mETH is a synthetic asset on Mirror Protocol that tracks the real-time price of Ethereum. It provides ETH price exposure without requiring users to hold actual ETH, operating on the Terra blockchain with 228,965 units in circulation.
2. Who created mETH and the Mirror Protocol?
Mirror Protocol was developed by Terraform Labs (TFL), the team behind the Terra blockchain. Founded by Daniel Shin and Do Kwon, TFL launched Mirror in 2020 to enable on-chain synthetic assets representing real-world assets.
3. What milestones has mETH achieved since launch?
mETH launched in 2020 as part of Mirror Protocol's synthetic asset ecosystem. It peaked during the 2021 DeFi boom with significant TVL, but faced challenges following Terra's collapse in May 2022.
4. What blockchain infrastructure powers mETH?
mETH operates on the Terra blockchain, a Proof-of-Stake network known for its price-stable pegged assets (UST, LUNA). Following Terra's collapse, Mirror Protocol has been relaunched on Neutron and other Cosmos-based chains.
5. How does the mETH token economy function?
mETH maintains a total supply of 228,965 units, equal to the circulating supply with no additional issuance. As a synthetic asset, its value is dynamically adjusted through arbitrage mechanisms to stay pegged to ETH's market price.
6. How is mETH governed and decentralized?
Mirror Protocol uses MIR token for on-chain governance. Token holders vote on proposals including protocol upgrades and treasury management. TFL has committed to not retaining or selling any MIR tokens, with no admin keys.
7. What use cases does mETH serve?
mETH enables traders to gain ETH price exposure without holding actual ETH, supporting DeFi strategies like yield farming and liquidity provision. It provides fractional, open-access exposure to Ethereum's price movements 24/7.