The partnership between Mirror Protocol and Band Protocol is proving strategically important due to its relevance for investors worldwide. Mirror Protocol is a decentralized protocol in the financial ecosystem which has pioneered the concept of mAssets (synthetic assets). Its association with the Band Protocol has resulted in the integration of decentralized, low-latency oracles providing the latest price information on the decentralized network of BandChain. The Band Protocol’s success can be estimated because the platform has been able to gain control over assets worth of $54.47M.
The Mirror Protocol is invented by Terra with the specific aim of expanding the accessibility and speedy execution of orders around the financial markets. This protocol offers the best of both the worlds – exposure to the real-world assets built on Ethereum and Terra blockchains and decentralized oracles from the house of Band Protocol to execute the orders swiftly. The real-time information on the prices of various assets is provided by the Band Protocol, and the whole information is live on the decentralized network of BandChain.
To make the information more credible, it is updated every 15 seconds with inputs from the range of premium and institutional-grade data providers. It is important to note that prices are considered eligible only for 60 seconds. If no new price data is published, the operations related to assets will be automatically disabled until the new feeds are resumed, thereby bringing credibility to the whole process.
The association is significant, and both organizations have expressed their desire to consolidate further for a safe and secure trading experience for investors across the globe. The improvement in the current ecosystem of Mirror Protocol will continue with the onboarding of more data providers, optimize the oracle network, and expand the current offerings in terms of stocks and ETFs offered to investors.
