Decentralized finance (DeFi) offers several benefits over traditional or centralized finance (CeFi). These have largely been the reasons behind its surge in adoption in recent years. DeFi has exploded over the past few years in terms of adoption and capital lockup. Even during a brutal bear market, there is still more than $100 billion locked in DeFi. Since the beginning of 2021, there...
Based on reports, a seemingly catastrophic loss on Terra's Mirror Protocol was just averted at the last minute. Key takeaways The Mirror protocol stopped an exploit that started yesterday and resulted in a loss of around $2 million. The stalled project has some assets affected to prevent funds from being further withdrawn. The mirror log […] The post...
Terra's Mirror Protocol has resolved an ongoing exploit that caused the network to lose over $2 million yesterday. Mirror Protocol Disables Affected Pools An attack on Mirror Protocol began yesterday,...
Once one of the most popular protocols on the Terra ecosystem, the Mirror Protocol might be seeing its final moments. Per a report from a pseudonym user, know as Fatman on Twitter, the platform has been under attack for the past day with losses amounting to millions of dollars....
Summary: The team at the Terra-based Mirror Protocol has stopped an ongoing exploit that had already siphoned off $2 million in assets. The exploit was made possible through a faulty price Oracle that quoted the price of LUNC at around 5 UST when it was much lower. The attacker then loaded up on collateral and exited with borrowed real assets. The team at...
Mirror Protocol, a DeFi application built on the old Terra blockchain, was attacked by a $90 million exploit in October 2021, and it remained entirely undiscovered until last week. The attacker was able to unlock collateral from the protocol multiple times while just paying a little fee each time. Terra's DeFi Attacked Seven Months Ago A pricey Terra DeFi exploit went unreported for...
The native token of the Mirror Protocol has seen an uptick in trading and prices this week. The move comes ahead of this week’s Terra 2 blockchain genesis and airdrop. MIR, the native token of Mirror Protocol has spiked this week. On May 24th, the token doubled in price. The token price jumped from $0.27 to just below $0.56 before retreating on...
Terra is a blockchain-based ecosystem with a native algorithmic stablecoin (UST) designed for real-world adoption and a native token (LUNA) used to stabilize UST's dollar peg; in May 2022, UST and LUNA crashed in price due to UST losing its dollar peg. Prior to Terra losing its dollar peg, UST was the third-largest stablecoin by marketcap. UST was controversial in that its...
Mirror Protocol is a decentralized blockchain-based protocol that allows users to trade tokenized synthetic assets on the Terra blockchain; each synthetic asset on Mirror represents a real-world asset, such as stocks, such as NFLX or TSLA, or a commodity, like wheat or gold. Hosted on the Terra blockchain, the Mirror Protocol can be used for various cross-chain and multi-chain...
Terra is a blockchain-based ecosystem with a native algorithmic stablecoin (UST) designed for real-world adoption and native token (LUNA) used to stabilize UST's dollar peg. TerraUSD (or UST) is the third-largest stablecoin by marketcap, but is unique in that its value (currently $18.6 billion) is determined algorithmically...
DeFi is fast evolving to suit the increased demand for economic independence. As a result, several projects have emerged with a wide range of financial services to match this need. The concept of synthetic assets is a recent innovation. Synthetic assets are assets that closely resemble real-world financial assets. In addition, they can draw their value from stocks, commodities, and other underlying...
A few days back, Terra surpassed Binance Smart Chain in DeFi TVL. It climbed up to become the second-largest DeFi blockchain with more than $21 billion. Which are the projects being built in this blockchain? What makes these dApps different? This article will uncover four exciting...
There has been a lot of crackdown on crypto companies, following authorities' growing demand for regulations. However, these crackdowns have led to community members criticizing the US Securities and Exchange Commission for reportedly lacking a clear regulatory framework. Recently, Terraform Labs—the platform behind Mirror Protocol, and one of its founders, Do Kwon, sued the SEC for serving the latter a subpoena in public....
Last week, Bitcoin experienced significant fluctuations in price, ranging between $35,787.08 and $32,890.85. However, today the crypto is trading at $35,297.46 with a 24-hour trading volume of $34,850,147,452. Bitcoin price is also up 1.3% in the last 24 hours. The decentralized finance (DeFi) space, on the other hand, has been rocking the crypto space with top DeFi updates. To keep our readers informed...
Mirror Protocol has added the S&P 500 Index to their platform, giving investors access to a cryptocurrency token that is tied to the performance of the stock market. Mirror Protocol Adds Index Fund The S&P 500 is a commonly- followed index of the 500 largest publicly traded...
Mirror Protocol is a new entrant in the now expanding space of synthetic assets platforms. It works on the Terra blockchain and is available on Ethereum via the Shuttle-bridge. These platforms allow every asset to be represented on the blockchain. So, Mirror Protocol allows synthesis and management of these tracked assets, what else does it do?...
This week's wNews column explores the various ways to measure retail's entry into cryptocurrency, as well as why the world's richest man is so obsessed with Dogecoin. Besides DOGE's...
One of the primary convictions of DeFi and the crypto community is to grant broader financial access to many of the world’s financially underserved regions. The current macroeconomic environment confines the wealth creation of global markets and major asset classes to a small range of influential, geographically-confined economic leaders. The subsequent wealth disparity is fueled [...] The post Mirror Protocol: The Terra-Based Synthetic...
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