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What is Mirror Protocol (MIR)?

The Mirror Protocol (MIR) is a unique project that enables the creation of Synthetics to gain on-chain price exposure to real-world assets. Through the use of advanced smart contracts, the platform allows anyone to issue and trade synthetic assets that monitor and track the price of arbitrary real-world assets. Impressively, this is all accomplished without requiring physical backing. The Mirror Protocol accomplishes this task via collateralized smart contracts that remain stabilized algorithmically on the blockchain.

Asset-Backed Tokens vs Synthetics

To understand Mirror Protocol’s objective, you first need to grasp the differences between asset-backed and synthetic tokens. While they both are price-pegged to another asset such as gold, they achieve their value in very different ways. For example, Synthetic tokens provide exposure to the physical or abstract good that they represent without needing the asset directly. Synthetics achieve their backing via smart contracts that hold a variety of assets. These contracts automatically track and rebalance to remain stable to their peg.

Mirror Protocol - Homepage

Mirror Protocol – Homepage

This approach is in stark contrast to asset-backed tokens that require a custodian to hold the asset directly. In most instances, there are additional costs associated with storing and securing these assets. Additionally, regular audits must be conducted, which also adds to the fees of such a project.

What Problems Does Mirror Protocol (MIR) Solve?

There are many problems that the developers behind the Mirror Protocol have set out to fix. Primarily, the goal of the project is to speed up the integration of traditional assets entering the blockchain sector. By providing exposure to these assets via Synthetics, anyone can participate in the market.

Currently, there are millions of people around the world who can’t access valuable financial resources due to their location, status, or other restrictive measures. Traditional financial assets such as stocks, bonds, and derivatives are very difficult to invest in for populations outside of America and Europe. Additionally, there are a lot of extra costs associated with these investments that add to the difficulties experienced by many investors. The Mirror Protocol introduces a more inclusive alternative to the market.

Financial barriers

The high transaction costs and liquidity constraints of traditional markets have made them nearly off-limits for the average person. However, the tokenization of assets allows for some exciting new benefits. For one, tokenization democratizes investing in large-ticket assets.

Tokenized assets can be divided into many smaller tokens. This division allows more people to invest by lowering the overall cost of participation. This strategy has been popular in the stock market for years in the form of fractional ownership. Unlike the stock market, the Mirror Protocol doesn’t eat up your profits via a myriad of third-party fees.

Mirror Protocol (MIR) - CoinMarketCap

Mirror Protocol (MIR) – CoinMarketCap

This strategy also helps provide more liquidity to markets. In the past, hard to transfer assets such as real estate, suffered from liquidity issues. These buyer restrictions limit investing opportunities significantly. Using blockchain tech to track and transfer ownership substantially reduces friction and drives new liquidity into the market.

Benefits of the Mirror Protocol (MIR)

The benefits of the Mirror Protocol make it ideal for use in today’s digital economy. The protocol enables users to tokenize anything and everything from traditional equities to real estate. In turn, these assets become globally accessible, transparent, and affordable to the masses. Additonaly, the network introduces a self-induced solvency feature to help ensure the platform remains profitable moving forward.

Blockchain Integration

One of the biggest benefits of the Mirror Protocol is that it helps to drive blockchain adoption. The unique technical structure of the network reduces the financial and technical barriers limiting blockchain integration. Mirror provides users with the capability to create globally accessible, infinitely divisible, and affordable digital assets.

Secure

The Mirror Protocol is an open-source project that was designed to function on both the Terra and Ethereum blockchains. The network was vetted by the community and has had cyber audits conducted by CyberUnit. Also, the network regularly hosts open bug bounties where users can earn free crypto for discovering any potential weaknesses.

How Does the Mirror Protocol (MIR) Work?

The Mirror Protocol is able to produce Synthetics and tokenize nearly any asset. The developers choose to build the network on the Terra blockchain. Terra is a fourth-generation blockchain that supports stable payments and open financial infrastructures. Specifically, the Mirror Protocol utilizes the stablecoin, TerraUSD, as one of its primary collateral assets. TerraUSD is supported by a basket of seigniorage-style stablecoins pegged to various fiat currencies.

There are two types of participants in the Mirror Protocol ecosystem – Minters and Traders. Minters are the nodes that mint assets. Users are encouraged to mint assets via a fee structure that takes a small percentage from every transaction fee. Traders are the second part of the equation. Traders are users who buy and sell mAssets on the decentralized exchanges supported by Mirror.

Mirror Web App

The Mirror Web App is how users trade and mint Synthetics. The interface simplifies the process and makes it so no previous technical experience is required to create unique digital assets on the blockchain. This interface also plays a role in the community governance of the network.

Minting Synthetics on Mirror Protocol

Minting Synthetics on Mirror Protocol

Mirror Protocol (MIR) mAsset

Synthetics on the Mirror Protocol blockchain are referred to as mAssets. Synthetics can be created, stored, and traded directly from your network wallet. Notably, you will need to collateralize your synthetics prior to launch.

Minting

Creating a mAsset is simple when you leverage the Mirror Protocol. To create a mAsset, you will need to lock up 150% of the asset’s value in a network smart contract. This collateral can be posted in TerraUSD or other popular cryptocurrencies. Notably, your Synthetics are liquidated when they go above the collateralized threshold.

How Much is Collateral Worth

Since determining the value of your Synthetic is crucial to the collateralization process, great care has been taken to make this part of the system easy to navigate. Notably, in the Mirror Protocol, the value of your collateral is determined by decentralized price oracles.

Band Protocol Oracles

This strategy relies on Band Protocol to provide access to a network of decentralized oracles. The firm’s low-latency oracles update every 15-seconds. They are continually updated via multiple premium data providers and any oracles that act maliciously or fail to uphold thier responsibilities are removed from the network immediately. This strategy helps to reduce the attack surface of oracles, by removing the dependency on single-price feeds that can be easily manipulated. Impressively, Band Protocol is currently overseeing $66 million UST in locked assets on Mirror.

TerrSwap

Mirror Protocol users can trade mAssets on the Terraswap exchange. This system allows users to swap their synthetics directly from their wallets. You can see all the relevant details of the tokens you are following. Notably, the system can complete trades in seconds thanks to its advanced technical features.

Mirror  Protocol (MIR) Wallet

The Mirror Wallet is how users interact with the Mirror Protocol securely. This decentralized wallet was developed to streamline the use of cryptocurrencies and Synthetics. You can easily see your balances, past payment history, and more.

Trading

One of the best features about Mirror Protocol mAssets is that they are tradable on automated market makers (AMMs) on public blockchains like Terra and Ethereum. This interoperability improves the overall liquidity of the project by making it easy for issuers and investors to buy and sell mAssets globally.

mETH

A new addition to the Mirror Protocol’s arsenal, mETHs are synthetics built on the Ethereum blockchain. Providing users the ability to trade mAssets on Ethereum opens up the doors for increased adoption. Ethereum is by far the largest DeFi and Dapp ecosystem in the market. It was a wise move to cater to the network’s user base.

MIR Charts -CoinMarketCap

MIR Charts -CoinMarketCap

‎Mirror Token (MIR)

The Mirror Token (MIR) is the main governance and rewards token of the network. It’s used to incentive liquidity providers. MIR gets distributed via liquidity and platform incentives. Notably, the token was launched without a team or investor pre-mine. In this way, the network remains true to its democratic goals.

Community Governance

MIR token holders can vote and submit proposals on the direction of the network. To be eligible, users need to stake their MIR. The more you stake and the longer, the more weight your vote holds.

History of Mirror Protocol (MIR)

The Mirror Protocol launch in 2020. The goal of the project was to allow anyone to gain access and exposure to traditional financial assets and instruments using Terra’s blockchain. The platform was originally designed exclusively for Terra users. However, the developers decided to expand their services to the Ethereum ecosystem. This maneuver provided the network with deeper liquidity and better market penetration.

How to Buy Mirror Protocol (MIR)

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying MIR. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Kucoin – This is the best option for USA residents.

The Mirror Protocol – Blockchain Ingenuity at its Finest

You have to hand it to the developers behind the Mirror Protocol. This concept displays the advantages of blockchain technology in a spectacular fashion. The unmatched transparency and nearly infinite tokenization capabilities of the platform make it ideally suited for the digital economy. For these reasons, the Mirror Protocol remains a pioneering force in the market that continues to demonstrate excellent potential moving forward.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Gold Rebounding After Negative Fed Reaction

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  • Policy Induced Tumble Impacts Gold
  • Recovery Starts as Bond Yields Dip
  • Jobless Claim Increase Provides Momentum

The price of gold slumped late in the week following the hawkish views that came from the 2-day Fed meeting. News of a double interest rate hike to come in 2023 but the upkeep of the tone that inflation will remain transitory, did not sit well with the gold market as it slumped more than 5% at some stages, and well of the highs set earlier in the year. Despite this, and slipping close to $1750, it has started a recovery of sorts. This has picked up pace today as US bond yields dip and the market digests the increase in jobless claims on the week. In other commodities news, the sell-off has also been felt across precious metals and beyond.

Rate Hike Slams Gold Market

One of the key reasons behind the quick slump in gold prices on hearing the news from the meeting is that the precious metal does not play well in periods of higher interest rates. The non-yielding asset tends to be less favored when other types of assets can provide an improving yield. Should the inflation worry remain, and the Fed stick with their plans for a double rate hike in 2023, then many trading gold will certainly expect prices to fall further.

The other factor, beyond the general uncertainty of the whole situation that is playing out at the moment for gold in clearer view, is the rising US Dollar. This strengthening Dollar typically reduces demand for gold and therefore can result in price drops as seen.

Bond Yields Provide Recovery Potential 

Despite the fall-off in price that was evident through the middle of the week, gold prices managed to gain some ground again from lower levels in the previous trading session. This has seen them pick up around 1% to sit just below the $1800 in the early trading today.

Part of the reason behind this would seem to be US Treasury Yields. Both the 10-Year and 30-Year yields have drifted significantly lower despite the increase in inflation expectations. This stands by the thinking that any inflationary pressure that is felt can pass through quickly and be a transitory concern.

Increasing Jobless Claims Signal Further Respite

Another factor that has contributed to an upward recovery in gold prices today, along with silver which has dipped but not as strongly, is the US employment figures that were released yesterday. These weekly numbers came in at their highest point of the month with 412,000 initial claims. This is above both the number for the previous week and analyst expectations.

Given this confluence of data then, it may well be possible to see gold run up above the $1800 mark again prior to the end of this week. In the longer term though, it looks likely that prices could fall lower particularly if the Fed sticks by its plans for a 2023 increase of rates and inflationary concern continues.

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Fx Analysis

Investing in 1inch Network (1INCH) – Everything You Need to Know

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What is 1inch Network (1INCH)?

The 1inch Network (1INCH) functions as a multi-chain DEX aggregator and DeFi ecosystem. The protocol integrates a proprietary aggregation system that is able to scan multiple DEXs (decentralized exchanges) in search of the best prices and rates. As such, the network and its token have seen considerable adoption since launch.

What Problems Does the 1inch Network (1INCH) Solve?

There are a lot of problems that 1inch helps to rectify. For one, the protocol tackles the lack of liquidity in the DeFi sector. The DeFi market is still very compartmentalized. This structure means that many projects never gain access to deep liquidity. By incorporating a multi-chain aggregator, the 1inch Network provides deep liquidity to the market.

1inch Homepage

1inch Homepage

Slippage

Slippage is another major concern that the 1inch Network tackles head-on. Slippage is the difference between the expected price of a trade and the price at which the trade is executed. It’s a major issue for most DEXs due to the structure of the liquidity pools. 1inch Network users enjoy minimal slippage because the protocol is very responsive. It can scan multiple DEXs and provide low slippage to users.

Benefits of the 1inch Network (1INCH)

Anyone will be able to enter the DeFi sector using the 1inch Network’s intuitive dashboard. This online interface will remove all the technical barriers associated with DeFi functionalities and allow you to track your investments in real-time from anywhere globally. The dashboard is currently under construction with its launch slated for this year.

Best Trade Rates

The 1inch Aggregation Protocol can check prices across multiple decentralized exchanges (DEXs). The protocol supports DEXs across the Ethereum, Binance Smart Chain, and Polygon blockchains. In this way, 1inch Network users always receive the best rate for a swap.

1inch - Homepage

1inch – Homepage

Low Fees

1inch introduced an Ethereum Gas Fee-pegged token called Chi to provide users with lower fees. In comparison to Ethereum’s fees, 1inch Network users pay around 40% less on average.

Secure

The technical structure of the 1inch Protocol provides a high degree of security to users as well. For example, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking the loss of funds, The protocol integrates security checks during every transaction to prevent any losses.

More Features

1inch offers more features than the competition. Most DEXs are basic in their functionality. However, 1inch recently underwent a V2 upgrade that saw the network add a variety of advanced features such as Limit Orders. The upgrade also integrated an OTC swap feature for large orders.

How Does the 1inch Network Work?

The 1inch DEX Aggregation Protocol is the primary service provided by the network. The algorithm finds the cheapest way to place trades using all the different exchanges and liquidity protocols that can facilitate the trade. The protocol can further lower fees and rates by splitting the transaction up. The network supports splitting a single trade across 21 exchanges to achieve the best rate possible.

Liquidity Protocol

The Liquidity Protocol is another key DeFi feature available to users. This system enables decentralized token swaps. Notably, the main way to earn 1INCH tokens is by providing liquidity to 1inch’s liquidity protocol.

Governance

1inch token holders gain the right to put forth proposals to a community vote. The network’s governance mechanism determines the weight of your vote based on the amount of 1inch you hold in a network wallet or have staked. The system employs a decentralized autonomous organization (DAO) protocol to provide truly decentralized management to the network.

Farming Pools

Farming is another cool DeFi feature that 1inch Network users gain access to. Many investors prefer farming over staking because there are no required lockup periods or early withdrawal penalties. In this way, you can access your tokens if you need them without fear of losing rewards due to penalties.

1inch Stats

1inch Stats

Developer Portal

The 1inch Network was built from the ground up to serve as an underlying technology for Dapp developers. Developers can suggest new integrations or solutions that can be built on the 1inch API. Dapp creators can find answers to questions and other helpful information to bring their concepts to life in the Developer Portal.

1inch

1inch is the main governance token for the network. It was launched in December 2020. Today, the token is very popular. It’s available on several major cryptocurrency exchanges. Some of the biggest daily trading volumes occur on Binance, KuCoin, Huobi Global, FTX, and OKEx.

Chi Gas

Chi Gas is a network token used to power 1inch transactions. It’s pegged to the Ethereum network’s gas price. However, it’s only minted when the gas price is low and burnt when it is high. This strategy provides significant savings to all users.

1inch Wallet

The 1inch Wallet is a multi-chain platform that provides an easy-to-navigate interface and secure transaction capabilities. This versatile wallet was built from the ground up to streamline interacting with 1inch’s features.

History of the 1inch Network (1INCH)

1inch first went public during the 2019 ETHNewYork hackathon. The project is the brainchild of Sergej Kunz and Anton Bukov. Since its launch, the platform has attracted investor attention. Notably, the firm secured $15 million in funding from well-known companies in the tech sector including Binance Labs, Galaxy Digital, and Pantera Capital.

1inch Network (1INCH) - Twitter

1inch Network (1INCH) – Twitter

In November 2020, 1inch launched its biggest update yet. The V2 update added more functionality and responsiveness to the platform. It also enabled the system to conduct more complex trades to keep prices low. The aggregator can now use techniques like rerouting money earmarked as collateral for loans on decentralized lending protocols Aave and Compound.

How to Buy 1inch Network (1INCH)

1inch Network (1INCH) is available on the following exchanges:

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing 1INCH here. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Kucoin – This is the best option for USA residents.

1inch Network – Saving DeFi Users on Fees and More

1inch serves a vital role in the DeFi sector today. The platform enables regular users to secure passive incomes, save on trades, and find the best rates possible. In addition, the developers continually upgrade the network to incorporate new features and services. For these reasons, 1inch is set to remain a premier option for DeFi users moving forward.

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Fx Analysis

Forex Market Strength Continues With ECB at Odds on Inflation

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  • Dollar Continues to Rebound Stronger
  • ECB Policymakers Divided
  • Markets Dip Following Strong Start

The USD forex market has continued to rebound strongly into this week. This has further increased pressure on other major forex currencies particularly the Euro and Sterling. The Euro has also been struggling under the weight of disagreement between key policymakers at the ECB over how the group should approach the key inflation issues facing not only the European bloc but those in the US and around the world. The Dollar Index is also flexing its muscle moving up close to the 92 mark as Sterling and other majors lack momentum. Markets on Wall Street had a quiet start to the day after a very positive start to the week yesterday.

Dollar Demand Persists in Pushing Higher

Forex brokers noted a continuing strong demand for the Dollar through yesterday and into the trading session today as US Treasury rates moved higher and Fed Chief Jerome Powell reiterated his caution over rising inflation and the fact that the country continues to battle against the COVID-19 crisis despite a positive return to form for the economy. These pre-released remarks yesterday ensured the Dollar held firm in its position of strength.

Powell is set to address the House Select Subcommittee on Coronavirus Crisis shortly with those forex trading the Dollar and other currencies keeping an eye on his tone and whether it will support the rather hawkish turn of last week from the Fed. This will remain the key driver for the Greenback today with possible reverberations to carry through the week.

ECB Divided on Inflation Issue 

While the Fed in the US remains fairly uniform in their view, that is not the case currently in Europe where the ECB policymakers are decidedly divided on the concerns caused by inflationary pressure, and how they should be dealt with.

With the Euro under pressure from a strong Dollar and showcasing all the hallmarks of a strong inflationary presence as can also be seen in the US, there would appear to be some discord as to how the banks’ approach to inflation should be delivered. This follows their meeting last week where it was generally agreed that it could be tolerated if inflation were to move beyond the 2% goal. By how much, and for how long though, remains unclear.

Wall Street Quiet After Dow Roars

An extremely strong start to the week on Wall Street, particularly from the Dow Jones which rebounded more than 500 points from a dip last week on the news from the Fed meeting and proposed interest rate hikes. This was its best day since March while the other major indices posted more modest gains.

The early trading today has been much flatter with traders presumably awaiting any news or indication from Jerome Powell’s testimony. One of the biggest gainers so far today is Reddit favorite GameStop with a jump following the conclusion of their most recent, billion-dollar share sale.

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