Mirror Protocol (MIR)
Mirror Protocol statistic
What Is Mirror Protocol MIR Coin?
Mirror Protocol is a DeFi protocol that enables the use of Mirrored Assets (mAssets). These are synthetic assets that allow users to value real assets by reflecting their pricing activity in a chain. The project was launched at the end of 2020.
Advantages Of The Mirror Protocol
Synthetic assets provide access to an asset with no need to hold the underlying resource. This project has a number of pros, such as increased access, reduced friction while switching between multiple assets, and the ability to execute orders quickly.
Here are the most essential advantages of this project:
- Accessible internationally. In many countries, access to foreign equity markets is limited. This project provides global accessibility with no entry barriers.
- Fractional orders. In traditional finance, different fractional orders are combined together to provide transactions. This procedure requires extra waiting time. Thanks to this project, order volume is presented as a number on the blockchain. That's why there is no need for an intermediate aggregation process.
- Virtually instant order execution. Often, because of liquidity shortages, it takes up to a day for orders to be completed. This project relies on the liquidity provided by each individual asset pool. That's why orders can execute as fast as the network lock time.
Features Of MIR Crypto
Mirror token (MIR) is a Mirror Protocol cryptocurrency. This asset is now required for voting on active polls and is needed as a deposit to create new control polls. With further improvements to the Mirror project, this cryptocurrency will also be used for other purposes.
Users can get MIR coin rewards that are given for withdrawing a deposit from CDP positions within the protocol. This process is needed to counterbalance the creation of new tokens by creating buying pressure.
Moreover, this asset is needed to incentivize users to generate returns by placing LP tokens mined through providing liquidity to MIRs and mAssets. Users profit from newly mined tokens and the increase in the number of coins.
The creators of this project are going to issue 370,575,000 tokens. They plan to achieve this in 4 years.
Mirror Protocol Prospects
Mirror Protocol is one of the most recent cryptocurrency projects that is constantly developing. Even though it was launched in 2020, it already partners with well-known platforms including Band Protocol. This integration is aimed to respond to attacks and secure insurance of synthetic stocks.
Furthermore, more and more exchanges start listing this token, and the number of platforms is increasing monthly.
Soon Mirror V2 is going to be launched. This update is aimed to solve the major problems of the first version. It will include new collateral types for the minting and revise the governance reward incentive structure.
According to DigitalCoinPrice, the MIR price will be about $5.24 at the end of 2021. However, the WalletInvestor experts have a more positive prediction and believe that it will be at least $14.381.
Today MIR price is 2.90 USD.
The purpose of the Mirror Protocol team is to provide access to the price movement of all major global assets to anyone, anywhere, and anytime. This is another good way to democratize finance for everyone.
Going forward, the Mirror finance project plans to expand the possibilities of synthetic assets and hopes to be a tailwind for all investors who are looking forward to financial freedom.
How To Buy Mirror Token?
The easiest way to get a Mirror asset is to buy it on an exchange platform, such as StealthEX.
After buying coins, you can use Mirror Wallet available on the App Store and Google Play. This app lets you see the MIR chart in real-time, and it's secure thanks to universal key management.
To buy MIR crypto just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to MIR.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your MIR coins.
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.