How to stake and earn Mirror Protocol (MIR) in Australia

Earn up to 11.85% APY on your MIR. Compare rates on Mirror Protocol or learn how to stake MIR using a wallet.

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MIR is the native coin of the Mirror Protocol blockchain and can be earned in several ways, through lending, staking and yield farming.

Lending your MIR

The easiest way to earn yield on your MIR in Australia is through an exchange or digital asset lending platform such as Binance Cryptocurrency Exchange and Gemini Cryptocurrency Exchange.

The highest return currently available on MIR from the products we compared is 11.85% through Binance Cryptocurrency Exchange with a lock-up period of 30 days.

Use the table to compare rates on MIR and use our calculator to forecast how much you could earn.

Staking your MIR

Mirror Protocol is also a proof-of-stake (PoS) blockchain which means that MIR can be staked in return for rewards. This method requires using the Mirror Protocol blockchain through a wallet and is a bit more advanced, which is why we have provided a visual step-by-step explainer to help guide you through the process.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Compare rates for lending MIR

1 MIR = $0.45299
Daily earnings

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Weekly earnings

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Monthly earnings

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Yearly earnings

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0 MIR

Cryptocurrency prices provided by CoinGecko. Results are an estimate based on Finder internal data, provided on a best effort basis. Rate data may be delayed up to seven days. Please check the provider website for the most current rates and information, and to verify any data provided by this calculator before applying for any product.
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Binance Cryptocurrency Exchange 1% 1% Flexible Fixed Earn now
Binance Cryptocurrency Exchange 11.85% 11.85% 1-month Fixed Earn now
Gemini Cryptocurrency Exchange 0.5% 0.5% Varies Fixed Earn now

How to use the table and calculator

  1. Compare rates. The table and calculator display the annual yield (APY). Rates vary depending on a number of factors like the provider, term length and whether or not the rates are variable or fixed. Keep in mind that cryptocurrency yields fluctuate each day. As such, we have provided an average rate based on data from previous months.
  2. Choose a variable or fixed rate. To protect against fluctuations, some providers offer a fixed rate. These rates stay consistent over time and do not fluctuate with the market. Compare lock-up periods. Some accounts require you to keep your funds locked up for a set period, while others will let you withdraw at any time.
  3. Calculate your returns. Use the calculator to project how much you could earn with each provider.
  4. Start earning. Once you've made your choice, click on the green "Earn now" button to go to the provider's website and create an account or log in.

How to earn Mirror Protocol: Step-by-step guide to lending

The instructions below are for earning yield on Mirror Protocol using a cryptocurrency exchange for lending:

  1. Use the table to compare rates from various providers.
  2. Choose a provider to deposit your cryptocurrency with, then safely navigate to their website using the "Earn now" button in the table.
  3. Sign-up for an account using an email address and make sure to have some form of photo ID ready to complete the verification process.
  4. Look for the "wallet" or "deposit" tab on the provider's website, then transfer your funds from your existing exchange or wallet to the deposit address shown and make sure to double-check the address is correct before sending. If you do not own any MIR yet, then you can purchase it on the same exchange you plan to earn it on or view our list of local exchanges that sell it.
  5. Once deposited, move your funds into the yield-earning account. If you are using a specialised digital asset lending platform like Celsius, Nexo or BlockFi you can usually skip this step, as your assets will typically start earning yield right away. Remember to check back regularly to monitor your portfolio, collect rewards and ensure everything is working as intended.
  6. Most services will let you access your rewards without needing to withdraw your initial deposit. Keep in mind that some services require your deposit to remain locked for a certain period of time, while others are flexible and allow you to withdraw anytime (although be on the lookout for early withdrawal fees).
  7. Remember that while earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.

How to stake Mirror Protocol

MIR token holders can access further MIR token rewards by staking the token within Mirror Finance. Rewards are generated by those users withdrawing collateral from collateral debt positions.

The process on Mirror Finance is straightforward and can be completed using the native Terra Station wallet. The Terra Station wallet can be downloaded as a browser extension. It will act as a bridge between your cryptocurrency assets and the Mirror Finance protocol. The wallet must contain MIR along with LUNA or stablecoins that can be used to pay for gas fees on the Terra blockchain.

Step 1. Head over to the official Mirror Finance website.

MIR step 1

Step 2. Connect your Terra Station crypto wallet to the platform by clicking the "Connect Wallet" button in the top-right corner of the screen. Follow the on-screen prompts from Terra Station.

MIR step 2

Step 3. Once your wallet is connected, click the "Govern" tab on the left side of the screen. Click "Manage Stake" and enter the number of MIR tokens you would like to stake.

MIR step 3

Step 4. Finally, the transaction will need to be signed with your Terra Station wallet. Confirm the details and enter your password to complete the transaction.

Once the transaction has been processed, you will begin earning MIR rewards.

How much can I earn from staking MIR?

MIR rewards are distributed based on the number of users closing collateral debt positions (CDPs). As a result, the level of rewards is not consistent and can vary on a daily basis. For example, as the traditional markets close on a weekend (which the Mirror Protocol is used to mimic), the amount of CDPs closed decreases. In turn, this often means rewards on a weekend decrease.

MIR stakers can also boost rewards by voting on governance proposals, as any action seen to support the ecosystem is rewarded.

Ultimately, the returns from staking will be determined by the price of MIR. If the price of MIR falls while you are staking, the total staked amount with rewards might be worth less than when you started. However, you will have accumulated more MIR tokens to sell if the price increases again in the future.

MIR token holders can access further MIR token rewards by staking the token within Mirror Finance. Rewards are generated by those users withdrawing collateral from collateral debt positions.

The process on Mirror Finance is straightforward and can be completed using the native Terra Station wallet. The Terra Station wallet can be downloaded as a browser extension. It will act as a bridge between your cryptocurrency assets and the Mirror Finance protocol. The wallet must contain MIR along with LUNA or stablecoins that can be used to pay for gas fees on the Terra blockchain.

Step 1. Head over to the official Mirror Finance website.


MIR step 1

Step 2. Connect your Terra Station crypto wallet to the platform by clicking the "Connect Wallet" button in the top-right corner of the screen. Follow the on-screen prompts from Terra Station.


MIR step 2

Step 3. Once your wallet is connected, click the "Govern" tab on the left side of the screen. Click "Manage Stake" and enter the number of MIR tokens you would like to stake.


MIR step 3

Step 4. Finally, the transaction will need to be signed with your Terra Station wallet. Confirm the details and enter your password to complete the transaction.

Once the transaction has been processed, you will begin earning MIR rewards.

How much can I earn from staking MIR?

MIR rewards are distributed based on the number of users closing collateral debt positions (CDPs). As a result, the level of rewards is not consistent and can vary on a daily basis. For example, as the traditional markets close on a weekend (which the Mirror Protocol is used to mimic), the amount of CDPs closed decreases. In turn, this often means rewards on a weekend decrease.

MIR stakers can also boost rewards by voting on governance proposals, as any action seen to support the ecosystem is rewarded.

Ultimately, the returns from staking will be determined by the price of MIR. If the price of MIR falls while you are staking, the total staked amount with rewards might be worth less than when you started. However, you will have accumulated more MIR tokens to sell if the price increases again in the future.

Safe storage

You can improve the security of your staked MIR by using a hardware wallet to store your private keys offline – check out our guide to learn how.

Risks of lending and staking Mirror Protocol

Risks involved with lending Mirror Protocol include:
  • Lack of regulation. Just because you're earning yield on your MIR like you would with a bank account, that doesn't mean you have the same protections. Cryptocurrency exchanges and lenders are largely unregulated and consumer protection laws in your country are unlikely to apply. As such, if something happens to your deposits you are unlikely to have many options for legal recourse. Fortunately, some lenders such as Nexo offer insurance on deposits to help bridge this gap.
  • Lack of insurance. While earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
  • DeFi and smart contract risk. This guide only compares CeFi platforms, but if you choose to use a DeFi platform for lending MIR, then you are taking on the additional risk associated with that platform. DeFi lending uses software called smart contracts which automates the process and pairs lenders with borrowers. These smart contracts can be exploited and user funds stolen. Look for a protocol with a long history of security, such as Compound or Aave.
  • Scams. Be wary of platforms that offer rates several times higher than the competition. While legitimate services may do this as a promotion or way to attract users, some may be scams waiting to steal user funds.
Risks involved with staking Mirror Protocol include:
  • Slashing. When you stake cryptocurrency through an exchange or wallet, you are usually doing it as a delegator. This means you are giving permission for someone else to act (vote on blocks) on behalf of your assets. If the node operator makes a mistake or intentionally does the wrong thing, then they may suffer a slashing penalty. A slashing penalty may result in the loss of funds which may be shared amongst all of the delegators, yourself included.
  • Lock-up period. Some platforms will require you to lock-up your funds for a set period of time before you can access them again. This could be several weeks, months or years. Doing so will prevent you from selling until the lock-up period is over. Some cryptocurrencies or staking services will let you unstake early for a fee.
  • Using an exchange. A feature of staking is voting. By staking your coins or tokens, you usually get a say on what happens on the network. If you use an exchange for staking, then you are assigning your voting rights to the exchange operators who may not act in your best interests.
  • Smart contract risk. The process of staking MIR tokens is reliant on smart contracts. Although automated, smart contracts are still programmed by humans and, therefore, have the potential to contain bugs. As smart contracts are also immutable, any bugs or malfunctions could lead to a loss of funds.
  • User dependent. As mentioned previously, the rewards from staking MIR are directly linked to the number of users withdrawing CDP positions. If that number falls, so will the amount of the rewards offered to MIR stakers.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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