What is Mirror Protocol (MIR)

Mirror Protocol is a decentralized finance (DeFi) protocol operating on the Terra blockchain. It enables users to trade synthetic assets that track the price of real-world assets without actually owning them. Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (MIR/USDT – Trade it here) on our Innovation Zone! Check it out now!

What is Mirror Protocol (MIR)
What is Mirror Protocol (MIR)

How Does Mirror Protocol Work?

Mirror Protocol enables users to trade synthetic assets that track the price of real-world assets, such as stocks, ETFs, and commodities, without actually owning them. It achieves this by creating synthetic tokens that are backed by a pool of collateral. Furthermore, it can be any cryptocurrency supported by the Terra blockchain. These synthetic assets are traded on decentralized exchanges (DEXs) like Uniswap and can be exchanged for other cryptocurrencies or stablecoins.

The value of the synthetic asset is determined by the price of the real-world asset it tracks, which is obtained through a price oracle. Mirror Protocol’s smart contract system ensures that the synthetic asset’s price closely tracks the price of the real-world asset. Mirror Protocol also allows users to stake their collateral to earn rewards in the form of governance tokens (MIR), which can be used to vote on changes to the protocol.

Why is Mirror Protocol so Unique?

Mirror Protocol provides a distinctive opportunity for traders worldwide to trade tokens without having to own actual financial assets like stocks or precious metals. This tokenization of real-life assets reduces the entry barrier and allows anyone, from anywhere in the world, to trade tokenized assets 24/7.

To make this possible, Mirror Protocol utilizes smart contracts to create synthetic assets based on any real-life value, enabling highly transparent and accessible trading. Besides this unique feature, Mirror Protocol offers other top-tier DeFi functionalities, including liquidity provision and reward earning based on participation. Additionally, the governance system is decentralized and democratized, allowing for a more inclusive decision-making process.

Where to buy MIR Token

You can find MIR Token here at MEXC! We are listing MIR/USDT in our Innovation Zone!

What is the Price of MIR Tokens?

The price of the MIR token is $0.124 per unit. It has a market cap of $9,681,294 and a fully diluted market cap of $45,945,324. It also has a 24-hour trading volume of $963,437. You can check the live price of their token right here!

How to buy MIR Tokens

You can buy MIR Tokens on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “MIR” using the search bar to see the available trading pairs. Take MIR/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of MIR you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy MIR] to confirm your order. You will find the purchased MIR in your Spot Wallet.

You can find a detailed guide on how to buy MIR Tokens here.

Keep Yourself Updated With The Crypto Trend

Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!

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