Mirror Finance Report by Jesse

Welcome to Episode #30 of Wealth Mastery Coin Review. I hope everyone has had a wonderful week stacking sats and watching Ethereum dominate market sentiment. If you’re new to the newsletter I’d suggest downloading Issue #22 where I review Terra Protocol. If you haven’t already, It will assist in understanding the foundational structure behind today's review of their newest addition Mirror Protocol.

Introduction

Mirror Protocol​ is the first synthetic assets protocol that tracks the price of stocks, futures, exchange-traded funds, and other traditional financial assets. Mirror Protocol enables the minting of synthetic assets called “​mAssets” (Mirrored Assets​). These mAssets "mirror" the price behavior of real-world assets by reflecting the exchange prices on-chain. These synthetics can be held in fractional amounts and transacted while maintaining open access and censorship resistance. Developed by Terraform Labs (Wealth Mastery Issue #22), Mirror is a decentralized protocol, with all decisions determined through on-chain governance. In doing so Mirror Protocol democratizes access to US equities and other assets that have been difficult to approach for anyone outside of the United States. Mirror Protocol is designed to expand global accessibility to foreign markets, reducing the friction when switching between different assets, and enabling speedy order executions. Combining the best that DeFi has to offer with real-world asset exposure built on both Terra and the Ethereum blockchain. Mirror utilizes a combination of liquidity pools for each asset with scalable, real-time decentralized oracles provided by Band Protocol and others to ensure that orders can be executed as fast as the block time of the network.

To mint these mAssets, issuers are required to lock up 150% of