MIR, a synthetic asset protocol created by Terraform Labs (TFL) on the Terra blockchain, is the governance token of Mirror Protocol.
What is Mirror Protocol (MIR)?
Mirror Protocol is decentralized from day one, governed by MIR token holders through on-chain knowledge treasury and code changes. TFL has no intention to hold or sell MIR tokens and there are no given administrator keys or special access privileges. The goal is to be a completely decentralized, community-focused project.
Mirrored assets are blockchain tokens that act like “mirror” versions of real-world assets, reflecting their exchange prices on the chain. They provide investors with fractional ownership, open access, and resistance to censorship, while enabling price investment in real assets. Unlike traditional tokens that serve to represent a real underlying asset, mAssets are entirely synthetic and capture only the price movement of the related asset.
Mirrored assets provide the following advantages:
- Global Accessibility: In most markets outside Europe and North America, access to foreign stocks and forex markets is quite limited. Crypto allows global accessibility without entry barriers.
- Fractional Orders: In traditional finance, multiple fractional orders are combined to execute a unitary transaction. The process of combining all orders requires additional waiting time. Using blockchain, the order volume is simply represented as a number on the blockchain, so there is no need for intermediary packaging process.
- Nearly Instant Order Execution: Orders can take up to a day to be fully executed due to lack of liquidity (price-time-priority order book algorithm) most of the time. Considering the fact that Mirror’s liquidity is provided by each asset pool, orders can be executed as fast as the network’s block time (~ 6 seconds).
How to Buy Mirror Protocol Coin?
MIR Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy MIR Coin, one must first register on Binance and then send fiat currency. After sending a fiat currency like dollars, purchasing MIR Coin can be done by buying Bitcoin (BTC), BUSD, and Tether (USDT) in the MIR trading pair.
In addition, on Binance, users can place orders to buy at a price lower than the market value. For this, using the Limit tab and entering the desired amount and price is sufficient.
