Mirror Protocol — a DeFi protocol, based on smart contracts on the Terra network, that allows the creation of synthetic assets, called mirrored assets (mAssets). They mimic the price behavior of real assets and provide traders anywhere in the world with open access to price action without the burden of owning or transacting real assets.
Contents:
Description of the Mirror Protocol project
The Mirror Protocol allows the creation of fungible assets, "synthetics", that track the price of real assets. Mirror Synthetics are intended to be used as key building blocks in smart contracts and to bring global assets to blockchain.
If the value of an asset rises above the collateral threshold, the collateral is liquidated to ensure that the system is solvent.
Some features:
| 1 | To target the mAsset price, the system reads the prices of the underlying assets through a decentralized price oracle - prices are updated every 30 seconds. |
| 2 | When the price of a Masseta deviates significantly from the primary market, traders are incentivized to buy / sell the asset to the mint / burn to obtain collateral. |
| 3 | The Mirror Protocol is fully built and operated by the community of MIR token holders, which is fairly distributed through the platform's liquidity and incentives, without any prior mining by the team or investor. |
MIR tokens can help to propose and vote on important protocol changes. Mirror is strategically partnering with the data oracle Band Protocol cross-chain, successfully integrating pricing channels for an initial set of assets, spanning stocks, commodities and ETFs. To ensure that the mAsset price is connected to a real asset, the system has integrated low latency decentralized oracles from the Band protocol, which are updated every 15 seconds on the oracle BandChain decentralized network. Mirror holds over $ 54 million in total value, locked down and protected by the Band protocol.
Additional information
The site has a WhitePaper document. With its help, you can study the features of the project in more detail. Also, some information is available on the main page.You will find the main features and benefits there.
From social networks, the community actively conducts:
- twitter;
- telegram;
- github.
You can read articles about the project on the Medium blog. The smart contract doesn’t have an audit.