Mirror, a synthetic assets protocol built on the Terra blockchain, has completed the integration of a cross-chain bridge to Binance Smart Chain (BSC) bringing synthetic assets to the BSC community.
The bridge enables porting of Terra’s stablecoin UST, its native token LUNA, governance token MIR, and Mirrored Assets (mAssets) to BSC. Initially, the assets will be rolled out on BSC DeFi applications PancakeSwap and StableXSwap.
“The exposure to mAssets via a cross-chain bridge is a powerful avenue for increasing composability and liquidity across blockchain networks, and we welcome the BSC community to Mirror’s community-governed protocol as the next major step in Mirror’s mission to bring synthetic asset exposure to the world.”
– Terraform Labs Co-Founder & CEO, Do Kwon
Terra’s custom cross-chain bridge was originally built between Terra and Ethereum, enabling Terra assets, such as whitelisted mAssets on Mirror, to be sent from the Terra blockchain to Ethereum. Terra’s BSC integration will now enable users to access mAssets directly from applications running on BSC.
The initial liquidity of mAssets on BSC will be supplemented by the inclusion of mAssets and UST into two of BSC’s leading DeFi protocols – PancakeSwap, an automated market maker (AMM) DEX, and StableXSwap, a stablecoin DEX similar to Curve on Ethereum.
The first mAssets to list on PancakeSwap will be the major tech stocks Tesla, Amazon, Netflix, and Google via their mirrored mAsset versions. On StableXSwap, UST will be listed against BUSD using the platform’s low-slippage bonding curve pool. Rewards for providing liquidity will be issued in Terra’s native token, LUNA, in the coming weeks.
The mAssets can be deployed for a variety of purposes, including use as collateral in lending protocols, used by LPs in yield farming programs, leveraged trading of synthetics, synthetic stable pools (e.g., mBTC/LinearBTC/BTCB), and more.
Binance Smart Chain’s Growth
- Under 5 months from its launch BSC has 100 startups growing on top of it (Projects include infrastructures such as wallets, oracles, insurance, payment, development tools, data tools, NFTs, trading markets, and more.)
- BSC processed 473,000 transactions in its recent ATH, i.e. almost 40% of Ethereum’s numbers.
- The average gas fee per transaction is as low as $0.07, which is about 2-3% of the gas fee of Ethereum.
- As of January 2021, BSC supports 42 cryptocurrencies across the chain to BSC, the total value of cross-chain assets has reached $1.37 billion, and the total market value of Binance BTokens has reached $556 million.
For reference, check out Binance’s 2020 Recap – Building the DeFi Infrastructure.
