{"id":11036,"date":"2023-04-18T00:06:32","date_gmt":"2023-04-18T00:06:32","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=11036"},"modified":"2025-09-10T15:21:20","modified_gmt":"2025-09-10T15:21:20","slug":"what-is-mirror-protocol","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol","title":{"rendered":"What is Mirror Protocol?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#what_is_mirror_protocol\" >What is Mirror Protocol?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#decentralized_platform\" >Decentralized platform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#what_is_a_synthetic\" >What is a synthetic?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#what_is_an_oracle\" >What is an oracle?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#what_does_mirror_protocol_have_to_offer\" >What does Mirror Protocol have to offer?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#dashboard\" >Dashboard<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#trade\" >Trade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#borrow_mint\" >Borrow, Mint<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#farm\" >Farm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#govern\" >Govern<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#summary\" >Summary<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#mir_the_mirror_protocol_token\" >MIR, the Mirror Protocol token<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-mirror-protocol\/#a_look_into_the_future\" >A look into the future<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 8<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>It was December 2020, little was being said about Terra\u2019s blockchain, LUNA and UST, when Mirror Protocol was taking its first steps.<\/p>\n<p>In a nutshell, Mirror Protocol is a platform created to represent assets, from the blockchain world but also from outside, and to be able to operate them with all the advantages granted by decentralization.<\/p>\n<p>Being Terra\u2019s first platform, the ecosystem has a special affection for it. But the success of Mirror Protocol does not depend on the emotions of the Lunatics (LUNA fans) of the first hour, but on\u00a0<strong>the unique solution it provides.<\/strong><\/p>\n<p>I invite you to get to know all the benefits that this decentralized application has to offer.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_mirror_protocol\"><\/span><b>What is Mirror Protocol?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p><strong>Mirror Protocol is a decentralized platform, hosted on the Terra network, on which various transactions can be carried out with a special type of cryptocurrency, called synthetics.<\/strong><\/p>\n<p>Now, step by step, I will explain what the previous sentence means.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"decentralized_platform\"><\/span><strong>Decentralized platform<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>By now, I assume that everyone reading this article knows what a d<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\/\">ecentralized platform or application<\/a>\u00a0is. But just in case, as the public renews itself,\u00a0<strong>these are applications that instead of being hosted on a single server or computer, are hosted on a decentralized blockchain, where each node acts as a server for this application, thus avoiding a \u201csingle point of failure\u201d.<\/strong><\/p>\n<p>And what benefits does this bring to Mirror? Well, two very important ones, compared to the traditional financial world:<\/p>\n<ul>\n<li>\n<ul>\n<li aria-level=\"1\"><strong>No authorization is required to start trading.<br \/>\n<\/strong><\/li>\n<li aria-level=\"1\"><strong>Mirror operates every day, around the clock.<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Remember these two points well, as they will take on special significance throughout the article.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"what_is_a_synthetic\"><\/span><strong>What is a synthetic?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The English word \u201cmirror\u201d means, in English, mirror and it makes a lot of sense.\u00a0<strong>I can say that a \u201csynthetic\u201d is a species within the \u201ccryptocurrency\u201d type and its main characteristic is to follow or replicate, like a mirror, the price of another asset.<\/strong><\/p>\n<p>These synthetics, in Mirror, are called mAssets and can be traded within the platform. We have mAssets that represent other cryptocurrencies, such as mETH or mBTC, but also mAssets that represent stocks from the traditional world. And this is where the great innovation of Mirror lies.<\/p>\n<p>Now, let\u2019s pause a bit and imagine the game of possibilities that opens up being able to trade assets such as Google, Facebook or Apple shares 24 hours a day, 365 days a year, simply by connecting our wallet. As they say in crypto jargon, this is a \u201cgame changer\u201d.<\/p>\n<p>Now, you may be wondering, how do these synthetics track the price of the underlying asset? The answer is, by means of an\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-blockchain-oracle\/\">oracle<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"what_is_an_oracle\"><\/span><strong>What is an oracle?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When explaining what a blockchain is, it is, or at least should be, emphasized that they are secure because they are isolated.<\/p>\n<p>This means that in order to participate in it, all players must submit to rigorous rules, which allow them to operate without having to ask for permission. Of course, we all assume that users will respect these rules thanks to\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-proof-of-work-the-bitcoin-consensus-protocol\/\">consensus<\/a>, and so we can sleep soundly.<\/p>\n<p>This is why oracles were born.<strong>\u00a0It is a highly complex development that allows a blockchain to securely consume information that is outside of it. In this case, that information is the price of gold, Tesla or Apple shares. In short, oracles are the secure connection between a blockchain and the external world.<\/strong><\/p>\n<p>Well, having unraveled the initial sentence, we still need to know what operations we can perform in Mirror. Will you join me?<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_11147493\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Mirror Protocol?\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_does_mirror_protocol_have_to_offer\"><\/span><strong>What does Mirror Protocol have to offer?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>At this point of the article we can say that, broadly speaking, we know how Mirror works and what options it offers. But what am I talking about when I say \u201ctrading assets\u201d, is it possible to do more than just buy them, what currencies do we invest in the platform with? All these questions and more are the focus of this section, so let\u2019s start breaking down Mirror Protocol.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"dashboard\"><\/span><strong>Dashboard<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The first option when entering Mirror is a dashboard. Undoubtedly, from Terra\u2019s applications it is notorious the importance they give to the user experience and the work that exists to provide a good visualization of the pages.<\/p>\n<p>Mirror, being the first, led the way. Its dashboard is simple and elegant. In the first box we see our holdings and on the right we find our rewards in MIR (Mirror\u2019s native token), if we have them pending withdrawal, the MIR price and a button to claim rewards.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"trade\"><\/span><strong>Trade<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While some time ago most of the trades on\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-terra-luna-the-blockchain-that-unites-two-worlds\/\">Terra<\/a>\u00a0ran via TerraSwap, Mirror bet from the beginning for self-sufficiency and presented us with a simple tool to buy and sell our coins. Of course we can buy MIR and all the mAssets available on the platform, in exchange for UST (Terra\u2019s decentralized algorithmic stablecoin).<\/p>\n<p><strong>So, it is here where we find the first way to trade these mAssets or expose ourselves to their price, directly buying them in exchange for UST.\u00a0<\/strong>The price of the mAsset will depend on the information brought by the oracle plus the variations of the same on the platform, due to the selling and buying pressure.<\/p>\n<p>Let\u2019s remember that these assets, in the real world, are traded during working hours, but at Mirror they do not rest. Therefore, there are often very interesting arbitrage opportunities on weekends.<\/p>\n<p><strong>Important detail: there are \u201climit orders\u201d, so we can set the price at which we want to buy or sell an asset and when this price becomes a reality, our order is automatically executed.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"borrow_mint\"><\/span><strong>Borrow, Mint<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Here what Mirror offers us is the possibility, through a collateral such as UST, LUNA, aUST (token that represents UST deposits in Anchor Protocol) or any mAsset, to \u201cmine\u201d, create or mint a mAsset.\u00a0<\/strong>The platform well indicate us the price difference, called \u201cPremium\u201d, between the price given to us by the oracle and the price of the mAsset in Mirror. More arbitrage opportunities.<\/p>\n<p>Now, not everything is rosy. It is necessary to be cautious with the ratio of our collateral, which must always be higher than 150%, since below that percentage, part of our collateral will be liquidated to cover our position.<\/p>\n<p>The platform suggests a minimum of 200% in order to be calm and allows us a maximum of 310%. Finally, at the time of unwinding our position, which would be to return the mAsset to recover our collateral, we must pay 1.5% on the total.<\/p>\n<h4><strong>How does the collateral work to \u201cmine\u201d mAssets?<\/strong><\/h4>\n<p>Suppose we want to mine mAAPL, the synthetic that follows, represents, or \u201cmirrors\u201d, the price of Apple\u2019s stock. At the moment, the oracle indicates that its price is 171.88 UST.<\/p>\n<p>In this example, we select UST as collateral and load the amount of 1000. The next step is to \u201cset\u201d the percentage of our collateral. To rest our head on the pillow, we select 200%.<\/p>\n<p>Just scroll down to the third step, \u201cConfirm borrow amount\u201d, to confirm the amount borrowed or minted from the mAsset, to see that we will leave here with about 2.908921 mAPPL.<\/p>\n<p>If one mAPPL is quoted at 171.88 UST, the mAPPL we will obtain, 2.908921, represents 499.98 UST.<\/p>\n<p>With round numbers, it is simpler to see. By setting the collateral at 200% we are using only half, 500 UST, of our initial capital, 1000 UST, to \u201cmine\u201d mAPPL, while the rest will act as our lifeline in case of changes in the mAsset price.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"farm\"><\/span><strong>Farm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Finally, we come to the heart of the matter, where the strategies are enhanced and propagated. Here we will find a list with all the available mAssets and two striking columns, \u201cLong\u201d and \u201cShort\u201d. Continuing to the right we will see the \u201cPool Price\u201d and the already mentioned \u201cPremium\u201d. But it is on the first two columns where Mirror becomes extremely interesting. Let\u2019s take a look at what they have to offer.<\/p>\n<h4><strong>Long<\/strong><\/h4>\n<p>Let\u2019s take the first mAsset as an example, mNIO. In the \u201cLong\u201d column we find 47.51%, what does this number mean? It is the annual percentage that will be paid in the MIR token, to those who open a long position in the mAsset, and how do you open a long? you may rightly ask. Simple.<\/p>\n<p><strong>To open a \u201cLong\u201d in mNIO we must provide the same amount, quoted in UST, of mNIO and UST, in other words offer liquidity to this pair and for doing so we will receive that 47.51%.\u00a0<\/strong>Those mNIO we can either buy them or \u201cmine\u201d them, Mirror showing us its own \u201cmoney legos\u201d.<\/p>\n<h4><strong>Short<\/strong><\/h4>\n<p>Undoubtedly, the option that attracted the most attention when Mirror version 2 went into production.\u00a0<strong>In this section, users have the possibility of betting that the mAsset they are going to trade will go down in price. Yes, what is commonly known as \u201cshorting an asset\u201d.<\/strong><\/p>\n<p>The operation is similar to borrow, with the difference that our collateral would be liquidated in the event that the mAsset rises in price and reduces our collateral below 150%.<\/p>\n<p>But that\u2019s not all, for opening a \u201cshort\u201d position on mNDIO, the platform will give us 93.84% in MIR. Impeccable.<\/p>\n<p>Please note that these positions cannot be unwound for two weeks and a 1.5% fee must be paid when doing so.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"govern\"><\/span><strong>Govern<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Fundamental section for the platform. Mirror is 100% decentralized and this requires committed and active users. Those who own MIR can deposit them in the governance in exchange for a percentage return.<\/p>\n<p>However, the key function of this section is undoubtedly governance.\u00a0<strong>Here you will find all the votes, open and closed, in which users participate by blocking their MIR until they are finished. The future of Mirror is decided while in return, a return is received for the blocked MIRs.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"summary\"><\/span><strong>Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>In conclusion, Mirror allows us to be exposed to asset prices of the decentralized world, such as mBTC or mETH, but also to assets of the traditional financial world, such as stocks or the price of gold, in a decentralized way, without any permission to apply for or any form or requirement to comply with.<\/strong><\/p>\n<p>The strategies here are very varied, but I do not want to fail to mention one of them, which caught the attention of many users.<\/p>\n<h4><strong>Delta Neutral Strategy<\/strong><\/h4>\n<p>This is an investment strategy, which allows us to protect ourselves from the price of a mAsset, while taking advantage of the juicy MIR fees for opening positions.<\/p>\n<p>To carry it out, it is necessary to take a capital, divide it in two and use a part to open a \u201clong\u201d position in an asset and a \u201cshort\u201d position with the rest. In this way, we cover ourselves from the variation of that asset, while we enjoy the \u201crewards\u201d in MIR.<\/p>\n<p>Although this is not investment advice, it is necessary to analyze the costs of fees and possible risks faced before undertaking such a strategy.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1080027163\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1-300x205.jpg 300w\" alt=\"\u00bfQu\u00e9 es Mirror Protocol?\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Mirror-Protocol1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"mir_the_mirror_protocol_token\"><\/span><strong>MIR, the Mirror Protocol token<br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>The importance of this token for the platform is notorious.<\/p>\n<p><strong>As a reward token, it has two major streams:<\/strong><\/p>\n<ol>\n<li>\n<ol>\n<li aria-level=\"1\"><strong>It is delivered to those who provide liquidity on the platform.<br \/>\n<\/strong><\/li>\n<li aria-level=\"1\"><strong>Weekly, for an entire year, it was distributed as AirDrop to those who delegated their LUNA with network validators.<\/strong><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>But its superlative function is to govern the protocol. The importance of this role was evidenced by the attempted attacks that Mirror Protocol received from the SEC. It is no surprise that a platform that allows synthetic trading of shares of the most important US indexes, without having to ask for permission, is not looked upon favorably by this body.<\/p>\n<p><strong>For this reason, Terraform Labs got rid of absolutely all the MIRs it owned and the protocol became 100% decentralized, governed by its users, by means of the votes explained above.<\/strong><\/p>\n<p><strong>Thanks to decentralization, Mirror Protocol became \u201cuntouchable\u201d.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"a_look_into_the_future\"><\/span><strong>A look into the future<br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Undoubtedly, the application that allowed exposure, for the first time in the short history of Smart Contracts, in a decentralized manner and without the need to ask for permissions, to asset prices in the traditional financial world, is well positioned for what is to come.<\/p>\n<p>As Terra\u2019s diffusion continues to grow, so will Mirror Protocol.<br \/>\nIt is a 100% decentralized protocol, governed by its users. Its governance token recently completed its AirDrop cycle. It will be interesting to watch its price from here.<\/p>\n<p>But, from now on, what Mirror Protocol must show to its own and others, is that the level of decentralization achieved is a \u201cfeature\u201d and not a \u201cbug\u201d\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 8<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>It was December 2020, little was being said about Terra\u2019s blockchain, LUNA and UST, when Mirror Protocol was taking its first steps. In a nutshell, Mirror Protocol is a platform created to represent assets, from the blockchain world but also from outside, and to be able to operate them with all the advantages granted by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-11036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=11036"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11036\/revisions"}],"predecessor-version":[{"id":24598,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11036\/revisions\/24598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7368"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=11036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=11036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=11036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}