Mirror Protocol Partners With Band Protocol to Secure Issuance of Synthetic Stocks and ETFs

Mirror Protocol
Dec 8, 2020 · 3 min read
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Mirror has strategically partnered with cross-chain data oracle Band Protocol, successfully integrating price feeds for an initial set of assets, covering blue chip stocks, commodities and ETFs. To ensure that the price of an 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. Mirror currently holds over $54M in total value locked, secured by Band Protocol.

Band Oracles Powering mAssets

Band Protocol, a cross-chain data oracle that aggregates and connects real-world data and APIs to smart contracts, provides real-time prices for the initial set of mirrored assets (mAssets) on Mirror Protocol. Mirror brings together the best of DeFi with interchain real-world asset exposure relying on Band Protocol’s scalable, real-time decentralized oracles, ensuring that orders are executed at the pace of network blocktime — every 15 seconds. Within a few days of launch, Band Protocol secures $54.47M in total value locked on Mirror.

In line with Mirror Protocol’s commitment to providing the highest degree of security and usability for users, we have chosen Band Protocol as the emerging leader for scalable and customizable oracle technology and have been extremely pleased with their robust infrastructure powering the back-end of synthetic assets. By integrating Band Protocol, Mirror is able to leverage a truly decentralized oracle network with 72 active validators without any centralized whitelisting or audit processes common in other oracle solutions that would pose a risk to the decentralized nature of Mirror.

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Mirror captures $54.47M in TVL within days after launch on Dec. 4

Securing the Gateway For The $89.5 Trillion Stock Market

Band Protocol provides real-time prices for the initial set of mAssets, determined based on popularity, provision of long and short positions, and broad coverage. Price feeds — live on the BandChain decentralized oracle network — update every 15 seconds. They are consistently optimized for increasing redundancy and security via numerous institutional-grade and premium data providers. To guarantee user protection, prices expire within 60 seconds, meaning that if prices are not updated after expiration, Mirror disables CDP operations (minting, burning, deposits, withdrawals) until the price feed is restored.

Looking Forward

Mirror Protocol is pleased to partner with Band Protocol to empower 24-hour trading in synthetics based on real-world value. Always putting users at the forefront, Mirror and Band plan to continuously improve Mirror Protocol’s design by onboarding reputable institutional data providers, optimizing oracle design to respond effectively to attacks, and expand the scope of what is possible in the next generation of DeFi and blockchain adoption.

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

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. Though 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

Mirror Protocol

Synthetics protocol for on-chain price exposure to real world assets.

Mirror Protocol

Written by

Synthetics protocol for on-chain price exposure to real-world assets. https://mirror.finance/ — https://twitter.com/mirror_protocol

Mirror Protocol

Synthetics protocol for on-chain price exposure to real world assets.

Mirror Protocol

Written by

Synthetics protocol for on-chain price exposure to real-world assets. https://mirror.finance/ — https://twitter.com/mirror_protocol

Mirror Protocol

Synthetics protocol for on-chain price exposure to real world assets.

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