What is the Mirror Protocol and how does it relate to the DeFi ecosystem?

3 answers

• Apr 24, 2022 · 3 years ago
  The Mirror Protocol is a decentralized finance (DeFi) protocol built on the Terra blockchain. It enables the creation of synthetic assets called Mirrored Assets (mAssets) that track the price of real-world assets, such as stocks, commodities, and exchange-traded funds (ETFs). These mAssets are created through the use of smart contracts and are fully collateralized by Terra's native stablecoin, UST. The Mirror Protocol allows users to gain exposure to traditional financial markets without the need for intermediaries or traditional banking systems. It provides a way for users to trade and invest in these assets in a permissionless and decentralized manner, opening up new opportunities for financial inclusion and innovation within the DeFi ecosystem.
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• Apr 24, 2022 · 3 years ago
  So, the Mirror Protocol is like a bridge between the traditional financial world and the decentralized finance (DeFi) ecosystem. It allows users to access and trade real-world assets in a decentralized manner. This is achieved by creating synthetic assets that mirror the price of these real-world assets. For example, you can trade a synthetic Apple stock (mAAPL) on the Mirror Protocol, which tracks the price of the actual Apple stock. This opens up a whole new world of possibilities for DeFi users, as they can now diversify their portfolios and gain exposure to a wide range of assets without the need for traditional intermediaries.
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• Apr 24, 2022 · 3 years ago
  BYDFi, a leading decentralized exchange (DEX), recognizes the potential of the Mirror Protocol in the DeFi ecosystem. The Mirror Protocol's ability to create synthetic assets that track the price of real-world assets brings a new level of accessibility and liquidity to the DeFi space. Users can trade these synthetic assets on BYDFi's platform, providing them with more options for diversification and investment strategies. BYDFi aims to support and integrate with innovative DeFi protocols like the Mirror Protocol to offer its users a seamless and secure trading experience.
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