Mirror Protocol Now Offers Access to S&P 500 Index

Mirror Protocol Now Offers Access to S&P 500 Index

THELOGICALINDIAN - Users of the DeFi belvedere can now pale excellent and barter mSPY tokens

Mirror Protocol has added an S&P 500 constructed asset to its platform, giving investors admission to a crypto badge that is angry to the achievement of the banal market.

Mirror Protocol Adds Index Fund

The S&P 500 is a commonly-followed basis of the 500 better about traded companies in the United States. It includes abounding dejected dent technology equities including Apple, Microsoft, Google, Amazon, Tesla, and several others. At columnist time, the basis had a one-year return of 63.27%, according to S&P Global.

Mirror Protocol’s mSPY badge represents a constructed adaptation of the S&P 500, acceptation that it is a cryptocurrency badge with a amount that follows the achievement of the banal market.

Users can stake, mint, or barter mSPY. To mint, users charge accept either TerraUSD (UST) or added Mirror Agreement assets in their wallet. Currently, the accessory arrangement is set at 130%. To abstain liquidation, the agreement suggests users to set the accessory arrangement at 180%.

Users can additionally opt to provide liquidity to the mSPY-UST basin and acquire a 150% APY acknowledgment on their investment. At columnist time, this basin had assets account 2.95 actor UST staked.

Additionally, users can buy or advertise mSPY for UST on the platform.

The Rise of Synthetic Assets

Synthetic assets—crypto tokens angry to the achievement added assets—have been rapidly growing in popularity.

Two protocols are decidedly notable. On Jan. 6, Injective Protocol added abutment for Facebook, Amazon, Netflix, and Google stocks. Elsewhere, on Feb. 11, the Synthetix association voted in favor of abacus constructed variants of Tesla banal to its platform.

Mirror Protocol itself offers constructed variants of Tesla, Facebook, Apple, Amazon, Netflix, Google, and more.

The columnist did not authority any cryptocurrencies mentioned in this commodity at the time of press.