​​Mirror Protocol (MIR) Mirror Protocol is a DeFi protocol bu | Crypto Great | Bitcoin | DeFi

​​Mirror Protocol (MIR)

Mirror Protocol is a DeFi protocol built on the Terra blockchain that enables users to trade synthetic assets that mirror the prices of real world assets.

In our January issue we covered Mirror’s proposal for whitelisting Chainlink Oracles pending a community vote. Late last month, the proposal passed successfully.

Oracle feeds play a crucial role in the DeFi ecosystem, particularly in synthetic assets that are pegged to real-world assets.

For Mirror, the Chainlink integration will upgrade its oracle mechanism to secure the issuance and liquidation of mAssets (Mirrored assets). This mechanism assures any asset data brought on-chain is relayed in a secure and reliable manner.

This will allow more synthetic assets for the Mirror protocol, whether it’s commodities, cryptocurrencies, or even forex pairs.

As Mirror provides more synthetic assets, the platform’s usage should increase in-step, which makes us bullish on the long-term price appreciation of MIR tokens. However, as we covered in last month’s issue, Mirror protocol is still facing some legal issues it needs to resolve, MIR tokens are poised for a pump in price if we see a positive outcome. We’ll keep you updated as the situation evolves.