Mirror Protocol
Luna Classic (LUNC) pricing error leads to Mirror Protocol exploit
A mismatch in the reported price of underlying assets on synthetic assets DeFi platform Mirror Protocol has caused an ongoing exploit that has the potential to drain all of its funds. The exploit was observed on May 29 by governance participant ‘Mirroruser’ on the protocol’s forum. As of the time of writing, the mBTC, mDOT, mETH, and mGLXY synthetic asset pools on the protocol have lost almost all of their assets valued at over $2 million. Mirror allows trading of synthetic assets, such as stocks and cryptocurrency on the Terra and Terra Classic layer-1 blockchains, BNB Chain (BNB), and Ethereum (ETH). A pricing error for Luna Classic (LUNC) made the exploit possible. The remaining validators on Terra Classic reported that the price of LUNC ($0.000122) was the same as the newly launched LU...
Terra’s Mirror Protocol MIR rebounds 40% two days after crashing to record low
Mirror Protocol, a decentralized finance (DeFi) protocol built on the Terra blockchain, was hit by one of the biggest collapses in financial history this week after Vladimir Putin ordered military strikes against Ukraine. Terra tokens rally Mirror Protocol’s native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR’s record low. MIR/USD four-hour price chart. Source: TradingView Just like the drop, MIR’s upside retracement came in the wake of similar recoveries elsewhere in the crypto market. But interestingly, MIR/USD returns appeared larger than some of the highly valued digital assets, i...
Terra’s Mirror Protocol shows first signs of bottoming after price gains 30% in 48 hours
Mirror Protocol, a decentralized finance (DeFi) protocol built atop the Terra blockchain, was among the biggest gainers in the last 48 hours, primarily as its native token MIR rallied by over 30% to $1.48, its highest level since Jan. 22. MIR/USD four-hour price chart. Source: TradingView Has Mirror Protocol bottomed out? MIR price rose despite an absence of concrete fundamentals, a sight pretty common across crypto assets. As a result, its rally may have been purely technically-driven, especially because it originated after MIR had dropped by more than 90% in value from its May 2021 high near $13, making the token extremely oversold. IncomeSharks, an independent market analyst, called MIR’s rebound move a “no brainer,” noting that its multi-month drop had left ...
