Mirrored Netflix: Synthetic Asset for Netflix Stock

What is Mirrored Netflix (mNFLX)

Friends, imagine you’re bullish on a company—say, a streaming giant like Netflix—but for various reasons (such as geographic restrictions, high capital requirements, or not wanting to use traditional brokers), you can’t directly buy its stock. That’s where a digital asset called “Mirrored Netflix” (mNFLX) emerges in the blockchain world. It acts as a “shadow” or “mirror” of Netflix stock on the blockchain.

Simply put, mNFLX is a synthetic asset. You can think of it as a special digital contract that promises to track the real price movements of Netflix stock as closely as possible. So, when you hold mNFLX, you’re essentially getting indirect exposure to Netflix stock’s price; its value fluctuates in line with the real Netflix stock.

This project was originally created on a blockchain platform called Mirror Protocol. The goal of this protocol is to let people trade “mirrored” versions of real-world assets—like stocks, ETFs, and more—on the blockchain. mNFLX is one such example, and it was available in both CW20 (the Terra Classic chain standard) and ERC20 (the Ethereum chain standard) versions, tradable on different decentralized exchanges.

Project Vision and Value Proposition

Mirror Protocol—the platform where mNFLX was born—has a grand vision: to build a bridge connecting the traditional financial world and the emerging blockchain world.

The core problem it aims to solve is: enabling users worldwide, regardless of location, to access traditional financial markets more easily and with lower barriers. Often, buying US stocks is complicated, expensive, and even restricted for non-US residents. Mirror Protocol seeks to use blockchain technology to create “mirrors” of these assets, allowing everyone to trade in a decentralized, transparent, and secure digital environment, and benefit from the price movements of these assets.

You can think of this as a global “digital securities exchange,” except what’s traded here isn’t the real stock, but its “digital counterpart.” This way, people who were previously excluded by the traditional financial system can participate in global asset investment.

Compared to similar projects, Mirror Protocol’s uniqueness lies in its focus on minting and trading synthetic assets, and its early support for a variety of popular US stocks, including Netflix. It leverages blockchain’s transparency and security to try to provide users with an investment channel that doesn’t require trusting intermediaries.

Technical Features

As a member of the Mirror Protocol ecosystem, mNFLX’s technical features are mainly reflected in the following aspects:

Core Technical Architecture

Mirror Protocol is primarily built on the Terra blockchain, while also supporting the Ethereum blockchain. This means it can utilize the features of the Terra ecosystem and interact with the broader Ethereum DeFi (decentralized finance) world.

Price Oracle

To ensure mNFLX’s price accurately tracks the real Netflix stock price, Mirror Protocol relies on oracles. Oracles are like “information couriers” in the blockchain world, responsible for securely and reliably transmitting real-world data (such as Netflix’s real-time stock price) onto the chain. Mirror Protocol used the Band Protocol decentralized oracle network at the time, ensuring price data accuracy and resistance to manipulation.

Minting Mechanism

To obtain synthetic assets like mNFLX, users must go through a process called “minting.” It’s similar to pledging money at a bank and receiving a certificate of equal value. In Mirror Protocol, users need to lock up a certain ratio of collateral (usually stablecoins, such as TerraUSD, UST at the time) to mint mNFLX. This over-collateralization mechanism is designed to ensure the stability of synthetic asset value, so even if collateral prices fluctuate, the synthetic asset’s value remains secure.

Tokenomics

mNFLX itself is a synthetic asset within the Mirror Protocol ecosystem; it is not the protocol’s governance token. There are several types of tokens in the Mirror Protocol ecosystem:

mAsset Tokens (such as mNFLX)

mNFLX is one type of mAsset, mainly serving as the “digital counterpart” of Netflix stock, allowing users to trade and hold it to gain exposure to Netflix stock’s price. Additionally, mNFLX can be used for payments in certain DeFi applications, or participate in staking and governance activities (usually referring to overall Mirror Protocol governance, not mNFLX-specific governance).

According to data, as of November 16, 2025, mNFLX’s circulating supply was about 4,153. Its daily trading volume is extremely low—for example, just $0.121226 in a 24-hour period—indicating very limited market activity.

MIR Token

Mirror Protocol also has its own native governance token, MIR. MIR token holders can participate in protocol governance, such as voting on parameter adjustments and proposals to launch new mAssets. Staking MIR tokens also earns protocol fee rewards.

It’s important to note that Mirror Protocol’s tokenomics are designed to incentivize liquidity providers and participants, promoting ecosystem development.

Team, Governance, and Funding

Mirror Protocol was launched by Terraform Labs, the same team behind the Terra UST blockchain. Its founders are Daniel Shin and Do Kwon. Their goal is to promote the adoption of cryptocurrency and blockchain technology, especially through decentralized financial assets.

In terms of governance, Mirror Protocol adopts a decentralized autonomous organization (DAO) model, meaning major protocol decisions aren’t made by a centralized team, but are collectively decided by MIR token holders through voting. This mechanism gives community members control over the protocol’s direction, such as setting collateral ratios and launching new synthetic assets.

Regarding project funding, Mirror Protocol reached over $2 billion in total value locked (TVL) during the 2021 bull market, becoming a major DeFi protocol. However, due to subsequent events, its funding and operations have undergone significant changes.

Roadmap

The lifecycle of Mirror Protocol can be roughly divided into the following key stages:

• December 2020: Mirror Protocol officially launched, initially on Terra and Ethereum blockchains.
• 2021: The project grew rapidly, with total value locked (TVL) exceeding $2 billion, becoming a major DeFi player. Multiple synthetic assets, including mNFLX, were launched during this period, allowing users to track real-world asset prices.
• May 2022: The Terra UST stablecoin ecosystem collapsed, dealing a huge blow to Mirror Protocol.
• August 26, 2022: Band Protocol stopped supporting price oracles for Terra Classic, causing Mirror Protocol’s price feed mechanism to fail.
• August 11, 2022: Mirror Protocol ceased operations, after suffering a $90 million hack.

Future key plans and milestones: Given that Mirror Protocol ceased operations in August 2022, there is currently no official future roadmap or plan.

Common Risk Reminders

Friends, when learning about any blockchain project—especially one with history like mNFLX—risk awareness comes first. Here are some common risks regarding Mirrored Netflix (mNFLX):

Technical and Security Risks

• Protocol has ceased operations: The most important risk is that Mirror Protocol ceased operations in August 2022. This means its underlying infrastructure is no longer maintained, may have serious security vulnerabilities, and cannot receive official support.
• Oracle failure: mNFLX’s price tracking relies on oracles. Since Band Protocol has stopped providing price feeds, mNFLX may not accurately reflect the real Netflix stock price.
• Smart contract vulnerabilities: Any smart contract may have unknown vulnerabilities. Mirror Protocol was previously hacked, resulting in $90 million in losses.

Economic Risks

• Extremely low liquidity: Currently, mNFLX’s trading volume is very small and liquidity is extremely poor. This means you may have difficulty buying or selling mNFLX at a reasonable price, or may not be able to trade it at all.
• Price de-pegging risk: Due to the protocol’s shutdown and oracle failure, mNFLX’s price is likely to have seriously diverged from the real Netflix stock price, failing to achieve its original design purpose.
• Risk of value going to zero: Given the project has ceased operations, mNFLX’s value may have already approached zero, or could go to zero at any time.

Compliance and Operational Risks

• Regulatory uncertainty: The regulatory status of synthetic assets varies by country and region, and may face strict regulatory scrutiny in the future.
• Legal risks: Given the legal issues faced by Terraform Labs and its founders, holding assets in its ecosystem may carry additional legal risks.

Not investment advice: Once again, the above information is for reference only and does not constitute investment advice. Given that Mirrored Netflix (mNFLX) has ceased operations and faces multiple major risks, investing in such assets is extremely risky—please exercise caution.

Verification Checklist

When evaluating any blockchain project, here are some key pieces of information you can research and verify yourself:

• Block explorer contract address:
  • mNFLX exists as both CW20 (Terra Classic) and ERC20 (Ethereum) versions. You can search for its contract address on the Terra Classic block explorer and Etherscan to view its on-chain activity, number of holders, and transaction history.
• GitHub activity:
  • Mirror Protocol’s GitHub repository (if still public) can show code update frequency and developer contributions. However, since the project has ceased operations, its GitHub may no longer be active.
• Official documentation:
  • Although Mirror Protocol’s official website may no longer be active, you can try to find historical archives or related documents to understand its original design and goals.
• Community forums/social media:
  • Look for historical community discussions about Mirror Protocol on Reddit, Telegram, Discord, etc., to learn about community views and the project’s development history.

Project Summary

Mirrored Netflix (mNFLX) is a synthetic asset in the Mirror Protocol ecosystem, designed to give users price exposure to Netflix stock on the blockchain. It represents an early DeFi attempt to connect traditional finance and blockchain, using oracles to track real asset prices and allowing users to mint these “mirrored” assets by posting collateral.

However, the project’s story took an unfortunate turn. With the collapse of the Terra UST ecosystem in 2022, a $90 million hack, and the shutdown of key price oracle services, Mirror Protocol ceased operations in August 2022. This means mNFLX now faces extremely low liquidity, likely severe price de-pegging, and major risks from its underlying protocol no longer being maintained. While it was once part of DeFi innovation, it is no longer an active or viable project.

For friends without a technical background, mNFLX is a good case study demonstrating the concept of synthetic assets in the blockchain world, and the various technical, economic, and operational risks a project may face. It reminds us that even promising innovations can end due to ecosystem collapse or security issues.

Please note: This introduction is for educational purposes only and does not constitute investment advice. Given that Mirrored Netflix (mNFLX) has ceased operations, investment risk is extremely high. For more details, please conduct your own research and be sure to understand the significant risks involved.