Contributor: Flipside takes a deep dive into Mirror, including what it is, why it matters and how to get involved.
Time to take a look at Mirror, a recently launched protocol from Terra that’s making big waves and attracting some serious attention.
What Is Mirror?
Late last year, crypto standout Terra debuted the Mirror Protocol, a new synthetic asset platform designed to help users gain access and price exposure to real-world assets. Mirror allows for the tracking, issuing and trading of these assets, such as U.S. equities like stocks, via Mirrored Assets, also known as mAssets. MAssets are synthetic derivatives of real-world assets and as the name implies, work to mirror their exchange prices on-chain.
Traders outside the United States know how difficult it can be to access the stock market. And, after several controversies regarding retail trading here in the United States, even domestic traders probably don’t need a reminder of why a token such as this may pose some advantages. Mirror seeks to help both of these users by giving them the ability to participate directly in investment or speculation on price even if they don’t own the underlying asset.
So far, the intended audience seems to be receptive, and Mirror is making its presence felt among traders. Liquidity has been growing steadily, reaching a high of just under 624M UST as of 5 PM on Monday, while the traded volume of Mirror reached nearly 54M UST.
Why Does Mirror Matter?
So, what to make of Mirror?
There’s no doubt that this protocol holds major potential. That’s especially true when you consider not only the scores of international traders looking to get some stake in American companies, but also thousands of American retail traders frustrated by their experiences during the GameStop fiasco earlier this year who swore they would be looking for an alternative entry point to the stock market.
Mirror may not offer a perfect solution to that problem — after all, these are synthetic derivatives and don’t provide any ownership of the stocks they represent — but like many other Terra projects, it’s designed to help bridge the gap for those looking for new ways to access traditional finance and trading options. If they’re successful, there’s a reason to believe in a big, beautiful future for Mirror and the entire Terra ecosystem.
Get Involved
Want to learn more about the Mirror protocol and the team behind it? Just visit the Mirror website, read the white paper, and join their community on Telegram or Discord.
You can also check out Flipside’s other posts on the subject, Terra Sees 2K New Accounts Created Daily Post Mirror Launch: Flipside Crypto, and LUNA-Bound: Exploring The Terra Ecosystem.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
