Introduction

What is Mirror?

Mirror started as a web3 publishing platform, and is evolving to support creators, communities and DAOs throughout their whole lifecycle.

Mirror’s suite of web3 tools consists of:

1. Content

• Entries (publishing). Start a blog where posts are permanently stored on the decentralized web and authorized by your private key.

2. Funding

• Crowdfunds. Rally the support of your audience to fund your next project.
• Splits. Direct economic value to collaborators and sources of inspiration.

3. NFTs

• Editions. Launch a collectable NFT with a fixed price and limited supply.

4. Plugins

• Tokens. Mint ERC20 tokens to create new communities and distribute ownership.

5. Other tools which no longer appears on Mirror dashboard:

• Auctions. Sell 1 of 1 NFTs to the biggest collectors in your community and discover your project’s super fans.

Does Mirror have fees?

It's free to publish on Mirror. However, Mirror's protocol takes a 2.5% on Writing NFT sales, Edition sales, and the total amount of ETH raised from crowdfunds. And the fee goes into Mirror DAO's treasury.

Analysis

Scope

Show a breakdown of Mirror’s funding mechanisms on Ethereum mainnet.

1. How much have auctions raised vs. crowdfunds?
2. Which mechanism contributes to the most funding for the treasury?

Method

1. Based on the crowdfunds guide, and examples in this article, below is the steps identifying crowdfunds amount:

• All crowdfunds end with the FundingClosed event => identify all transactions with event_name = FundingClosed to get the total crowdfund amount.
• The picture below demonstrates how Mirror's crowdfunds works (link).

• Auction has raised 51.7 ETH which is 0.835% share in total funding raised from these 2 mechanisms.
• Crowdfunds has raised 6,142 ETH which is 99.2% share in total funding raised from these 2 mechanisms.

Result

1. How much have auctions raised vs. crowdfunds?

2. Based on this auction guide, below is the steps identifying auction amount:

• Bidders interact with the Reserve Auction V3 contract 0x835f86ff1670917a786b72d1fd8dcc385e27dd77 to submit bids, the highest bid win with the AuctionEnded event => identify all of the events in table ethereum.core.fact_event_logs with those conditions to get total auction amount.

3. To find the mechanism which contributes the most to the Mirror treasury, I use the crowdfund filter above to identify inflows from crowdfunds, the rest is grouped as other.

2. Which mechanism contributes to the most funding for the treasury?

Below is Mirror treasury inflow of ETH accumulated overtime

Looking at the daily funding breakdown can show the reason why there is a huge gap between crowdfunds and auction.

• There has been no record of fund raised through Auction since Nov 27, 2021.
• Since Aug 23, 2021 until now, fund raised through crowdfunds has taken off with several big campaigns raising > 400 ETH each.

The first Mirror treasury inflow of ETH recorded on Aug 17, 2021 with 10 ETH. Since then, 233 ETH has been contributed to the treasury in total.

• Crowdfunds share is 50.3% in total Mirror treasury inflow of ETH, the rest comes from NFTs sales, Editions sales, etc.

=> We can conclude that crowdfunds is the mechanism which contributes the most funding to the Mirror treasury.

Conclusion

• Auctions was the first tool which creators can use to raise fund for their ideas/projects.
• Then Mirror launched Crowdfunds and the tool quickly become popular funding tool on Mirror. Crowdfunds is the mechanism which contributes the most funding to Mirror DAO treasury.

Thanks for reading!

Above is some notable crowdfunds.

• Among those, on Nov 27, 2021, Krause House successfully crowdfunded 1,000.21 ETH, just surpass the funding cap, the only campaign has done that to date.
• The biggest crowdfund raised 1,461.96 ETH on May 5, 2022. However, its data is not updated yet.