What is mETH? Instructions for using Mirror App on Ethereum (ETH) platform

Recently, our Techtipsnreview team mentioned a lot about the Terra ecosystem, and also called a protocol on this platform many times – Mirror Protocol.

This is one of Terra’s foundation projects, helping to fulfill the mission of “touching” end-users by simulating assets in other blockchains, even traditional financial market assets such as shares. promissory note.

Because this is a very important application of Terra, has developed a web application on both the Ethereum blockchain and Binance Smart Chain to reach a large number of users on these two hottest platforms today.

In the article below, I will guide you to use the mETH – Web application of Mirror Protocol on Ethereum.

What is Mirror Protocol?

Mirror Protocol is a DeFi protocol on the Terra Blockchain that allows the creation of synthetic assets called Mirrored Assets (mAssets).

mAssets will simulate the price behavior of real-world assets via oracle and provide traders anywhere in the world access without having to own or trade the real asset itself.

Currently, tradable assets include BTC, ETH, stocks of major companies like Netflix, Microsoft, Google, etc.

Although it is a protocol built on top of Terra, Mirror Protocol has built an application on the Ethereum platform so that users on Ethereum can also interact with the protocol.

Read more: How Mirror Protocol Works and Chances in DeFi

Mirror on Ethereum (mETH)

MIR and mAssets assets also have pools on Uniswap that operate on the Ethereum platform. Assets from the Terra platform can be transferred to the Ethereum platform using a bridge called Shuttle, which transfers tokens from ERC-20 to CW-20. This allows users to trade and provide liquidity on both Uniswap and Terraswap applications.

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ETH.mirror.finance (or mETH) is a website that helps stake Mirror Protocol LP Tokens on Ethereum. Operations providing liquidity and trading for MIRs and mAssets can be performed on Uniswap. Similar to Terraswap, the MIR is also divided among the stakers every day.

On Ethereum, you need to use Metamask wallet and have ETH in your wallet to trade.

There are the following fundamental differences between the Mirror Web and the Mirror on Ethereum:

Meanwhile, the tab “My Page” of mETH only provides an interface to track holding and staking positions, tab “Stake” to stake LP Token to get MIR.

Token Transfer

Switch from mETH to Terra

In the tab “My Page” on mETH, you can send Mirror ERC-20 tokens to other Ethereum or Terra wallet addresses.

Tokens sent from mETH to Terra will be returned to CW-20 form, and traded on Mirror Web.

You just need to enter the wallet address you want to send, the system will automatically determine which blockchain wallet address belongs to and send to the correct address. When you press SEND, Metamask will appear for you to confirm the transaction.

Transfer from BSC to Terra

Here is the Mirror protocol address on the BSC: https://bsc.mirror.finance/my.

Select a wallet and connect the wallet to the protocol via the “Connect“.

The page will display the Mirror assets on the BSC side you own.

You choose the type of token you want to transfer, press “Send” then enter the amount of tokens, then press the button “Send” below.

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After pressing “Send”, the wallet you connected will appear for you to confirm the transaction.

Token trading

Go to mETH’s homepage, then press “Buy tokens” in the mAssets pools section.

You choose the type of token you want to trade and the number of tokens.

You press Swap to transact and confirm on the Metamask wallet you connect.

Stake

You can stake LP tokens to receive MIR.

Stake/Unstake LP Token

You click on the “stake LP” in the pool you want to stake.

You choose “Stake” or “Unstakeenter the type of LP Token you want to stake or unstake.

Then click the button that appears below and confirm in the Metamask wallet to complete the transaction.

Get Stake Rewards

In the page “My Pageyou can character ““In the token you want to receive the reward and press “Claim“.

You enter the amount and press “Claim“.

The Metamask window will appear asking for transaction validation.

Epilogue

So above, I have guided you in detail on how to use Mirror’s protocol on the Ethereum platform called mETH.

If you have any questions or concerns, you can comment below this article!

Source: What is mETH? Instructions for using Mirror App on Ethereum (ETH) platform
– TechtipsnReview

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