Ever since the Terra collapse, several cryptos developed by the Terraform Labs witnessed substantial losses. Not just that, even leading exchanges had suspended their offerings to restrict the damage. One such crypto that faced Terra collapse’s brunt was Mirror Protocol (MIR).
MIR crypto is primarily a synthetic assets protocol built by the Terraform Labs on the Terra blockchain. As a decentralised, community-driven protocol MIR provides tools to the users to create synthetic assets whose price is pegged to the real-world assets.
Using synthetic mAssets, Mirror Protocol can remove the barriers of traditional finance by allowing the users to own a limited amount of an asset and use the foreign assets to trade. As it does not use centralized order books, it can execute transactions in seconds.
The MIR crypto on 24 May was witnessing a rally of over 70%and a volume rally of over 600%.
Related read: Anchor Protocol (ANC) just soared over 150%. Here’s why
Why is MIR crypto rallying?
Although the exact reason for the MIR crypto’s rally is unknown. Though enthusiasts feel it’s…