[ANN] Mirror Protocol Launch - Trade real-world assets with crypto now!

[Mirror.One]

Announcing the launch of Mirror Protocol    

We are excited to announce the launch of Mirror Protocol, a trading and liquidity platform for crypto-owners. Mirror protocol is perfect for crypto-traders, investors, and crypto-firms who want to gain exposure to real-world traditional assets to diversify their portfolios without the need to convert their crypto-currencies into any other native currency.

Whitepaper: https://mirror.one/Mirror_Protocol_Whitepaper.pdf
Website: https://mirror.one/
DAPP Platform: https://mirror.one/mirror-token


What is Mirror Protocol?
Mirror.One or just “Mirror” is a trading and liquidity protocol that allows traders to replicate the returns of real-world tradable assets in a constraints-free and decentralized ecosystem. The use cases of the trading protocol span from tactical and quantitative trading opportunities to long-term portfolio management, diversification and hedging, transfer and inheritance of crypto-denominated traditional assets in a decentralised manner, all with an added benefit of reduced cost of investment. Mirror trading protocol will enable investors, traders, wealth management advisors, hedge funds, and other institutional and endowments funds to seamlessly gain crypto and traditional assets exposure.

Mirror liquidity protocol is self-sustaining, dynamic, and permission-less. It allows exposure to global indices, stocks, asset managers and funds looking for faster and simpler settlement to gain exposure to traditional assets. All traditional assets are backed by multi-layered liquidity pools. Investors can sell their assets anytime at the current market price 24 hours a day and 7 seven days a week.

Protocol is built keeping the following core properties in mind.
● Decentralized: No one can control the pricing and liquidity protocol
● Permission-less: Anyone in world can use it unconditionally
● Fractional: Tiny amounts of the asset can be bought and sold
● Self-regulated: Listing of new assets and liquidity pools to be governed by community
● Self-sustaining: Liquidity protocol to be self-sustaining
● Transparent: All transactions are on chain and on public ledger
● Anonymous: No profile or background information of the users is required

What is Mirror Token?
Mirror token is a native token for Mirror Protocol and mirror token holders play the central role in running the protocol. Mirror token holders are -

● Governing members of the protocol — providing token holders the ability to vote on key decisions to sustain the protocol e.g., new asset-tokens to be listed, de-listing of existing asset-tokens, listing of multi-asset synthetic products, upgrade or downgrade insurance contracts, and initiate audit of code and balances.
● Custodians of the master reserve pool — dial up or down funding of an individual asset-token liquidity pool; increase or decrease the token burn rate (within a range) when the master liquidity pool is called.
● Principal liquidity providers of the master reserve pool — earn share of all fees and staking returns from the master reserve pool.

Mirror Protocol is an honest step towards equality and simplicity. We envision a world where traditional and cryptocurrency markets are universally accessible, cheap, fast, and safe. And we hope Mirror protocol will be giant leap towards that direction.

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[1714027539]

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[sachwv]

So how are you trading "can trade 24 hours a day, 7 days a week" when markets are closed on weekend?

[Mirror.One]

So how are you trading "can trade 24 hours a day, 7 days a week" when markets are closed on weekend?

Crypto markets are 24 x 7 and we need to follow that format. In order to be truly global, it makes sense to be 24 x 7. So, we allowed trading during off-market hours. During off-market hours, the price will reflect the closing market price of the day. The trading engine will continue to match potential buyers and sellers. This allows the trading engine to offer a 24 hour, 7 days week accessible market.
So say, the closing price of Apple Stock is $117.34 at 4pm on Friday. This means that the closing price of MAPPL (an asset that we can trade at mirror) will also be $117.34. During the weekend, until Monday morning when the stock market opens, traders can still trade MAPPL @ $117.34. The trade engine will continue to match trades from buy side or sell side @$117.34. This breaks an interesting hurdle currently in the traditional crypto markets. With Mirror, you can trade anytime.

However, traders should understand that the opening price on the following day i.e. Monday morning in our example above, may not be the same as in the off-market hours. The opening price of APPL Stock on Monday morning could be $120.00, (which means MAPPL also changes to $120.00). So if the traders went short on MAPPL over the weekend, they can lose. However, traders who went long on MAPPL will make money.

[Twinkledoe]

Very big plus is that all traditional assets are backed by multi-layered liquidity pools and investors can sell their assets anytime at the current market price easely

Yes, exactly. If Tesla stock goes up from $400.00 to $450.00, our asset (replicating Tesla return - lets call it MTESLA) also goes up from $400.00 to $450.00

Now, if a trader wants to book a profit, and they had bought MTESLA $400.00, they can easily sell at $450.00 thus netting $50.00 gain at the minimum transaction cost. Hassle-free. They can do so directly through ETH or USDT or USDC. They don't have to convert their crypto to USD.

How are you going to ensure that kind of pricing in the market will be respected? As it depends on the traders once it is in the market. You have no control if someone is selling at 430 or below. How are you going to keep the price like for example not falling from 400? Yes, the stock is rising but in the crypto trading market, you have no full control of what's gonna happen unless the team can buy all sell orders below 400.

[Mirror.One]

Very big plus is that all traditional assets are backed by multi-layered liquidity pools and investors can sell their assets anytime at the current market price easely

Yes, exactly. If Tesla stock goes up from $400.00 to $450.00, our asset (replicating Tesla return - lets call it MTESLA) also goes up from $400.00 to $450.00

Now, if a trader wants to book a profit, and they had bought MTESLA $400.00, they can easily sell at $450.00 thus netting $50.00 gain at the minimum transaction cost. Hassle-free. They can do so directly through ETH or USDT or USDC. They don't have to convert their crypto to USD.

How are you going to ensure that kind of pricing in the market will be respected? As it depends on the traders once it is in the market. You have no control if someone is selling at 430 or below. How are you going to keep the price like for example not falling from 400? Yes, the stock is rising but in the crypto trading market, you have no full control of what's gonna happen unless the team can buy all sell orders below 400.

Because the prices at the Mirror trading platform are pegged/fixed to the underlying asset price. It doesn't change based on demand and supply at mirror trading. It changes based on changes in the price of the underlier. In short, we are a "trading exchange" which has fixed prices. Here is an example.

Consider TSLA trading at Nasdaq and MSTLA  trading at Mirror trading platform
At all times TSLA PRICE = MTSLA Price

Say, at Time = T0
TSLA Price @ Nasdaq = $489.60
Therefore, MTSLA Price @ Mirror =  $489.60

Notes: MTSLA price doesn't change irrespective of buyers and sellers at Mirror. The trading platform is like Uniswap. So there is only one price that can be traded. (As compared to Binance where you can see the market depth)

Now, at Time = T1
TSLA Price @ Nasdaq = $495.00
Therefore, MTSLA Price @ Mirror =  $495.00

Notes: T1 could be 1 minute later, 2 hours later, several weeks or years later. Doesn't matter. This equation will always hold true. i.e TSLA Price = MTSLA Price. No one can tamper with this equation (not even the dev team)

So in short, if someone buys MSTLA at @489.60 and sells at $495.00, they would have replicated the returns of TSLA. The convenience is that you can buy MTSLA with ETH, USDT, or USDC easily (as compared to buying TSLA, where you have to convert your ETH into USD/GBP first)

MTSLA price will be sourced in a decentralized manner from multiple sources. Currently, all asset-tokens are executed against a price that is supplied by mirror oracles using price feeds from various authorised, however, centralized brokerage firms and two separate market data terminals e.g. Bloomberg and Reuters. As an added control, the price feed then goes through a secondary reconciliation with an error threshold of .002%. Price feed will be completely decentralized as the adoption grows.

Hope this helps, but happy to explain more.

[Mirror.One]

Posting relevant links for everyone's reference:

Whitepaper: https://mirror.one/Mirror_Protocol_Whitepaper.pdf
Website: https://mirror.one/
DAPP Platform: https://mirror.one/mirror-token
Twitter Page: https://twitter.com/MirrorProtocol
Medium: https://mirrortoken.medium.com/
Telgram Channel: https://t.me/mirror_one
Etherscan: https://etherscan.io/token/0x69d7Da5DBd9b38F422E8152c721F0f4DB41fFa23

[Mirror.One]

Sharing text from our latest Medium post here:

At Mirror.One Trading Exchange, you will be able to trade stocks and equities 24 hours x 7 days a week.

Why do we need this feature?

Global markets call for the ability to trade 24–7. FX and Commodities are already 24-hr traded asset classes. However, stocks and equity indices present a different story. For years, after-hours trading functionality was only available to large institutional investors. Recently, a few brokerage houses have moved in the direction of providing after-hours services to retail investors as well. Investors can place orders at any time of the day (likely till 7 or 8 pm). Risks associated with after-hours trading include less liquidity, wider spreads, and more competition from institutional investors. In some cases, the trade confirmation process is initiated at the opening hours of the stock exchange the next day, which exposes the retail investors to gap risk i.e., until the market open — traders may not even know whether the trade has been executed and if so, at what price.

How do we do it?

At Mirror.One, trading will be allowed during off-market hours. When the markets are open — the prices of Mirror assets are pegged 1:1 with the underlying stocks and indices. After the market close, the price of Mirror assets will reflect the closing market price of the day. The market-making engine will continue to match the potential buyers and sellers at the closing market price. Similarly, during weekends, the closing price as of Friday will continue to show. This simple change allows the engine to offer 24 hours -7 days accessible market. The trade is settled exactly as it would during market open hours.

What’s the risk?

First, trading during off-market hours doesn’t allow for any intra-day trading strategies. The price of assets remains the same, so short-term tactical traders will have to wait for the markets to open to close the position at a profit or loss.

Second, traders should understand that the opening price on the following day may not be the same as in the off-market hours. This aspect of gap risk (or overnight risk) is just the market risk — which exists for every trade.

Finally, off-market hours trading may offer some opportunities for information arbitrage. The more informed traders might trade heavily on stocks during after-hours to benefit from the price movement the next day.

What’s the upside?

The convenience of a truly 24-hr market. We get to trade when we want to trade, without any execution or settlement risk.

[Sireum Leuweung]

I see your project is pretty good, but for some reason this thread seems less desirable (empty of comments).
Is this project the same as a copy trading project?

[Twinkledoe]

I see your project is pretty good, but for some reason this thread seems less desirable (empty of comments).
Is this project the same as a copy trading project?

Less comments means that there has been less marketing done from them. Usually people check and comment the projects they heard about cause is more likely to be project with good foundation.

Yes, their marketing is quite not active as I have read my post above so it means not so much activity on this thread. But thanks to the dev for answering my query here. And curious if they can truly have that kind of market movement where they can strictly follow someone else's price movement.

[Sireum Leuweung]

If I'm not mistaken in the near future they will launch one of their marketing strategies, for more details about when and how it will goes I think it's better conveyed by the Mirror Team.

If it's true then it will be good news. however, as you said let the official team announce that.

---------------
I think we are agree that this project is need some of marketing strategic. Recently I found this project on Etherscan YieldFarm Directory

[Mirror.One]

Are you similar to MIR project? Is it the same project? I saw the information on CMC about Mirror and can't get its this project or nope. Some time ago, people were skeptical about such ideas.

MIR looks like duplicate of Mirror Protocol. The name and what team are trying to do is similar. Mirror Protocol has been launched first and published the whitepaper weeks before they launched.

How to check it? Do you have any proofs? I'm just at a loss for these two projects. They are really very similar and it is difficult to understand which came first.

hi there - it is true that the projects are similar and trying to get to the same objective.  But the team and approach are different.

You can check our timeline in the links below (proof that we launched first) and you can check their timeline ( I believe they launched on Dec 3, 2020?)

Whitepaper published on November 16th - https://mirrortoken.medium.com/announcing-the-launch-of-mirror-protocol-baa590e33e8a

Twitter handle as of October 2020: https://twitter.com/MirrorProtocol

Bitcoin Talk Announcement - November 20th

[Mirror.One]

Are you similar to MIR project? Is it the same project? I saw the information on CMC about Mirror and can't get its this project or nope. Some time ago, people were skeptical about such ideas.

We are still in the private sale mode. Our Uniswap listing is scheduled to be on Dec 26th

See update here: https://mirrortoken.medium.com/mirror-one-protocol-private-sale-update-ce3cfe68fc5

We will start appearing on CMC and Coingecko after the uniswap listing

[Mirror.One]

Heave a question about LP. What % of raised funds will be used to seed the uniswap pool? When will be Uniswap listing?

It'll be added approximately 25% initially. The price at Uniswap listing will be = Privat Sale Price + % differential in ETH price between Nov. 20 and Dec. 25 (tentative date for uniswap listing). It's devs information from the Telegram. They can confirm 

This is correct. Uniswap Listing on Dec 26th!

[Mirror.One]

As I see Mirror Protocol is a decentralized trading exchange for traditional assets. For now users can trade with ETH, USDT and DAI. Will it be more options added later?

Yes, of course. We will have the most popular stocks listed on the exchange (Facebook, TSLA, APPL, NFLX, etc) You will be able to trade them directly with ETH, USDT, or DAI

[Mirror.One]

Mirror One (“Mirror”) is a trading and liquidity protocol that allows traders to replicate the returns of real-world tradable assets in a constraints-free and decentralized ecosystem.

Could you provide an example of replication? I'm not dully understand this  Btw in general it's pretty interesting idea.

ee below please

Consider TSLA trading at Nasdaq and MSTLA  trading at Mirror.ONE trading platform
At all times TSLA PRICE = MTSLA Price

Say, at Time = T0
TSLA Price @ Nasdaq = $489.60
Therefore, MTSLA Price @ Mirror =  $489.60

Notes: MTSLA price doesn't change irrespective of buyers and sellers at Mirror. The trading platform is like Uniswap. So there is only one price that can be traded. (As compared to Binance where you can see the market depth)

Now, at Time = T1
TSLA Price @ Nasdaq = $495.00
Therefore, MTSLA Price @ Mirror =  $495.00

Notes: T1 could be 1 minute later, 2 hours later, several weeks or years later. Doesn't matter. This equation will always hold true. i.e TSLA Price = MTSLA Price. No one can tamper with this equation (not even the dev team)

So in short, if someone buys MSTLA at @489.60 and sells at $495.00, they would have replicated the returns of TSLA. The convenience is that you can buy MTSLA with ETH, USDT, or USDC easily (as compared to buying TSLA, where you have to convert your ETH into USD/GBP first)

MTSLA price will be sourced in a decentralized manner from multiple sources. Currently, all asset-tokens are executed against a price that is supplied by mirror oracles using price feeds from various authorised, however, centralized brokerage firms and two separate market data terminals e.g. Bloomberg and Reuters. As an added control, the price feed then goes through a secondary reconciliation with an error threshold of .002%. Price feed will be completely decentralized as the adoption grows.

Hope this helps, but happy to explain more.

[Mirror.One]

ee below please

Consider TSLA trading at Nasdaq and MSTLA  trading at Mirror.ONE trading platform
At all times TSLA PRICE = MTSLA Price

Say, at Time = T0
TSLA Price @ Nasdaq = $489.60
Therefore, MTSLA Price @ Mirror =  $489.60

Notes: MTSLA price doesn't change irrespective of buyers and sellers at Mirror. The trading platform is like Uniswap. So there is only one price that can be traded. (As compared to Binance where you can see the market depth)

Now, at Time = T1
TSLA Price @ Nasdaq = $495.00
Therefore, MTSLA Price @ Mirror =  $495.00

Notes: T1 could be 1 minute later, 2 hours later, several weeks or years later. Doesn't matter. This equation will always hold true. i.e TSLA Price = MTSLA Price. No one can tamper with this equation (not even the dev team)

So in short, if someone buys MSTLA at @489.60 and sells at $495.00, they would have replicated the returns of TSLA. The convenience is that you can buy MTSLA with ETH, USDT, or USDC easily (as compared to buying TSLA, where you have to convert your ETH into USD/GBP first)

MTSLA price will be sourced in a decentralized manner from multiple sources. Currently, all asset-tokens are executed against a price that is supplied by mirror oracles using price feeds from various authorised, however, centralized brokerage firms and two separate market data terminals e.g. Bloomberg and Reuters. As an added control, the price feed then goes through a secondary reconciliation with an error threshold of .002%. Price feed will be completely decentralized as the adoption grows.

Hope this helps, but happy to explain more.

So I was rightly in my thoughts It's a solution for stock trading in crypto world based on decentralized platform. Have you a plans to connect an IPO participation in the future? Will be so good. Or it's only already listed stocks possible?

 Only listed/tradable stocks and commodities at the moment.

[Mirror.One]

So Private Sale: Pre-listing round ended good - project achieved 30% of the initial funding target, good result. What progress did you achieved in your development efforts?

We are wrapping-up our internal testing and QA; As per our roadmap, mainnet is due in Q1. Next steps are -testnet; audit, and then mainnet

[Mirror.One]

ee below please

Consider TSLA trading at Nasdaq and MSTLA  trading at Mirror.ONE trading platform
At all times TSLA PRICE = MTSLA Price

Say, at Time = T0
TSLA Price @ Nasdaq = $489.60
Therefore, MTSLA Price @ Mirror =  $489.60

Notes: MTSLA price doesn't change irrespective of buyers and sellers at Mirror. The trading platform is like Uniswap. So there is only one price that can be traded. (As compared to Binance where you can see the market depth)

Now, at Time = T1
TSLA Price @ Nasdaq = $495.00
Therefore, MTSLA Price @ Mirror =  $495.00

Notes: T1 could be 1 minute later, 2 hours later, several weeks or years later. Doesn't matter. This equation will always hold true. i.e TSLA Price = MTSLA Price. No one can tamper with this equation (not even the dev team)

So in short, if someone buys MSTLA at @489.60 and sells at $495.00, they would have replicated the returns of TSLA. The convenience is that you can buy MTSLA with ETH, USDT, or USDC easily (as compared to buying TSLA, where you have to convert your ETH into USD/GBP first)

MTSLA price will be sourced in a decentralized manner from multiple sources. Currently, all asset-tokens are executed against a price that is supplied by mirror oracles using price feeds from various authorised, however, centralized brokerage firms and two separate market data terminals e.g. Bloomberg and Reuters. As an added control, the price feed then goes through a secondary reconciliation with an error threshold of .002%. Price feed will be completely decentralized as the adoption grows.

Hope this helps, but happy to explain more.

So I was rightly in my thoughts It's a solution for stock trading in crypto world based on decentralized platform. Have you a plans to connect an IPO participation in the future? Will be so good. Or it's only already listed stocks possible?

 Only listed/tradable stocks and commodities at the moment.

Okay. So to be clear, you mean Mirror.finance doesn't use pegged pricing and relies on traders to keep the peg, which is going to be risky for the protocol itself. Yup?

yes - correct

[Mirror.One]

Okay. So to be clear, you mean Mirror.finance doesn't use pegged pricing and relies on traders to keep the peg, which is going to be risky for the protocol itself. Yup?

If you want to prevent a risk you should better to ask about smart contract audit IMAO. Audit will show much better what is behind the Mirror

I think confidence will grow once we see some contract audits as well, to be honest. It's one more hoop but an important one for people who have been pulled on (or invested in good projects that had serious flaws)

Both product and the audits are coming soon. Remember that we launched almost 36 days ago

[Mirror.One]

A lot of people are asking in Twitter and Facebook about Binance and other exchanges for listing this token what is the progression there? When the major exchanges came?

Uniswap Listing scheduled for Dec 26th

For other CEX listings - the community will have to decide on the priority. The original plan is Q2 2021 but can be moved up if the community votes for it