Cryptocurrency Q&A
Will the mirror protocol stop functioning?
Will the mirror protocol stop functioning?
SolitudeSerenade
Tue Sep 17 2024
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7 answers
2030
Could you please elaborate on the current state of the Mirror Protocol and the factors that could potentially lead to it stopping functioning? Are there any known issues or vulnerabilities that the developers are working to address? What measures are in place to ensure the protocol's continued operation and stability? Are there any plans for upgrades or enhancements in the NEAR future that could affect its functionality? Additionally, how does the community perceive the protocol's current state and what are their expectations for its future?
7 answers
Valentino
Thu Sep 19 2024
Mirror Protocol, a decentralized finance (DeFi) platform, faced a significant setback on August 11, 2022, when it announced the cessation of its operations.
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Eleonora
Thu Sep 19 2024
This decision stemmed from a critical issue related to the withdrawal of price feed support by Band Protocol, a key partner that provided vital data feeds for Mirror Protocol's operations.
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Alessandra
Thu Sep 19 2024
The loss of this support disrupted the smooth functioning of Mirror Protocol's financial instruments, making it challenging for the platform to sustain its services.
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SkylitEnchantment
Thu Sep 19 2024
As a result, the platform was forced to take the difficult decision to halt its activities, leaving its users and the wider DeFi community in a state of uncertainty.
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Andrea
Wed Sep 18 2024
The closure of Mirror Protocol highlights the interdependence of various components within the DeFi ecosystem and the potential risks associated with relying on a single source for crucial data feeds.
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