Connect with us

Published

on

 

 

Unfortunately asset tokenization has some real issues in terms of regulatory pressures and the technology necessary to make them work properly. Because of this early projects ran into regulatory issues and problems with incompatible technologies. 

Some early projects have focused primarily on digitizing physical assets such as real estate and gold, and these have seen a modicum of success.

Moving into the current blockchain industry we can see a trend towards tokenizing more abstract assets such as stocks and bonds. 

The ongoing DeFi revolution has created a tsunami of new products, primarily in two categories: Asset-Backed Tokens and Synthetic Assets.

 

Mirror Protocol Review

The Mirror Protocol promises the ability to trade equities (U.S. equities currently) 24/7 anywhere in the world by any person. The project does this by minting synthetic assets, or what they’ve named Mirror Assets (mAssets). 

It was created by and runs on the Terra Network, and is powered by smart contracts. The way they are designed, any mAsset created is meant to mirror the price behavior of the underlying represented real-world asset.

The mAssets created by the Mirror protocol are synthetic versions of their real-life counterparts. They mimic the price of the underlying assets, and can be traded on secondary markets just like the underlying assets.

The whole system is governed using the MIR token, and it is also used to incentivize staking to secure the system. There are five primary users in the Mirror ecosystem:

  • Traders
  • Minters
  • Liquidity Providers
  • Stakers
  • Oracle Feeders

 

Traders

This is the largest group of Mirror users. They are the ones buying and selling mAssets using the Terra UST stablecoin as a peg. This is done at Terra’s Terraswap AMM or at the Uniswap AMM run on Ethereum.

 

Minters

This is the group responsible for the creation and issuance of the mAssets. These mAssets are created by locking up collateral at an overcollateralization ratio that’s set by the governance parameters of Mirror. It works in a similar manner to the issuance of DAI by Maker.

 

Liquidity Providers

This group supplies the liquidity needed by AMM pools. In a similar fashion to Uniswap, the liquidity providers put in an equivalent value of UST and the mAsset at the AMM and as a reward they receive LP tokens that are funded by the trading fees of the pool.

 

Stakers

There are two types of stakers found on Mirror. The first are the liquidity providers who are able to stake the LP tokens they receive and receive staking rewards in the form of native MIR tokens based on the emission schedule.

 

Oracle Feeder

The Oracle Feeder is crucial to the Mirror ecosystem since it is the mechanism used to ensure that the mAssets retain a match with their underlying assets. The Oracle Feeder is an elected position and as of February 2021 the position is operated by the Band Protocol.

 

Mirror Protocol Terraform Labs

Because Mirror Finance was created by Terraform Labs and runs on the Terra Network it is important to know the background and who Terraform Labs is.

Terraform Labs is a company based in South Korea that was founded in January 2018 by Do Kwon and Daniel Shin. With $32 million backing from large venture capital firms such as Polychain Capital, Pantera Capital, and Coinbase Ventures they soon released the stablecoin LUNA.

 

The MIR Token

The MIR token is the native token of the Mirror Protocol and it is used for governance, for staking, and to reward liquidity providers. The rewards paid out come from the fees that are paid for closing positions on mAssets, for creating polls, and trading fees.

Mir was created with a fixed supply of 370,575,000 tokens, all of which will be released over a period of four years. Those who wish to earn MIR tokens can do so in three different ways:

  • By staking $LUNA, this requires the use of the Station Wallet desktop app.
  • By providing liquidity to MIR/UST pair.
  • By providing liquidity to any mAsset/UST pool pairs (non-BNB)

 

Is Mirror Protocol Safe and Credible

The Mirror Protocol went live on December 3, 2021 and has seen excellent adoption in the short time it’s been in existence. In addition to the web app that allows for trading, minting, staking, and governance, there’s also a mobile app for trading.

Additionally, Mirror has created bridges to Ethereum and to Binance Smart Chain that allows for seamless porting of mAssets between the chains. The Ethereum bridge was the first ever cross-chain bridge for synthetic assets.

Mirror has been very active in creating partnerships during its first two months of existence, and we would expect that they will continue spreading the availability of mAssets to as many platforms as possible, increasing liquidity and the user base as they go.

 

Is Mirror Protocol Scam

Governance in the Mirror Protocol is controlled by the MIR token. Anyone who is staking MIR tokens can participate in the governance of the system. 

The voting power of the user is determined by the amount of MIR that is being staked, and the more MIR staked, the greater the voting power.

It’s possible for anyone to create a new governance proposal, known as a poll, and in the first month of its operation Mirror saw 50 forum proposals and 60 on-chain proposals put forward. 

Note that in order to make a proposal it is necessary to stake a deposit of MIR tokens and if the proposal is not adopted that deposit is forfeit.

Having the ability to tokenize any asset and trade it freely from anywhere in the world at any time of the day or night is an amazing lead forward for finance. It allows people to enter markets they otherwise would never have access to, and it levels the playing field in terms of financial freedom.

 

Disclaimer

This Mirror Protocol Review Article isn’t aimed at defaming Mirror Protocol nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Mirror Protocol review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

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.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

E-Games

Barrel riding is yet another thing I missed in Zelda: Breath of the Wild

Published

on

Bilbo would be proud

This is legit folks, I missed it.

Just like I missed that you could see all four divine beasts from the top of Link’s house in Zelda: Breath of the Wild. XprtGamer44 of Reddit (apt name) discovered something else a lot of folks had completely missed too: barrel riding. Ah a fellow barrel rider!

Succinctly put, after nearly 1000 hours with the game, they finally discovered this oddity and decided to share it. And like all 1000 other clips, it makes me want to immediately boot up the game and go do it myself.

In case you’re curious, you can find one in the Great Plateau near “the Old Man’s Hut!” Lanayru Wetlands or Eventide Island are also options. And the barrels do float!

Oh, and in what has become a tradition for a lot of Breath of the Wild clip sharers, XprtGamer44 notes that the outfit in the video is “the Hylian Hood, Climbing Gear, chest, and Royal Guard Boots, dyed white.”

975+ hours into the game and I just realized, this is a thing… [Reddit]

975+ hours into the game and I just realized, this is a thing… from r/Breath_of_the_Wild

Continue Reading

E-Games

Warpips adds some meta-tension to the usual tug-of-war game

Published

on

Gambling with my army

There came a point in Warpips where I was going into battles that I knew I was underprepared for. This game is, at its most core level, about managing limited funds and capacity to field an army that can defeat your opponent’s. And in its campaign mode, Warpips really lets you ride the line between success and failure.

If you haven’t played a tug-of-war game before, it’s not too dissimilar from the “autobattler” craze that took hold for a little while in 2019. Unlike games like Teamfight Tactics, you’re working on a single “lane,” and using your incremental influxes of cash to purchase units that will automatically run down the lane and fight the enemy.

This game type was somewhat popular in places like Flash game development and in Warcraft custom games, and Warpips does feel something like a spiritual successor to those ideas. You can buy little soldiers and send them jogging down towards the enemy, and use a few static defenses like turrets, sandbags, and mines to hold off enemy advances and establish forward positions.

What Warpips does a little different is in the strategy layer, through its campaign. The campaign mode asks you to slowly conquer an island, seizing adjacent territories and advancing your frontline to the enemy’s home base. Every victory gets you some chips to spend, but more crucially, you can win new units.


Any units you deploy in a battle, win or lose, are “spent” on that battle. So if you want to deploy a heavy machine gunner, or possibly retain some air strike capability to thwart a potentially powerful wave of enemies, you’ll have to dip into your stock of those resources. And once those are depleted, they’re gone until you either win some more or spend some chips to buy units from the shop.

I really dug this, because it makes your army less of a static lineup and more like a collection of poker chips to bet at the table. I started out trying to min-max the system, finding the exact number of units I could use to barely eke out a win. This resulted in some pretty crushing losses, as the enemy would simply steamroll my army of weak units, no matter how many I could field.

Eventually, I had to come to terms with using my big guns when needed. This might sound fairly straightforward, but it was tough! I’m someone who will finish an RPG with 99 Mega-Potions in their pack. I prefer spending as little as possible, and maximizing my profit.


So when it came to conquering the Warpips island, I had to make some tough choices. Did I have the right units to deal with theirs? Could my mercenaries deal with vehicle assaults, or do I need to send in some regular soldiers instead? 

During the battles, you have to play a balancing act as well—destroying enemies in battle levels up your forces, allowing you to invest in their rank, increase the max amount of units you can field during the fight, or get a quick hit of cash. Maybe the units you brought in need some extra rank to really shine, or it might be better to get more units out first.


Warpips is still in Steam Early Access, so it’s still building up a fair bit and balancing the combat. I’ve only made it to the second island as well, where Warpips starts introducing vehicles as another piece of its rock-paper-scissors system of strengths and weaknesses. Most likely that means I’ll be gambling a lot of infantry trying to take down a tank, just so I can field that same tank the next time around. But it’s a pretty enjoyable gamble to make.

Continue Reading

E-Games

These Stardew Valley Junimo keyboard key caps are fire

Published

on

I want all of them

Stardew Valley is such an unstoppable force that you probably know at least one person who has played it. And a good deal of those people are incredibly into the game: so much so, that they put their passion into action.

Like many gifted Stardew artists and crafters before them, Reddit user robotmon shared one of their latest works: Junimo key(board) caps. Stardew fans will recognize these little creatures as the mysterious nature spirits that help the player character along in their journey, and assist them in the very late game via Junimo Huts.

They come in various colors, and nest nicely right above keys, stating that they’re more decorative than functional: and would work best on lesser-used keys rather than the center letters on keyboards. It’s amazing how much the game’s creator Eric Barone supports the crafting community, which allows stuff like this to flourish on the regular.

If you’re interested beyond a few quick “ooos and aaahs,” there’s a video of them in action from the creator here; and they plan on making them available in some fashion, with a link to a future Etsy store on their Instagram.

My passion project from the past few months – Junimo Keycaps [Reddit]

Continue Reading

Trending

  • bitcoinBitcoin (BTC) $ 50,460.00
  • ethereumEthereum (ETH) $ 4,109.37
  • binance-coinBinance Coin (BNB) $ 608.07
  • dogecoinDogecoin (DOGE) $ 0.552797
  • xrpXRP (XRP) $ 1.41
  • cardanoCardano (ADA) $ 2.02
  • tetherTether (USDT) $ 1.00
  • polkadotPolkadot (DOT) $ 47.05
  • bitcoin-cashBitcoin Cash (BCH) $ 1,329.27
  • litecoinLitecoin (LTC) $ 330.62
  • uniswapUniswap (UNI) $ 41.18
  • chainlinkChainlink (LINK) $ 46.90
  • usd-coinUSD Coin (USDC) $ 0.997015
  • stellarStellar (XLM) $ 0.672434
  • ethereum-classicEthereum Classic (ETC) $ 112.55
  • vechainVeChain (VET) $ 0.187956
  • solanaSolana (SOL) $ 42.59
  • eosEOS (EOS) $ 11.31
  • theta-tokenTheta Network (THETA) $ 10.07
  • matic-networkPolygon (MATIC) $ 1.69
  • okbOKB (OKB) $ 34.44
  • tronTRON (TRX) $ 0.125777
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 50,199.00
  • filecoinFilecoin (FIL) $ 121.32
  • binance-usdBinance USD (BUSD) $ 1.01
  • aaveAave (AAVE) $ 596.39
  • moneroMonero (XMR) $ 414.08
  • neoNEO (NEO) $ 101.19
  • cosmosCosmos (ATOM) $ 27.15
  • compound-ethercETH (CETH) $ 81.84
  • bitcoin-svBitcoin SV (BSV) $ 338.74
  • terra-lunaTerra (LUNA) $ 16.33
  • huobi-tokenHuobi Token (HT) $ 34.15
  • klay-tokenKlaytn (KLAY) $ 2.47
  • safemoonSafeMoon (SAFEMOON) $ 0.000009
  • iotaIOTA (MIOTA) $ 1.94
  • tezosTezos (XTZ) $ 6.45
  • pancakeswap-tokenPancakeSwap (CAKE) $ 32.02
  • kusamaKusama (KSM) $ 584.85
  • ftx-tokenFTX Token (FTT) $ 57.93
  • avalanche-2Avalanche (AVAX) $ 36.85
  • daiDai (DAI) $ 1.00
  • makerMaker (MKR) $ 5,106.99
  • thorchainTHORChain (RUNE) $ 18.88
  • algorandAlgorand (ALGO) $ 1.46
  • cdaicDAI (CDAI) $ 0.021321
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.168743
  • bittorrent-2BitTorrent (BTT) $ 0.006218
  • compound-usd-coincUSDC (CUSDC) $ 0.021887
  • compound-governance-tokenCompound (COMP) $ 777.14
error: Content is protected !!