Mirror Finance will be launching their $mCOIN and $UST assets on PancakeSwap. Let’s talk about this Binance Smart Chain (BSC) project news while it’s hot!
Mirror Joining PancakeSwap Syrup Pool
Coinbase has completed the listing of Mirror, a platform for synthetic assets. One of these synthetic assets is the mCOIN, a synthetic share of $COIN for non-US users or those who can’t trade the physical shares. Mirror users can now trade and farm the synthetic of Coinbase’s $COIN stock. Mirror recently announced that the $mCOIN has been launched on the BSC via PancakeSwap. PancakeSwap’s collaboration with Mirror means that $CAKE users can stake $CAKE to earn $UST, as well as adding the project to its Syrup Pool. The start block is starting today (May 10, 2021) and will end on July 9, 2021. There will be a mCOIN-UST farm to host the UST syrup pool, which will result in 1x cake rewards for two days, then 0.5x cake rewards afterward. As always, these rewards are subject to the approval of the $CAKE community.
What Exactly Are Mirror Protocol and $UST?
Mirror is a synthetic protocol for on-chain price exposure to real-world assets accessible to anyone across the globe. Users can create synthetic assets (termed mirrored assets) and unlock wealth creation from top asset classes through a permission-less access model. Its governance token ($MIR) is needed as a deposit for new governance polls. There are plans to increase the utility and value of the $MIR to improve its purpose and increase user interest. Coinbase has listed the protocol which automatically includes the listing of $mCOIN.
$UST (TerraUSD) is a dollar-domiciled algorithmic stablecoin with options for savings and investment. The coin is backed by a reserve asset, titled $LUNA. Those living in the U.S that want to purchase $LUNA through fiat can do so by: buying ERC-20 $MIR on Coinbase; transferring the $MIR to Terra using the Terra bridge; then swapping $MIR for $LUNA on Terra Station. All these steps can be completed within a few minutes. PancakeSwap users can stake their $CAKE on the $UST syrup pool using this link. Once the Syrup Pool starts, the BEP20 $MIR will be in circulation and can be transferred. Investors can harvest these tokens and trade them on the platform at any time. As more Syrup Pools are added, they open up more benefits and rewards for users and increase the Total Value Locked (TVL) of the AMM.
Source : bsc.news
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