Mirror Protocol (MIR) is a decentralized finance (DeFi) protocol leveraging smart contracts to create synthetic assets called Mirrored Assets (mAssets). These mAssets track the price movements of real-world assets, granting investors global access to asset prices without the need to own or trade the underlying assets. The production of mAssets is entirely decentralized, achieved by network participants who open positions or deposit collateral.
What is Mirror Protocol (MIR)?
Mirror ensures sufficient collateral exists to cover mAssets within the protocol, managing markets by listing mAssets with USDT trading pairs on Terraswap. The native token, MIR, is generated by the protocol and serves as a reward to facilitate operations that secure the ecosystem. Additionally, Mirror incentivizes liquidity provision by rewarding users who stake LP tokens with MIR rewards. This community-driven project maintains a democratic and fair governance approach, welcoming new ideas.
As a cross-chain DeFi protocol, Mirror interacts with other decentralized applications across multiple blockchains. Terra Blockchain, which supports Mirror Protocol, uses the Shuttle bridge to enable cross-chain transfers between Terra, Ethereum, and Binance Smart Chain. Terra Bridge offers a web interface for seamless token transfers between different blockchains.
Where to Buy MIR Coin?
MIR Coin can be safely traded on Binance, the world’s largest cryptocurrency exchange by trading volume. On Binance, MIR Coin is available in the trading pairs MIR/BTC, MIR/BUSD, and MIR/USDT. At the time of writing, the price of MIR Coin stands at $3.86.
Key Takeaways
– Mirror Protocol creates synthetic assets that mimic real-world asset prices.
– Decentralized production of mAssets requires users to deposit collateral.
– MIR tokens serve as rewards to secure the ecosystem and incentivize liquidity provision.
– The protocol supports cross-chain interactions across Terra, Ethereum, and Binance Smart Chain.
– MIR Coin can be purchased on Binance in various trading pairs.
To buy MIR Coin, you need to register on Binance, transfer either cryptocurrency or fiat currency to your wallet, and then execute a purchase from any of the available trading pairs. For instance, to buy from the MIR/USDT pair, enter the desired amount and place a Buy MIR order.