol’s governance token. Currently, it must be staked to vote on active polls and is required as a deposit for making new governance polls. In future iterations of Mirror, it will serve further purposes for the protocol that increase its utility and value.
Users that stake MIR tokens also earn MIR rewards generated from withdrawing collateral from CDP positions within the protocol.
MIR is also used to incentivize users to farm yields by staking LP tokens which were minted by providing liquidity for MIR and mAssets. Yield is paid to the users from MIRs that are newly minted through annual inflation, which gradually increases the total supply of MIR until the end of 4th year.
In order to compensate liquidity providers, Terraswap charges an LP Commission on each trade. The fee returns to the pool to serve as a reward for LP token holders and can only be withdrawn by burning LP tokens and reclaiming a portion of the pool.
In Mirror, each liquidity pool for mAssets/MIR has a fixedLP commissionfee of 0.3%. This fee is levied on the trader and is received as mAssets/MIR or UST, depending on the direction of the trade.
Terraswap creates automated markets for pairs of tokens (or native Terra coins like UST) called pools which enable users to exchange one asset for the other directly on-chain. Pools maintain balances of both assets, to which users can provide liquidity in exchange for reward-bearing LP tokens.
Mirror offers substantial rewards for discoveries that can prevent the loss of assets, the freezing of assets, or harm to a user, commensurate with the severity and exploitability of the vulnerability. Mirror will pay a reward of $500 to $150,000 for eligible discoveries according to the terms and conditions provided below.
The security of the Mirror protocol is our highest priority; our development team, alongside third-party auditors and consultants, has invested considerable effort to create a protocol that we believe is safe and dependable. All contract code and balances are publicly verifiable, and security researchers are eligible for a bug bounty for reporting undiscovered vulnerabilities.
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