Got $250 MIR Airdrop? What did you do of it?

in HODL3 months ago

Okay friends, so it's been 2 weeks since Mirror Protocol's MIR airdrop for LUNA stakers and UNI holders (as on 23rd November snapshot). At that time it was worth about $250 (for UNI holders).

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My computer was broken and I got it back in working condition only yesterday. So I claimed my MIR airdrop a bit late. Today MIR prices have fallen below $1 mark but today the whole market in general is down anyways. So it's not a sign of worry for me.

However, I'm still wondering, what should I do with this MIR airdrop!

By design, MIR airdrop was given to HODLers. It was either LUNA stakers or UNI airdrop recipients who chose not to sell at least 25% of their airdropped coins . So all UNI HODLers with over 100 UNI in their wallet received 220 MIR coins. (Sadly, liquidity providers got excluded out of this airdrop).

Since most of these people are hodlers, I expected that majority of these would choose to HODL MIR also and won't just dump it on the market as soon as they receive it. I don't know how right or wrong I was. But I myself am thinking to sell my MIR holding.

What did you guys do with your MIR?

It seems synthetic assets isn't my cup of tea. Initially, I was excited to see stocks like Amazon, Apple, Tesla, Alphabet, Twitter etc. available for investment on Mirror protocol. But since I ain't into equity market and especially, don't track American scrips, I can't actively arbitrage through their minting & burning mechanism. Neither I'm interested in holding gold, silver or oil as synthetics.

I mean, why synthetics! Where does this capital flow? Does my investment help funding those businesses in any way? Or is that investment merely for speculative purposes through price feeds from some price oracle? If so, my investment ain't becoming the part of the market cap of that particular stock. Am I wrong in interpreting it this way?

I can stake MIR for the sake of Governance but unfortunately, I claimed my airdrop on Ethereum chain and governance is on Terra. Sure, I can use the shuttle bridge to move my MIR to Terra Station but it would again incur GAS fee.

I already incurred GAS fee of about $3.5 while claiming the airdrop. I'd have to do it again when I sell it. So I don't want to move it to Terra chain for governance staking. Current staking rewards of 12.43% ain't too tempting for me 😜.

I'd love to HODL MIR but continued airdrop of another 18.3 M MIR to LUNA stakers in addition to yield farming rewards will make the inflation well over 100% in a year. So is there a good reason to HODl MIR?

Here I'm seeking your honest advice and wanna know:

  • What did you do with your MIR?
  • What upsides do you see for MIR in near future?

P.S.:
If you have still not claimed your MIR airdrop, go here, connect your ETH wallet and collect your coins.

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Swap it for Bitcoin, you're welcome!