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
mTWTR – Wrapped Mirror TWITTER
mMSFT – Wrapped Mirror MSFT Token
mAMZN – Wrapped Mirror AMZN Token
mBABA – Wrapped Mirror BABA Token
mIAU – Wrapped Mirror IAU Token
mUSO – Wrapped Mirror USO Token
mFB – Wrapped Mirror FB Token
mCOIN – Wrapped Mirror COIN Token (PoS)
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.
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.