What is Mirror Protocol?

Mirror Protocol is a decentralized finance (DeFi) platform that enables the creation and trading of synthetic assets (mAssets), which mirror the price of real-world assets such as stocks, commodities, and ETFs. Launched in 2020 on the Terra blockchain, Mirror allows users to gain exposure to traditional financial markets without needing to own the actual underlying assets.

Mirror Protocol's native token, MIR, is used for governance, staking, and rewarding liquidity providers.

How is Mirror Protocol useful?

Mirror Protocol provides global, permissionless access to synthetic assets, enabling users to trade tokenized versions of stocks and commodities 24/7 without geographic restrictions. This expands financial accessibility, especially for those in regions with limited access to traditional markets.

Mirror Protocol is integrated into DeFi ecosystems, allowing users to stake, provide liquidity, and trade mAssets without intermediaries. The MIR token is essential for governance, liquidity incentives, and protocol sustainability.

How does Mirror Protocol work?

Mirror Protocol uses smart contracts and decentralized price oracles to track real-world asset prices and issue mAssets that mirror their value. Users can mint synthetic assets by locking up collateral and can trade them on decentralized exchanges (DEXs) such as Terraswap and Ethereum-based DEXs.

The MIR token facilitates governance decisions, including adjusting collateralization ratios and introducing new assets. Liquidity providers and stakers earn MIR rewards for maintaining the protocol’s liquidity and stability.

Mirror Protocol milestones

• Launch of Synthetic Asset Trading: Enabled decentralized trading of tokenized stocks and commodities.

• Expansion to Multi-Chain Platforms: Integrated with Ethereum and Binance Smart Chain for cross-chain trading.

• Governance via MIR Token: Allowed community-driven protocol upgrades and asset listings.

• DeFi Integrations: Collaborated with lending platforms and liquidity pools to enhance trading efficiency.

• Regulatory Challenges and Market Impact: Faced scrutiny due to synthetic assets mirroring real-world securities.

Mirror Protocol continues to pioneer synthetic asset trading in DeFi, providing borderless, decentralized access to traditional financial markets.

Buy Mirror Protocol (MIR) on BITmarkets.