Proposal Types

Governance proposals on the Mirror Protocol can come in a variety of formats. There are four main categories of governance proposals: Asset Listing, Reward Distribution, Parameter Modification, and Suggestion / Others.

Asset Listing

1. Suggest Asset Whitelisting

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. The length of the description field is limited to 1024 bytes. It is suggested that additional information be added on a separate web page and linked to using the Information Link field.

Information that would be necessary for a voter to make 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

2. 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 oracle address would like to be suggested, please input the address in the Oracle Feeder field.

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

3. Suggest Pre-IPO Asset

The function of this proposal is to start a poll to whitelist an asset which is scheduled to go through an initial public offering (or IPO), but is not publicly listed yet. Similar to the "Suggest asset whitelisting" proposal, this is also a text proposal. Fields that need to be filled are Asset Name, Ticker, Listed Exchange, and Reason for listing. It is suggested that additional information on the IPO or supporting information to be added using the Information Link field.

Field

Description

Type

Title

Name of the asset to be whitelisted

Required

Reason for listing

Short description of whitelist reason

Required

Asset Name

Name of the asset to be whitelisted

Required

Symbol

Ticker of the asset to be whitelisted

Required

Listed Exchange

Exchange which the underlying asset will be traded on

Required

Information Link

External URL for further information

Optional

Suggested Oracle

Oracle provider or address

Optional

4. Register Pre-IPO Parameters

After the proposal to suggest Pre-IPO asset is approved, an additional poll to register the asset to Mirror Protocol must be submitted and executed.

Field

Description

Type

Title

Title of the poll

Required

Description

Short description of whitelist reason

Required

Information Link

External URL for further information

Optional

Asset Name

Name of the asset to be whitelisted

Required

Symbol

Ticker of the asset to be whitelisted

Required

Reference Poll ID

Poll ID of the referenced poll

Optional

Listed Exchange

Exchange which the underlying asset will be traded on

Required

Oracle Feeder

Oracle Feeder address

Required

Auction Discount (after IPO)

Discount ratio applied during CDP liquidation auction for Post-IPO asset

Required

Min collateral ratio (after IPO)

Minimum collateral ratio to be used for mint operations for Post-IPO asset

Required

Min Collateral Ratio (during mint period)

Collateral ratio to be applied during mint_period

Required

Mint Period

Number of seconds which mint operation will be allowed for Pre-IPO asset

Required

Pre-IPO Price

Fixed price decided by official IPO registration statement, which will be used for Pre-IPO asset

Required

5. Delist Asset

Specific mAsset on Mirror Protocol is delisted upon approval and execution of this poll. More information about delisting can be found here.

Field

Description

Type

Title

Name of the asset to be whitelisted

Required

Description

Short description of whitelist reason

Required

Information Link

External URL for further information

Optional

Asset Name

Droplist of mAsset on Mirror Protocol

Required

Reward Distribution

This category allows modification of two types of MIR distribution: 1) mAsset LP staking reward; 2) Governance voting reward.

1. Modify mAsset Reward Distribution

Through this poll, the ratio which newly minted MIR tokens are distributed among LP token stakers, called weight parameter can be changed. To learn how weight parameter determines the amount of MIR distributed to each mAsset pool refer to this document.

Field

Description

Type

Title

Name of the asset to be whitelisted

Required

Reasons for modifying weight parameter

Short description of whitelist reason

Required

Information Link

External URL for further information

Optional

Asset

Droplist of mAsset on Mirror Protocol, which to change weight parameter for

Required

Weight

Weight parameter to be applied for LP staking reward distribution

Required

Parameter Modification

This poll category allows modification of mAsset, governance contract, collateral and premium tolerance parameters in Mirror Protocol.

1. 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.

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

2. Modify governance parameters

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

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 seconds)

Optional

Effective Delay

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

Optional

Expiration Period

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

Optional

Proposal Deposit

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

Optional

Voter Weight

Ratio of rewards to be distributed to governance voting participants

Optional

3. Modify collateral parameters

Through this poll, existing collateral's multiplier or oracle address can be modified.

Field

Description

Type

Title

Title of the poll

Required

Reasons for modifying collateral parameter

Short description of the poll

Required

Information Link

External URL for further information

Optional

Collateral (Asset)

Droplist of collateral types on Mirror Protocol, which to modify parameter for

Required

Multiplier

Number to be min_collateral_ratio of the asset being minted

Required

Collateral Oracle Feeder

Address of the collateral oracle used for this asset type

Required

Suggestions / Others

1. 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.

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

2. 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