- We’re welcoming Mirror Protocol into the UniLend ecosystem
- Mirror Protocol enables the creation of synthetic real-world assets, such as stocks
- These assets will be able to be lent and borrowed via UniLend
- This will make UniLend the world’s first platform to offer decentralized lending and borrowing of stocks
- This will open up brand new financial strategies for the decentralized community
Have you ever heard anyone say “the system is broken”? We have, and we’re here to usher in a new one. Decentralized finance, or DeFi for short, is turning the traditional financial system on its head. We won’t settle for being just another DeFi project; our goal is to entirely revolutionize finance by unlocking the true potential of DeFi. This includes breaking down barriers to enable the merging of traditional and decentralized finance.
Therefore, we’re ecstatic to announce that we have now welcomed Mirror Protocol into our ecosystem to aid us in ushering in this new financial paradigm. Through this collaboration, we aim to become the world’s first decentralized platform for the lending and borrowing of synthetic assets.
Merging Traditional and Decentralized Finance
Imagine a technology that can give exposure to, and the ability to lend/borrow, stocks such as Google, Amazon and Tesla in a completely decentralized fashion. You won’t need to dream about this for much longer.
Mirror Finance will allow for the creation of fungible synthetic assets that track the price of real-world assets, ultimately bringing the world’s assets to the blockchain. This will enable the major global stock market assets to enter into DeFi. No longer will users be required to go through a centralized entity to have exposure to the 90 trillion dollars locked within the world’s stock exchanges.
Through our collaboration, holders of these synthetic stocks will be able to utilize lending and borrowing functionality on UniLend, opening up brand new financial strategies for the decentralized community.
UniLend and Mirror Protocol: A Decentralized Force to be Reckoned With
We feel that Mirror Finance is the perfect partner to help us bring decentralized derivatives to our ecosystem. As our research into the derivatives arena progressed, we quickly recognized Terra-based Mirror Protocol as a major player in the making.
Mirror’s protocol enables the creation of synthetic assets called “mAssets”, which are cryptographically powered by smart contracts to mimic price behavior of real-world assets. The minting of mAssets are uniquely created by Mirror Network users, by opening a position and depositing collateral. This collateral is secured by Mirror’s protocol which ensures sufficient collateral is always available to cover the mAssets.
Though Mirror is based on the Terra blockchain, their interchain DeFi protocol is able to connect to Ethereum, where our protocol resides, via its bridge called “Shuttle”. This bridge facilitates frictionless cross-chain transfers between the Terra and Ethereum networks.
By combining Mirror Protocol’s interchain synthetic assets with our powerful decentralized lending and borrowing functionality, together we can change traditional finance for the better.
Through our collaboration with Mirror, the decentralized community will be able to secure synthetic stocks and lend/borrow them at will via UniLend. This will make UniLend the first decentralized platform to offer such capabilities. We seek to empower our users as much as possible with brand new financial strategies and capabilities.
Soon we’ll release the V2 of our Alpha release, which will incorporate the FAANG (Facebook, Amazon, Apple, Netflix, Google) mAssets in the run-up to the UniLend mainnet launch. In the meantime, Mirror will be working with us to seed liquidity for mAssets, UST, and other trading pairs soon to become available on our platform.
A Freer World Empowered by DeFi
We can hear the chains of traditional finance slowly unlocking and falling to the floor. There’s no reason to sit idly by when the system is broken. So we take up our keyboards to create more opportunity for the masses.
Our collaboration with Mirror Protocol is the latest major step toward the new decentralized financial paradigm. Strategic collaborations like the one we have revealed today are a critical component of breaking the chains of centralized power and opening the door to a free and open internet of money for the world.
UniLend would like to officially thank you for joining us on our exciting journey. We’ve only just begun! We look forward to seeing you enjoy these technological advancements very soon.
To continue this journey with us, please remember to join us on all our social platforms. Together let’s join in conversation to help each other develop the future of finance.