Mirror Protocol Integrates Band Protocol Oracles to Secure Over $50M in Synthetic Stocks and ETFs
Mirror Protocol, a decentralized finance protocol enabling synthetic assets (mAssets) that provide price exposure to real-world assets, has strategically partnered with Band Protocol and successfully implemented price feeds for an initial set of assets covering blue-chip stocks, commodities and ETFs. To ensure that the price of a mAsset is pegged to the real asset, the system has integrated low-latency and decentralized oracles from Band Protocol, which update every 15 seconds on the BandChain decentralized oracle network. Band Protocol oracles are currently securing over $54.47M in assets locked in Mirror.
Created by Terra, Mirror Protocol is designed to expand global accessibility to foreign markets, reducing the friction when switching between different assets and enabling speedy order execution. Combining the best that DeFi has to offer with real-world asset exposure built on both the Terra and Ethereum blockchains, Mirror utilizes a combination of liquidity pools for each asset and scalable, real-time decentralized oracles provided by Band Protocol among others to ensure that orders can be executed as fast as the blocktime of the network. Within a few days of launch, Band Protocol is securing $54.47M in total value locked in Mirror Protocol.
Securing the Gateway For The $89.5 Trillion Stock Market
Band Protocol is providing real-time prices for an array of initial Mirrored Assets based on popularity, provision of long and short positions, and broad coverage. The feeds which are live on the BandChain decentralized oracle network update every 15 seconds and are continuously optimized for additional redundancy and security guarantee through multiple institutional-grade and premium data providers.
Prices are only considered valid for 60 seconds. To protect users, if no new prices are published after the data has expired, Mirror will disable CDP operations (mint, burn, deposit, withdraw) until the price feed resumes.
Here is a list of the initial mAssets powered by Band Protocol:
mAAPL — Mirrored Apple Inc.
mAMZN — Mirrored Amazon.com, Inc.
mBABA — Mirrored Alibaba Group Holding Limited
mGOOGL — Mirrored Alphabet Inc.
mMSFT — Mirrored Microsoft Corporation
mNFLX — Mirrored Netflix, Inc.
mTSLA — Mirrored Tesla, Inc.
mTWTR — Mirrored Twitter Inc.
mIAU — Mirrored iShares Gold Trust
mQQQ — Mirrored Invesco QQQ Trust
mSLV — Mirrored iShares Silver Trust
mUSO — Mirrored United States Oil Fund, LP
mVIXY — Mirrored ProShares VIX Short-Term Futures ETF
Band Protocol is thrilled to work with Terra to be one of the first to market by bringing 24 hour trading to synthetic versions of stocks, ETFs and more. With security and usability as the top priority, both teams will continue to create and improve the Mirror Protocol infrastructure by onboarding more institutional data providers, optimize the oracle design to mitigate front-running and sandwich attacks, and expand product offerings for the next wave of DeFi and blockchain adoption.
About Mirror Protocol
Mirror Protocol is a DeFi protocol powered by smart contracts on the Terra network that brings price exposure to real-world assets on-chain. Bridging DeFi with traditional markets, Mirror introduces mAssets — synthetics that can be held in fractional amounts and transacted without involving real assets, while maintaining open access and censorship resistance. Initially developed by Terra, Mirror is a decentralized protocol from the onset, with all decisions determined by on-chain governance.
Website | Docs | Github | Medium | Telegram | Discord | Twitter
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github