Can the Mirror Protocol (MIR) make money from Interchain Access? — Market Mad House

The Mirror Protocol (MIR) is a decentralized finance (DeFi) protocol powered by smart contracts. Mirror operates on the Terra (LUNA) blockchain.

They describe the Mirror Protocol as an interchain defi protocol. An interchain protocol can connect with decentralized applications (DAPPs) across many blockchains. Hence, the Mirror Protocol acts as a shortcut between blockchains.

For example, Mirror Protocol uses the Shuttle bridge to make interchain transfers between the Ethereum, Terra, and Binance Smart Chain blockchains. Hence, the Mirror Protocol could help a game or a decentralized exchange accept payments in Ethereum (ETH), Terra Luna, Binance (BNB), USDC (USDC), TerraUSD (UST), and Binance USD (BUSD).

Is the Mirror Protocol a DAPP for Derivatives?

The Mirror Protocol (MIR) allows users to create synthetic assets they call Mirrored Assets (mAssets).

They claim mAssets can mimic the price behavior of real-world assets without having to own those assets. Hence, owning mAssets reduces trading and speculating on those assets.

Therefore, I consider mAssets, derivatives. A derivative is a tradeable contract based on an underlying asset or collection…