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Rachel Welch

19 November 2022 143 Read Altcoins

Mirror Protocol

Originally launched by Terraform Labs, Mirror Protocol is a decentralized crypto protocol that facilitates the tokenization of traditional assets. Using smart contracts, Mirror Protocol allows users to mint synthetic versions of assets and trade them on a decentralized network. It is similar to an ETF. But because Synthetics are not backed by an underlying product, the value of a Synthetic does not depend on demand or supply.

Mirror Protocol runs on the Terraform Labs blockchain. It has a fully decentralized governance system, allowing investors to vote on protocol items. Mirror Protocol was launched with 14 assets, including NFLX, TSLA, GOOGL, and Alphabet. It currently supports tokenized U.S. equities and real estate. In June 2021, Mirror Protocol announced a version 2 of its network.