- Mirror completed the integration of a cross-chain bridge to Binance Smart Chain, enabling UST, LUNA, MIR, and Mirrored Assets to be ported to BSC.
- The integration opens access directly from BSC applications.
- The first mAssets to list on BSC will be the tech stocks Tesla, Amazon, Netflix, and Google.
Mirror completed integrating a cross-chain bridge to Binance Smart Chain (BSC). The bridge allows porting assets, including Mirrored Assets (mAssets), Terra’s stablecoin UST, governance token MIR, and its native token Luna to BSC. Moreover, the first digital mAssets to list will be the major tech stocks Tesla, Amazon, Netflix, and Google.
— Mirror Protocol (@mirror_protocol) January 22, 2021
DeFi Protocol Introduces Synthetic Stocks
Powered by Terra’s smart contracts, DeFi protocol Mirror has completed integrating a cross-chain bridge to Binance Smart Chain. Thus, synthetic assets such as UST, LUNA, mAssets, and MIR become closer to the BSC community. According to Terraform Labs CEO, the exposure to mAssets will increase composability and liquidity beyond the blockchain network.
Furthermore, DeFi DApps PancakeSwap and StableXSwap will handle mAssets and UST’s initial liquidity. PancakeSwap is an automated market maker (AMM) DEX. Meanwhile, StavleXSwap is a stablecoin DEX similar to Curve on the Ethereum network.
Interestingly, at first, they built Terra’s cross-chain bridge between Terra and Ethereum. Due to this, they can send their assets from the Terra blockchain to Ethereum. However, the new integration will now allow users to access mAssets directly from BSC applications.
Notably, the first mAssets to list on BSC’s PancakeSwap will be the major tech stocks Tesla, Amazon, Netflix, and Google through its mirrored mAsset versions. To seed initial liquidity, Terraform Labs will utilize the UST/BUSD trading pair on PancakeSwap. What is more, LUNA will act as an incentive for liquidity providers.
At the same time, StableXSwap will list UST against BUSD by using the platform’s low-slippage bonding curve pool. What is more, in the coming weeks, the rewards for liquidity will be issued in Terra’s LUNA. Within a few weeks, StableXSwap is also upgrading its DEX slippage. The upgrade will help to reduce the cost of swapping between stablecoins.
Worth mentioning, the BSC integration is Mirror’s second significant cross-chain bridge. It represents an appealing opportunity for the DeFi community to tap into synthetic assets’ potential. Specifically, the mAssets can be deployed for various purposes, including collateral in lending protocols, leveraged trading of synthetics, used by LPs in yield farming programs, and synthetic stable pools, and more.
Summing all the above, it seems that Mirror and BSC are optimistic about continuing to engage in ways expanding exposure to mAssets on Mirror.