Mirror Protocol price prediction

Mirror Protocol is a decentralized, community-driven blockchain project that allows the creation of synthetic assets that track the prices of real tokens. The Mirror Protocol DeFi app on the Terra blockchain enables traders to take long and short positions on tech stocks with synthetic assets. The protocol was built by Terraform Labs with the intention to help those users who are looking for new ways to access traditional finance and trading options. 

Mirror Protocol has its own versions of other cryptocurrencies, for example, mBitcoin for Bitcoin with the price pegged to the most prominent cryptocurrency. The project is completely decentralized, as its on-chain treasury and the changes in the code are governed by the holders of native MIR tokens. Moreover, there are no admin keys or special access privileges granted.

Mirrored assets are blockchain tokens that act as “mirrors” of real-world assets and reflect the exchange prices on-chain, so the traders can get price exposure to real assets. mAssets also enable fractional ownership, open access, and censorship resistance. They are purely synthetic and show the price movement of the corresponding asset. 

The advantages of mAssets include global accessibility without entry barriers, the representation of the fractional orders as numbers on the blockchain, and eliminating the need for the intermediary bundling process. Moreover, as mirrors rely on liquidity provided by each individual asset pool, orders can be executed as fast as the block time of the network (around 6 seconds). Thus, Mirror helps the investors to participate directly in investment or speculation on price even if they don’t own the underlying asset. 

MIR coin is a governance asset of the Mirror Protocol. Its holders can propose and vote on the operational changes. MIR has a maximum supply of 370 575 000 tokens.

Recently the pools of some assets, including Bitcoin, Ether, and Polkadot have been drained. Estimated, more than $2 million of the assets have been taken so far. The attack has been ongoing for several days but was only noticed on May 29. It was also discovered that the protocol suffered a $90 million exploit towards the end of the last year, which was unnoticed for seven months.