Mirror V2 Testnet Is Underway, And Mainnet Receives UI Overhaul

The new developments integrate features that will provide more utility for users.

Continued Innovation

Synthetic assets platform, Mirror Protocol, has recently made two announcements about some significant new developments concerning the protocol. In an earlier Twitter post, the protocol disclosed that Version 2 of the Mirror Testnet had just gone live. Then in another Twitter update, the protocol announced the overhaul of the user-interface (UI) of its mainnet. 

According to the platform, the new developments were inspired by community-feedback. 

Mirror V2 Testnet

The new testnet version combines the best of V1 with new innovations. The primary intent behind V2 is to offer incentives that will encourage users to participate in the protocol’s governance. Some of the new features that were introduced in V2 include, 

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Improved Voting system: in V2, active voters will qualify for extra voting rewards. In addition, there’s now an ABSTAIN option for voters. The new option will allow users to still exercise their voting rights when the proposal being voted for is unclear.

New Tokens Accepted As Collaterals: The Mirror community canvassed for the platform’s MIR token to be included as acceptable collateral for mint positions. In response to the community, the MIR token, as well as LUNA, aUST and ANC, are now accepted. The benefit is that the overhead cost incurred when users mint assets will reduce.

Trading of pre-IPO (Initial Public Offering) Assets: With V2 pre-IPO assets can be whitelisted and traded if it secures approval via a governance poll.

Here is how to take part in the testnet: 

On Terra Station web extension, set the network to “Testnet”

Get $UST testnet tokens here

Launch V2 on the web app through this link

The features and the testnet parameters that users must set up for the testnet to function correctly are given in detail here.

Mirror User Interface Overhaul

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The UI of the Mirror mainnet has been overhauled. As described by the protocol in its Twitter announcement, the new feature will enable users to:

Withdraw or deposit collaterals from their collateralized debt positions (CDP): they can do this without first needing to close their CDP or open a new one, unlike what obtained in V1. 

Mint or burn more of their borrowed or shorted amount.

About Mirror Protocol

Mirror Protocol is a brainchild of TerraForm Labs. The protocol enables the creation of synthetic assets (mAssets) that mirror the value of real world assets. Mirror Protocol makes it possible for anyone anywhere globally to trade equities such as blue-chip stocks like Tesla and Apple without actually owning the real assets. 

Source : bsc.news

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