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Mirror protocol prices rebounded on Thursday as the Terra ecosystem cryptocurrency surged. The MIR token climbed to $0.20, about 32% above its lows for the year. The market cap jumped to about $15 million, surpassing his $700 million all-time high.
Mirror Protocol was one of the leading platforms in the blockchain industry in the Terra ecosystem. It is a decentralized finance (DeFi) platform that allows people to trade financial derivatives on all assets such as currencies, stocks and commodities.
Therefore, instead of using regulated brokers like Robinhood, users can easily purchase these financial assets on the Mirror Protocol. We used Band Protocol’s oracle system to provide these price feeds.
On August 15th, Band Protocol announced that it would no longer provide price feeds for products such as Terra Protocol and Mirror Protocol. This situation was attributed to the collapse of UST, the heart of Terrachain.
Additionally, Band Protocol noted that the Mirror Protocol team was unable to answer questions about its future. The statement added:
User safety is a top priority for Band as an infrastructure developer and we cannot support a protocol if we are unsure. Community members are encouraged to contact the mirror team directly for inquiries. “
So the absence of these price feeds and no communication from Mirror means that the project is no longer running. In the past, Mirror has actually been accused of being a pyramid scheme.
MIR prices are bouncing back as investors welcome the strong performance of both Terra Luna Classic and Terra Classic USD. LUNC surged over 80% in the last 24 hours, while USTC surged 51% over the same period. Similarly, the Anchor Protocol and LUNA prices jumped by more than 25%.
In my opinion, MIR is one of the worst cryptocurrencies to buy. For one thing, Band Protocol no longer provides price feeds, so its ecosystem is pretty much dead. It is also tied to Terra Classic and USTC, coins that no longer have value. As you know, Terra USD was the center of Terra’s ecosystem as it was pegged to $1.
Therefore, the current mirror protocol price hike may be due to the pump and dump that is common in the cryptocurrency market.
