PlasmaFinance announces partnership with Mirror Protocol

Published on: 29.07.2021

Now you can access, earn and trade tokenized stocks on PlasmaSwap both on Ethereum and Polygon Chains

PlasmaFinance is delighted to announce its partnership with Mirror Protocol, DeFi platform that enables users to create fungible assets, “synthetics”, that track the price of real-world assets.

As the first stage of the partnership, Mirror Protocol have integrated into PlasmaFinance dashboard the ability for you to trade some of your favorite synthetic assets and tokenized stocks.

Now you can enjoy exposure to tokenized stocks, traditional assets, and crypto tokens bridging DeFi derivatives with more than 10x GDP derivative economy.

Decentralised finance isn’t just a buzzword; it is about real value very often to those this current traditional financial system has painfully disenfranchised. Fortunately, using programmable smart contracts, DeFi performs the same functions as traditional centralized systems but in a more efficient manner reducing economic drag and minimizing intermediary costs when trading financial tools such as derivatives and other forms of synthetic assets.

DeFi derivatives, sometimes called synthetic assets or synths for short, are blockchain-based cryptocurrency assets that act and feel like traditional derivatives. Whether it is tokenized stocks like $mAAPL, $mTWTR, $mAMZN, or synthetics assets of both crypto tokens like sBTC (synthetic BTC) and currency sUSD (synthetic US dollar); DeFi derivatives track the prices of their underlying assets and offer exposure to traders. Native DeFi protocols providing these types of financial tools like Synthetix, Mirror or UMA track synths’ prices using decentralized oracles like Chainlink or others.

The entire traditional derivatives market stack up to several trillion dollars said to be more than ten times larger than the global GDP. Yet, accessing these products doesn’t come easy. Understandably, regulators have designed these frictions to ensure only a “few” does gain access to them. And what’s their reason? Regulators invoke the underlying risks involved in trading financial tools, especially derivatives that aren’t often so straightforward to the average investor for putting in place these hoops.

But these barriers shouldn’t be at the expense of the democratization of finance and, by extension, wealth creation. This is where DeFi continues to level obstacles and push the boundaries of finance to new paradigms. We at PlasmaFinance take it as our sole mission to give our community and broader DeFi ecosystem members easy access to these asset classes with absolutely no hassle or barrier.

Trade Mirror stock tokens at almost zero gas cost and almost instant settlement time through Polygon and PlasmaSwap enabled at PlasmaFinance

Without going through the hassle of individually trading on native DeFi derivatives exchanges like Mirror Protocol, anyone looking to trade or have exposure to synths or stock tokens can easily do so by navigating to Market section of Plasma.Finance dashboard. And with just two clicks, you’re launched into the limitless world of crypto derivatives.

Now imagine what you could do with that unfettered access to blue-chip tech stocks within the confines of DeFi? This is what Mirror Protocol affords users. We have made it even easier for you by whitelisting all Mirror stock tokens on PlasmaFinance’s frontend and directly mapping them to the Polygon chain.

By clicking on Stocks on your dashboard, you can transfer your Mirror stock tokens from Ethereum to Polygon chain using MATIC bridge, provide liquidity with your stock tokens in pool pairs, swap your assets directly on PlasmaSwap DEX etc.

And since these mirrored stock tokens are already directly mapped to Polygon, you get to perform all these operations at a near-zero gas fee while enjoying the super-fast transaction speed of Polygon through our frontend. What more could you possibly ask for? Derivatives of your blue-chip tech giants at the tip of your fingers for you to deploy on other DeFi protocols through our interface or synthetic assets providing you more liquidity.

And you never have to worry about your stock tokens not appearing on other top DEXs’ interfaces, just use our dashboard and toggle over to use Uniswap or any other DEX as your liquidity source because we integrate directly with native contracts.

Ethereum and Polygon Contract Addresses of Mirror tokens

MIR – Wrapped MIR Token
ETH: 0x09a3ecafa817268f77be1283176b946c4ff2e608
Polygon: 0x1C5cccA2CB59145A4B25F452660cbA6436DDce9b

mAAPL – Wrapped Mirror APPLE
ETH: 0xd36932143F6eBDEDD872D5Fb0651f4B72Fd15a84
Polygon: 0x7E4e3923005aC2942745480D96751Ca9DEc5C9B6

mGOOGL – Wrapped Mirror GOOGLE
ETH: 0x59A921Db27Dd6d4d974745B7FfC5c33932653442
Polygon: 0x41970f24B738aA21152fDF05d65a688A9A3C63c7

mNFLX – Wrapped Mirror NETFLIX
ETH: 0xC8d674114bac90148d11D3C1d33C61835a0F9DCD
Polygon: 0xB261387f5188c81DdD543e2A75c89309aB1bfD2C

mQQQ – Wrapped Mirror QQQ Token
ETH: 0x13B02c8dE71680e71F0820c996E4bE43c2F57d15
Polygon: 0x20269A36538fbD3f33f1688919776E2220455567

mTWTR – Wrapped Mirror TWITTER
ETH: 0xEdb0414627E6f1e3F082DE65cD4F9C693D78CCA9
Polygon: 0x5c7d670637CBAc5Cd71ddF3DF7DECee2A46dbFE2

mMSFT – Wrapped Mirror MSFT Token
ETH: 0x41BbEDd7286dAab5910a1f15d12CBda839852BD7
Polygon: 0xc4483AfED7159AF6b7D2eF41a18BC82F5081C063

mAMZN – Wrapped Mirror AMZN Token
ETH: 0x0cae9e4d663793c2a2A0b211c1Cf4bBca2B9cAa7
Polygon: 0xC46e5F28f1A7AdeAC72b0d2bC0c710dF865776F1

mBABA – Wrapped Mirror BABA Token
ETH: 0x56aA298a19C93c6801FDde870fA63EF75Cc0aF72
Polygon: 0x0959CAD1298a204277C1b5C00F62D9F2cb0b6756

mIAU – Wrapped Mirror IAU Token
ETH: 0x1d350417d9787E000cc1b95d70E9536DcD91F373
Polygon: 0xB38B63CbcCd3239D72AB133771382BBbcf4BEd02

mUSO – Wrapped Mirror USO Token
ETH: 0x31c63146a635EB7465e5853020b39713AC356991
Polygon: 0xe861920768dA0310B125C27A44ADDA11532ab838

mFB – Wrapped Mirror FB Token
ETH: 0x0e99cC0535BB6251F6679Fa6E65d6d3b430e840B
Polygon: 0xcDb3ff438D8fbC7B09a70311178eC68Ef4EAff00

mCOIN – Wrapped Mirror COIN Token (PoS)
ETH: 0x1e25857931F75022a8814e0B0c3a371942A88437
Polygon: 0x14c36A063414Ee9BfA9Ef2bD0e1FdFAE690512be

How to migrate your Mirror assets on Polygon and Trade or Earn as a Liquidity Provider for stock token pairs

Bridge your token from ETH to Polygon, using Polygon POS bridge:
Connect your wallet to Polygon network and bridge your asset https://wallet.matic.network/bridge/. The following screenshots should describe the process.

2. Add liquidity to PlasmaSwap to earn fees from swaps.

Select the amounts of mAAPL and the other token to provide liquidity as asset pairs in a liquidity pool

3. With liquidity available, trade your assets on PlasmaSwap with added functionality like Limit Order to help you set stop loss or order cancellation.

Without a doubt, permissionless and censorship-resistant is what decentralization preaches, and we enshrine this as a core concept of PlasmaFinance design. Hence, anyone can anonymously trade 24 hours a day, seven days a week, from anywhere, unhindered by capital controls, “know your client” rules imposed on broker-dealers, and other frictions of the traditional financial system.