With President Biden recently signing an executive order regarding cryptocurrencies, the crypto market responded with a sharp drop in response to the potential increase in the government’s involvement with the industry. It’s clear that whenever a government entity involves itself with financial markets, the underlying markets end up suffering immensely.
Rather than using traditional brokers and giving away your identity and personal information, dealing with dozens of roadblocks and regulations when it comes to purchasing stocks, why not utilize crypto’s most significant strength of providing consumers with the financial freedom to do with their money as they please?
Today we will be looking at a much better alternative to purchasing major stocks from leading tech giants like Apple, Amazon, Google, Airbnb, Microsoft, and more, via a cryptocurrency platform called Mirror Protocol.
What Is Mirror Protocol?
Mirror is a Terra Luna-based DeFi protocol powered by smart contracts and blockchain technology. It enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and enable traders anywhere in the world open access to price exposure without the burdens of owning the actual asset.
Users can mint mAssets in a decentralized manner throughout the network by opening a position and depositing collateral to the protocol to cover the mAssets. The protocol also lists the mAssets on Terra Luna’s decentralized exchange Terraswap against the UST pair. UST is a crypto asset similar to USDT, whose price is pegged to the US dollar.
Mirror Protocol is a community-owned project. It’s fully decentralized and steered by a democratic governance system via a Decentralized Autonomous Organization.
Mirror Protocol features the MIR token, the native governance token on the platform whose owners receive voting power based on the number of tokens they hold. The voting power enables holders to vote on proposals to mint new mAssets, and more.
What Is Terra Luna?
Launched in July 2019, Terra Luna is the leading open-source blockchain for algorithmic stablecoins. Terra’s ecosystem is built on tracking the price of specific assets, usually traditional currencies like USD, EUR, etc.
Terra Luna consists of two tokens that power its protocol: Terra and Luna. Terra tracks the price of stables coins by burning Luna tokens. Luna is the protocol’s native staking token that helps Terra maintain a consistent price peg.
You can think of the two assets as two separate pools which utilize algorithms to maintain a consistent price peg to specific assets.
Stablecoins are the main feature of the Terra protocol, and it only makes sense that Mirror protocol is built on Terra.
How To Buy Stocks With Crypto (Mirror Protocol)?
So, how would we purchase Apple, Google, or Microsoft stock via Mirror?
You will need to install a Chrome extension called Terra Station Wallet and open up a wallet. It’s 100% free, and users aren’t required to submit any personal information.
Once you install the Terra Station Wallet and create a wallet address, connect to the platform via your Chrome browser. There you will have an option to trade the various stocks listed on Mirror Protocol.
Select the stock you’d like to buy, enter the amount you’d like to purchase and click the buy button. That’s it! You’ve just purchased stock with no roadblocks, regulations, or paperwork.
There are dozens of awesome stocks available on Mirror protocol, including Starbucks, Nvidia, Netflix, Nike, Twitter, PayPal, Tesla, and much more!
The stock’s asset will feature the letter “m” in front of it, symbolizing a synthetic asset. The price of the “synthetic stock” correlates to the stock’s actual value.
Moreover, the best part about Mirror is you can purchase fractions of a stock! If you don’t want to buy one whole share of Apple stock, you can buy a fraction of it, similar to how you can purchase a fraction of any cryptocurrency like Bitcoin or Ethereum.
If you’re interested in investing in tech giants but don’t feel comfortable providing your personal information to stockbrokers, we highly recommend checking out Mirror Protocol.
If you’re unsure whether Mirror or Terra Luna is trustworthy enough, keep in mind that Terra’s current valuation is $35.3 billion with a 24-hour trading volume of $5.4 billion. When it comes to Mirror Protocol, it features a 24-hour trading volume of $680 million. You can be sure that both platforms aren’t going anywhere and your synthetic stock assets are secure.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
Also Read:
Terra Luna Price Hits New All-time High of $104, Why Is the Price Rising?
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