Mirror Assets on Solana

Hello Everyone, LC here with the Cedros Team.

Cedros has been working on making a Serum Dex UI and focusing on Spanish support because we believe it is an underrepresented region in Crypto and in Defi especially. A lot of the things we are working on are much longer term goals, and how to make a CEX/CEFI experience but completely on-chain and decentralized as possible, as we believe it is the way to empower users and grow crypto to one billion people.

We want to put forward a cooperation proposal in two communities in which we can bring together the projects to better each other, and the services provided to Crypto users.

Project Serum of Solana and Mirror Protocol of Terra.

Our familiarity comes from the Latam region and what users are accustomed to. For many Latam people that is very low risk and traditional products that they are familiar with. Cash, Real Estate, and Certificates of Deposit. Then in some cases they have access to local stock markets, or in fewer cases international stock markets. As we want to grow Cedros and total users of crypto, we believe a financial tool that has been underrated is the synthetic stocks of Mirror Protocol. It is a two fold issue, one side is that crypto native people prefer to chase higher volatility assets and speculate for higher returns than stocks, and non crypto natives are not aware of these stock alternatives.

We want to work with Mirror and Serum and in doing so utilize two other projects (Wormhole, Atrix) to port over Mirrored Assets, Create Serum Markets, and Incentivize Liquidity.

As an initial test of market fit, we propose the following.

Using Wormhole to port over

  • mAMZN
  • mAAPL
  • mTSLA
  • mNFLX
  • MIR
  • (open to community input for more)

Creation of new Serum Markets with Serum Grant funding. (~1,200 SRM)

  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  • MIR/USDC

With new Serum Markets create AMM pools on Atrix for (~600 SRM)

  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  • MIR/USDC

Incentivize the Artix Pools with Grant Funding from Mirror and Serum

  1. Targeting a 10% dual yield in each SRM and MIR for Liquidity Providers
  • mAMZN/USDC
  • mAAPL/USDC
  • mTSLA/USDC
  • mNFLX/USDC
  1. Targeting 15% Yield in MIR for Liquidity Providers
  • MIR/USDC

As a UI in the ecosystem and very focused on educational documentation, we hope to list the order book markets on Cedros, show users how to trade synthetic stocks, and what exactly are synthetic stocks and what their benefits and drawbacks are in comparison to traditional stocks.

Solana-based synthetics have not arisen to the occasion yet, and Mirror has been tried and tested through the volatility of this year. Also, the tokenized digital stocks that FTX or Binance have seem very distant to be allowed to trade in a decentralized manner.

We believe that this would stimulate and benefit all of those involved and grow the crypto ecosystem. Adoption and growth of Mirror’s synthetic assets as they can be traded on an Orderbook decentralized exchange. Growth of the Serum liquidity on order books and increases in trading volumes. Then as a community, encourage greater adoption and growth of crypto as now there is a familiar brand (although synthetic) available for them to have transparent and fair access to, unlike their local traditional finance institutions.

Goals

  1. Bring together Mirror and Serum to offer a more complete crypto asset offering
  2. Bridge mirAssets to Solana
  3. Create order book Serum Markets for synthetic stock pairs
  4. Add markets to Atrix Liquidity Pools
  5. Incentivize Atrix Liquidity Providers with Srm/Mir
  6. Documentation/ Educate the 1m Phantom Wallet and many more other Solana users they can hold Synthetic Stocks