Proposal Types

Governance proposals on the Mirror Protocol can come in a variety of formats. There are six different categories of proposals that can be made: Whitelist a New mAsset, Register Whitelist Parameters, Modify Mint Parameters, Modify Governance Parameters, Spend Community Pool, and Submit Text Proposal.

Governance Poll Types

1. Submit text poll

The function of the text proposal is to allow proposals that do not fit the defined categories. Given that it is a basic text proposal, simple fields for the Title, Description, and an Information Link for additional information.

Field

Description

Type

Title

Title of the poll

Required

Description

Short description of the poll

Required

Information Link

External URL for further information

Optional

2. Whitelist a New mAsset

The full process of getting a new asset to be fully operational on the Mirror Protocol is described here.

The function of this proposal is to start a poll to whitelist a new asset. Given that this is a simple text proposal, there are a few fields that need to be filled. The Asset Name, Ticker, Listed Exchange, and Reason for listing are required. Due to the limitations on the length of the description field of the underlying smart contracts, the current maximum length is 64 bytes (will be increased to 1024 bytes on December 31, 2020). It is suggested that additional information be added on a separate web page and linked to using the Information Link field.

Example Whitelist Poll

Information that would be necessary for a voter to make an informed decisions should be clearly stated in addition to reasons for listing this asset and the asset name and ticker. For example, simply stating:

Google should be listed because it is a popular stock

has numerous problems. First, the specific exchange that the price feed should be taken from is not clearly stated (many companies are dual listed). Second, Google actually has two stocks that are publicly traded: GOOGL and GOOG (the former has voting rights whereas the latter does not). In addition, the official name registered with NASDAQ is not Google but rather Alphabet Inc. Thus it is extremely important to make it as clear as possible to others about the asset that you intend to whitelist.

Field

Description

Type

Asset Name

Name of the asset to be whitelisted

Required

Ticker

Ticker of asset to be whitelisted

Required

Listed Exchange

Exchange that the underlying asset trades on

Required

Reason for listing

Short description of whitelist reason

Required

Information Link

External URL for further information

Optional

Suggested Oracle

Oracle provider or address

Optional

3. Register Whitelist Parameters

If a proposal to whitelist is approved, another poll must be passed to set the parameters of the newly listed asset. The required fields include Title, Description, Asset Name, Symbol, Oracle Feeder (address), Auction Discount, and the Minimum Collateral Ratio. Again, it is advised to include reference to the passed whitelist poll as well as reasoning for choosing the given oracle address. Given that the Mirror Protocol is in its early stages, it is advisable to keep the parameters equal to existing parameters for already listed assets (Auction Discount at 20%, and Minimum Collateral Ratio at 150%). The original 13 mAssets utilize Band Protocol’s feeders, so a rough guideline to communicate with Band Protocol to receive the oracle address is provided below. If another another oracle address would like to be suggested, please input the address in the Oracle Feeder field.

Example Register Whitelist Parameter Poll

To ensure proper functioning of the price feed, newly whitelisted asset on Mirror Protocol also undergo a 1 week testing period where the prices are still fed by the oracle but no buy/sell, mint, or staking actions can be performed.

Field

Description

Type

Title

Title of the poll

Required

Description

Short description of the poll

Required

Information Link

External URL for further information

Optional

Asset Name

Name of the asset to be whitelisted

Required

Symbol

Ticker to be used on Mirror Protocol (format: m+ticker)

Required

Reference Poll ID

Poll ID of referenced poll (ex. whitelisting poll)

Optional

Oracle Feeder

Oracle feed address

Required

Auction Discount

Discount ratio applied during CDP liquidation auction

Required

Minimum Collateral Ratio

Minimum collateral ratio applied when opening a mint position

Required

4. Modify Mint Parameters

Through this poll, the existing Mirror Protocol parameters for a specific individual mAsset can be modified. The possible parameters to be updated consist of either the Auction Discount and the Minimum Collateral Ratio.

Example Modify Mint Parameters Poll

Field

Description

Type

Title

Title of the poll

Required

Reasons for modifying mint parameters

Short description of the poll

Required

Information Link

External URL for further information

Optional

Asset

Name of the asset to modify parameters

Required

Auction Discount

Discount ratio applied during CDP liquidation auction

Required

Minimum Collateral Ratio

Minimum collateral ratio applied when opening a mint position

Required

5. Modify Governance Parameters

Similar to modifying mint parameters, governance parameters such as the Quorum, Threshold, Voting Period, Effective Delay, Expiration Period, and Proposal Deposit can be modified.

Example Modify Governance Parameters poll

Fields

Description

Type

Title

Title of the poll

Required

Reason for modifying governance parameter

Short description of the poll

Required

Information Link

External URL for further information

Optional

Quorum

Minimum quorum required for accepting a poll (in percentage)

Optional

Threshold

Minimum percentage of YES votes to pass a poll (in percentage)

Optional

Voting Period

Length of poll (in units of blocks)

Optional

Effective Delay

Length of delay before protocol integration for a passed poll (in units of blocks)

Optional

Expiration Period

Length of expiration period when for a failed poll (in units of blocks)

Optional

Proposal Deposit

Minimum deposit to start a poll (in units of MIR)

Optional

6. Spend community pool

Proposals relating to spending the accrued MIR tokens in the community pool can be made under this section. The proposal should ideally specify the reasons for the distribution and identify the recipient and amount to be given.

Example Spend Community Pool Poll

Fields

Description

Type

Title

Title of the poll

Required

Reason for community pool spending

Short description of the poll

Required

Information Link

External URL for further information

Optional

Recipient

Grant recipient address

Required

Amount

Grant amount (in units of MIR)

Required