MIRROR PROTOCOL HAS JOINED THE EASYFI ECOSYSTEM, BRINGING TOKENIZED STOCKS AND COMMODITIES TO BINANCE SMART CHAIN MONEY MARKETS
Mirror Protocol is pleased to announce that it has partnered with EasyFi Network to launch a new collection of tokenized stocks and commodities collateral markets on the Layer 2 DeFi lending protocol. This collaboration aims to add the “FAANG” collection of assets to their Terra platform as five big tech mAssets mirrored by the partners Facebook, Amazon, Apple, Netflix, and Google, as well as other assets.
EasyFi’s Tokenized Stocks and Commodities Money Markets will be the first of its kind on a Layer 2 DeFi platform.
SOME MOST IMPORTANT ASPECTS OF THIS RELATIONSHIP
1. This integration will involve tokenized versions of global stocks from Apple, Facebook, Google (Alphabet), Amazon, Tesla, Twitter, Microsoft, and others.
2. EasyFi will add the mAssets specified on Terra Finance’s Mirror protocol, such as mAAPL, mFB, mGOOGL, mAMZN, mNFLX, mTSLA, mTWTR, mMSFT, mQQQ, and mUSO, to the Binance Smart Chain-based protocol as new money markets.
3. In due course, these markets will be allowed one by one.
4. Holders of Mirror’s mirrored money, or mAssets, will soon be able to lend their tokenized stocks. This will be a BSC-based protocol integration.
5. On EasyFi @ BSC, users can also take out loans against their tokenized stock positions.
6. Users can borrow stablecoins like USDC, BUSD, and DAI, among others, against all of their collateral assets.
The Mirror network is a DeFi protocol on the Terra network operated by smart contracts that allow the development of synthetic assets known as Mirrored Assets (mAssets). The Mirror web app and Mirror Wallet are censorship-resistant and available to everyone in the world (mobile). Mirror has amassed more than $1.8 billion in TVL and $900 million in overall liquidity in just four months of operation. The synthetic assets on Mirror, known as mAssets, are available on Terra, Ethereum, and Binance Chain, giving financially disenfranchised users worldwide large exposure to major asset groups.
Mirror is a community-driven project: its markets are managed by users through MIR rewards, and the protocol develops in response to new ideas through democratic governance.
mAssets are virtual assets on Mirror that imitate the market actions of real-world assets, allowing traders from all over the world to gain price exposure without the hassles of owning or transacting real assets. The minting of mAssets is decentralized, and it is done by users all over the network by depositing Terra’s primary fiat-pegged stablecoin, UST, into a collateralized debt position (CDP). Based on governance criteria for the over-collateralization ratio as determined by the community, Mirror ensures that there is always enough collateral within the protocol to cover mAssets.
Easyfi is a scalability, composability, and adoption-focused universal layer 2 lending protocol designed for DeFi. It was created as an open and inclusive financial network infrastructure that runs on public networks and allows for end-to-end lending and borrowing of digital assets and related financial items. Easyfi is based on the principles of permissionless networks and smart contract automation.