Mirror Largest Liquidity Providers

    Mirror is a DeFi product where it offers users to trade synthetic assets such as popular stocks like mTSLA, mGME, mMSFT, mAMZN, or ETF index like SPY500, other crypto assets like mBTC, mETH, mDOT or commodities like mUSO (oil fund), mSLV (silver trust) and mIAU (gold trust). The 'm' in front of the assets stand for mirrored which means the assets price is pegged 1:1 to its trading value on their exchange. Mirror Protocol works like most of the popular DEX where the liquidity coming from people who provided liquidity to the pool and farm LP tokens on the dapp. In this dashboard, we will take a look at volume of liquidity providers for the past 30 days and some other metrics.

    Loading...
    Loading...

    First let's take a look at the daily volume of LP provided to Mirror staking by pool pair. I focused on users who interacted directly with the Mirror webapp only which means these data DOES NOT include the staking on other protocols like Apollo DAO, Spectrum Finance or Terraswap etc. Those other yield aggregator like Spec and Apollo also farms on Mirror but they autocompounds every certain period so I don't want it to mess with the data The data below was aggregated from value of UST provided, times by 2 because as all liquidity pair, both tokens must be of same value.

    The day with highest volume of LP provided was on 8th November with almost 3.5M $UST. Most of the value came from MIR-UST pool and followed by mTSLA-UST pool. Since the market mirrored stocks pegged to real-time price, it means the trading will be closed on weekends.

    For the past 30 day, the most volume was provided to mIAU-UST followed by mMSFT, mGS and mTSLA. People chose mIAU just because it's gold so it is more stable and the price did not fluctuate every 2 seconds unlike crypto. So because it's neutral I believe many users utilize it to long farm mIAU-UST for the delta neutral mirror strat.

    Loading...
    Loading...

    Graph below shows the unbond/remove liquidity from Mirror Staking contract. It seems that daily volume are increasing over time. We can see quite high volume of mBTC-UST pair being removed from liquidity. The highest volume removed in one days was mGOOGL-UST pair on November 19th. We can also see price tanks a bit after mGOOGL reach ATH on this day.

    LP pair with most liquidity removed is mUSO-UST which is the United State Oil Funds, followed by mAAPL, mAMZN and mGOOGL. It seems that the action on Mirror follows what happen on stock exchange so I am very bullish on Mirror because it offers a seamless stock exchange experience on crypto platform.