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Mirror protocol adds Band oracles for operations security and reliability on price feeds

By Inkarias - 2020-12-09

Mirror Protocol is a new decentralized finance protocol enabling synthetic assets, or namely mAssets featuring price exposure to real-world assets with the main objective to be the bridge between DeFi and traditional markets. The projet has recently announced a new collaboration with the integration of Band innovative price feeds for a range of assets including stocks, commodities and ETFs for a total of 13 different assets. In order to guarantee the stability and reliability of the operations, the whole system has low-latency and decentralized oracles from Band Protocol, with an update occuring every 15 seconds on the BandChain network. The whole organization of the system is oriented toward ensuring all operations on network run smoothly as all feeds from the BandChain decentralized oracle network update every 15 seconds and are set to be continuously optimized for additional redundancy and security guarantee through multiple institutional-grade and premium data providers.

As the team stated:

Mirror Protocol has been thought to expand global accessibility to financial markets, reducing the friction when switching between different assets and enabling speedy order execution. Combining the best that DeFi has to offer with real-world asset exposure built on both the Terra and Ethereum blockchains, Mirror utilizes a combination of liquidity pools for each asset and scalable, real-time decentralized oracles provided by Band Protocol among others to ensure that orders can be executed as fast as the blocktime of the network 

To protect the accuracy of the system, set prices will be only considered as valid for a 60 seconds duration before expiration. This measure is introduced to protect users : if no new prices are published after the data has expired, Mirror will disable CDP operations including mint, burn, deposit, withdraw functions until the price feed resumes as normal.

The entire explanation about this collaboration and associated system can be read at https://bandprotocol.com/