Mico experiences her first death in the Valley of Mir. One could speculate this to be a result of an unfortunate encounter with a hunter. The birds bring the body to Mira where she devours it.
However, it is not oblivion that follows - Mico wakes up again. Just as she does so she feels her connection to the Valley change. It is obvious that this was no simple reincarnation (if such a word can even be used to describe rebirth) and with time Mico learns that she is bound to the realm, much like the hunters are to the Hunter’s Dream. Her every death results in rebirth.
Mico is now able to travel the Dreamlands in a way she travels the Valley, walk beyond Mira’s realm through the planes. She makes this discovery relatively soon and it is then she realises that her host, whether intended or not, has shared her means of existence with her.
The theory that Mico ends up adopting in regards to the Dreamlands is that all the planes are placed on top of each other and the end result is not a stack of realms but rather a sphere with no end and no beginning. There is no hierarchy of the planes, but there is something akin to gravitational force that guides the flow of ever-present elements through the worlds.
Let’s take blood echoes (one of these elements) for example. Found in death, blood echoes follow the living, transform the living, are gathered by the hunters, but never really belong to them nor anyone else. They appear to be present in almost every thing and something keeps them from going stagnant in one spot. When hunters are killed and fail to retrieve their blood echoes, where do they go?
Mico finds the answer to that question after being reborn: the Valley of Mir can be metaphorically called the bottom layer of the Dreamlands. Traversing the planes, blood echoes follow the gravitational flow that Mira’s realm emits, either in the form of corpses or their naturally immaterial state, where she gathers and redistributes them.
Mira the Undead Vulture can be killed but due to her being one with the realm and the blood echoes she guides, she gets reassembled time and time again. The universe demands an anchor to fulfil her role.
Whenever Mira is “killed” she drops a rune Cycle. This rune allows others to have a glimpse at the flow of blood echoes and sometimes retrieve what was lost. Although, since blood echoes are only a currency, “loan” seems to be a more fitting term.
Mira does not touch the living. She is constantly decaying herself, merging with corpses. She eats the corpses that are on her, she eats corpses that are a part of her, she eats herself. She rebuilds herself. Life finds a way.