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Mirror Protocol Fundamental Analysis
MIR is a governance token facilitating the usage and development of Mirror Protocol – a DeFi project which allows the users to mint and trade synthetic assets tracking the real-world asset prices. This project was developed by Terraform Labs, which previously built the Terra blockchain and issued the stablecoin UST and the native token LUNA. Mirror Protocol was launched in late 2020 on the same blockchain.
The point of Mirror Protocol is to allow people to gain exposure to the real assets’ prices without the need to buy and sell those assets themselves. This is achieved by issuing their mirrors – mAssets, which live on-chain, track real assets’ prices, and are backed by collateral at minting. Using blockchain technology to manage these assets makes them more accessible for people than many other financial instruments, like some of the traditional derivatives – for example, blockchain provides a fast and easy way of trading fractional shares.
MIR tokens are used mostly for governance purposes via staking. However, in the Mirror Protocol V2, which was recently rolled out, MIR appeared as one of the new collateral options for minting mAssets (previously only UST was accepted). Several other new features were added in this version, such as the support of pre-IPO Assets, “Mint/Short" LP Token, and some governance issue fixes.
Mirror Protocol Live Price Chart
MIR was launched in December 2020 to a lukewarm welcome, trading mostly in the $1.2-$1.5 range until mid-January. Besides the general market trend contributing to the Mirror Protocol price’s rise, it was probably influenced by good strategic decisions like a partnership with Mask Network or building a bridge to Binance Smart Chain. By the end of January 2021, the price reached ~$4.5 and kept rising, peaking in April at the all-time high of $12.86. Since then the market has experienced a downturn, which MIR sadly hasn’t turned out to be immune to. But still, Mirror Protocol developers seem to have some cards in their sleeves: after the news of the Mirror V2 update and Gemini listing, the price rallied to $7.25 on June 18, 2021, later slowly declining and consolidating around $4 in late June.
Mirror Protocol Technical Analysis
Mirror Protocol Price Prediction
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