Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Duet Protocol 5 May, 2022. This guest star,
- Cathy — Marketing Lead
I am Cathy, and I am the Marketing Lead of Duet Protocol. I have been engaged in the Crypto industry for more than 4 years now. I have the opportunity to have project experience with DeFi, NFT, GameFi and layer 2 solutions in the last couple of years. Now, I’m submerged in DeFi and DAO.
My job in the Duet Protocol team is mainly concerned with project marketing, branding and community growth by organizing different community events for you. Like today we will soon have our community call at 1pm UTC by our core team members which will update the latest news about the project and have special OATs for the audience. Welcome to join us!
Here is the detail:
Today I’m honored to be here on behalf of Duet Protocol to introduce our project to Infinity Chain. Nice to meet you all Infinity Chain community!
We also bring surprises for your community. That is 50 Duet special OATs for those who joint today’s AMA. To enter, you can fill in the gleam link below to win a chance for the unexpecting reward:
Can you tell us about Duet Protocol, the idea, how it started?
In very brief and formal words, Duet protocol is a synthetic asset minter built on a yield aggregator that automates the process of yield farming. It can maximize the return and release additional liquidity to the users at the same time.
You can go to our website: https://duet.finance/ and have an experience of the product first.
In the short run, the receipt token holders can enhance their returns by utilizing stablecoins minted with Duet protocol. In the long run, our vision for the Duet protocol is to be the entry point of liquidity providing, the reserve capital system that supplies liquidity to almost all DeFi protocols whilst generating a world of synthetic assets whose values are 100% backed by its reserves.
Duet Protocol got $5M investment from global backers including Omni, GSR, DHVC, etc. So far, Duet has accumulated 150K+ followers among social channels, as well as 1,000+ active users through the test product.
You can check more detailed information about Duet Protocol through the following links:
Social profiles: https://linktr.ee/duetprotocol
Audit reports: https://linktr.ee/duetaudit
You can also dive more into Duet Protocol series:
1. Introducing the Duet Protocol 3.0 Series — Part I
2. Introducing the Duet Protocol 3.0 Series — Part II
3. Introducing the Duet Protocol 3.0 Series — Part III
Duet Protocol’s team consists of veterans from OmniLayer, Binance, and well-known DAO communities. The core members are experts and KOLs in areas including lightning network, security token offering, mining, macroeconomics, and finance. According to the team members’ background, you can tell that Duet Protocol aims for a vision full of high-standard financial level as well as the crypto native sense.
Let’s talk about Duet Protocol ecosystem, What are the advantages? Do you have core features and functional benefits that can attract users? Can you talk about differences that allow Duet Protocol to stay in this market for a long time?
Here is a general overview of Duet Protocol structure.
What’s unique about Duet is that it allows users to deposit interesting bearing assets, ie. LP tokens, to mint synthetic assets (dAsset). Meanwhile, principal tokens can be reinvested to earn via Duet yield enhancer.
The true innovation also lies in the reward release mechanism, which is set up based on the ERC20 bond system, providing users with better liquidity than the NFT or Ve lock-in model in the DeFi 2.0 world, while minimizing the platform token dumping pressure. The service will also be available for external use by three-party agreements, which is similar to Olympus Pro.
Based on interest-bearing deposit certificate collateral, with algorithm stabilization and bond mechanism, Duet takes the Defi world to a new level of capital utilization in the synthetic asset industry, pushing Defi into the 3.0 era.
Now it looks similar to most of the DeFi platforms but with its unique designs. Those who use our platform can :
1.earn profit by supplying one single token, or a pair of tokens in the form of Liquidity Provider (LP) on our platform. Yields are now enhanced with our bond system.
2.use the supplied token(s) as collateral to borrow/mint synthetic assets.
3.reinvest the minted assets to earn even more profit.
Currently, we accept major tokens like BTCB, ETH, WBNB, CAKE, stablecoins like USDT, BUSD, USDC, and we support the minting of dUSD (USD), gold (dXAU) and crude oil (dWTI) thanks to the support from Chainlink.
Full token list: https://app.duet.finance/#/deposit-list
After the Farm and Bond modules went live last month, yields are now enhanced with our bond system. You can see these ones in the picture that are marked with a star are the enhanced pools. Reward will be paid in the form of bonded DUET #4, which bears a YTM of 126.45%, on top of the yield from staking. Long term holders can also purchase Duet bond directly in the Bond section. https://app.duet.finance/#/Bond
In the long run, our vision is to be the entry point of liquidity provision and the capital reserve system that supplies liquidity to almost all DeFi protocols whilst generating a vast world of mirrored assets whose values are 100% collateralized by their reserves.
As for the unique points which make Duet Protocol different from others, I will break down into following aspects:
First of all, Duet Protocol is carefully designed to enable the creation of any quoted asset on the chain, namely crypto, indices, stocks, commodities, futures and bonds, etc., allowing all web3 residents to allocate funds to any asset with just one crypto wallet. It’s going to be a trillion-dollar market, from Bitcoin to S&P 500, from TSLA to XAU, together with a variety of derivatives that can be freely designed and traded 24x7 from all around the world in a unified liquidity pool.
Secondly, Duet Protocol bridges the liquidity of traditional financial markets and synthetic asset markets through a market maker mechanism, offering Duet users with permissionless synthetic asset minting without the need to provide an AMM trading market for each synthetic asset just like other synthetic asset protocols.
Thirdly, Duet is the first multi-chain synthetic asset protocol, with a large number of mainstream swap and lending deposit certificates as potential collateral. The market value of the relevant LP and deposit certificates is in the scale of tens of billions of dollars. Essentially, Duet Protocol does not compete for liquidity. Users only need to provide liquidity to any DeFi protocol through Duet Protocol and enjoy the profits. By repeating borrowing and reinvesting, the leverage can be as high as 10x.
Highlights 4: Duet is also the first synthetic asset protocol with a three-channel hybrid casting mechanism, similar to MakerDAO’s over-collateralization, together with UST’s algorithmic burning and Perpetual’s virtual AMM.
Highlights 5: In the token reward release mechanism innovative set up based on the ERC20 bond system, which provides users with better liquidity than the NFT or ve(3,3) lock-in model from DeFi2.0, while minimizing the platform token dumping pressure; the service will also be available for external use by three-party agreements, similar to Olympus Pro.
What is the Duet Protocol token? What are the utility in your ecosystem? What are the benefits of holding your token as long term investment?
$DUET is the Duet Protocol token. It is a key facilitator of the growth of the Duet Ecosystem.
All of the Duet Protocol’s services, including minting unit, security unit, liquidation unit and swap unit charge fees from the users, which is paid to the Duet treasury as income. The Duet DAO will approve spending to various farms. The farms are set with clear goals to grow the ecosystem and in turn increase the demand of the Duet services and thus generating more income.
All farm rewards would be given out in $bDUET, which will mature in 12 months , but can be prematurely sold on the bond open market with a discount determined by market forces.
The Duet Treasury buybacks Duet tokens with residual income to increase the price of the DUET token in the long run.
To conclude, DUET plays its role in these 5 aspects:
-Internal earning capture
-Burn to mint (V3).
Long term holders will enjoy more returns by depositing their DUET in bDUET.
Can you share the Duet Protocol roadmap so far and what phases is currently taking place? what should we expect in the coming months?
In the 1st Quarter 2022, our target is to get four core modules placed there: Farm & Zap, Stablecoin Minter, over-collateralization, and Bond market. By far, all of the four modules have been fully live on the App.
As for growth and partnerships, we’ve accumulated over dozens of great partners and backers so far for bootstrapping the ecosystem’s development. Here are some disclosed partners: Desyn, Project Galaxy, izumi finance, immunefi, Chainlink etc.
Besides, to upgrade Duet V1, we’re exploring to expand the Duet’s Farm module to a wider span of strategies, including on-chain options design; Bond market to be used as the infra for our strategic partners’ liquidity mining incentive. Also, we may step into leveraged liquidity mining to satisfy the needs of those users who’re in higher risk preference.
For V2, it’s actually been on the table. We are trying to introduce the market maker design that helps on-chain liquidity be bridged to the real-world, so ideally, any synthetic assets generated through Duet Protocol will be able to access ultimate liquidity.
For future plan, we are going to have:
1. Creative synthetic assets listing, including but not limited to synthetic stablecoin reflecting the inflationary level, synthetic NFT.
2. Fully permissionless synthetic assets listing procedure. Anyone will be allowed to list synthetic assets based upon the whitelisted oracle providers (let’s say Chainlink), which will enable Duet Protocol to become the infrastructure for collateral treasury, better dealing with the potential regulations.
3. Unique MM mechanism. Duet Protocol will try to let all the synthetic assets tap into ultra liquidity and trading volume. So we won’t need to give away tokens to incentivize the users’ liquidity supply. Instead, we as Market maker or partnered MM can arbitrage between Tradi and DeFi to support the liquidity here, and ensure all the “buying orders” on-chain can be dealt directly.
In the near future, a BUSD smart strategy will be soon launched, offering Anchor level’s reliable and attractive APY on BNB Chain for BUSD. Similar features will be applied to stablcoin LPs, non-stable ones, DUET and dAssets later.
On your website, you mention that Duet Protocol provides seamless Integration, as you can allocate capital to ANY asset with only one crypto wallet, right? But can it really be done with any cryptographic wallet? Or will it have to be one developed by or associated with Duet?
Actually you can go to our website to check what wallets we now support: app.duet.finance. Here are available wallets: MetaMask, WalletConnect and BitKeep. It does not necessarily use our developed ones. We will get more collaboration with other wallet partners to provide more convenience for users.
I see that the integration of Duet V1 BSC, ETH and Polygon is underway. What are the salient features that this first version of DUET PROTOCOL will have? Why have you chosen this trifecta of networks for the initial release? Will new networks be integrated in the future?
As mentioned before, we have four modules in total in our App, which are Earn, dAssets, dUSD and Bond. I will explain the cool features for each.
As you can see, we have added new pairs and assets in the Earn module and the APY has been updated. Some of the assets have an APY over 5 digits%. From now on, users not only can enjoy yields from auto-compounding the $CAKE but also have exposure to “ultimate v3(3,3)” bDUET(bonded DUET) as the rewards for joining the EARN module.
Users can simply “Zap and Supply” from other available assets they might have which you can see down below. This feature can be applied to any set of assets and pairs available through the dropdown button.
For dAssets, we just listed two new dAssets some time ago — dXAU and dWTI.
With much raving about synths, users can now benefit from oil and gold with Duet’s dAssets — dXAU (gold) and dWTI (oil). These synths are designed to help users reduce net value and make stable profits in a highly volatile market. For a better understanding of the Duet dAssets and how to get it on the Duet App, check out this link:
For the Bond module, Duet Protocol has come up with an exciting new feature called Bonded DUET (bDUET) which you can buy and sell after the maturity date as per your commitment level. Bond will serve as loss protection and return amplifier for Duet token investors. It is also an optimal way of Farming DUET tokens for Liquidity providers as well as Liquidity assurance for DeFi Farmers. It can also help to relieve selling pressure for projects based on Baa.
You can get more details from here:
The reason we chose those networks such as BNB Chain and PancakeSwap for the initial release is that they have already enjoyed a top place with a large number of users and stunning TVL in the DeFi world. Collaboration with them will also help us to get more users and in return give users more convenience.
We will for sure launch our product on more networks to expand the ecosystem. In the 2nd quarter of this year, we will be starting to explore the multi-chain metaverse: Solana, Avalanche c-chain, Near, etc.
In the second quarter of 2022 you at Duet Protocol plan to launch your safety pool, as I read in your roadmap. Could you comment on what this pool consists of and how it will impact your economic ecosystem?
Details may not be able to be disclosed at the moment. Basically, users would find that their DUET would have another use case, with stronger buying pressure.
At the same time, their investment gaining or loss would have another layer of protection.
On your Roadmap, I read that Duet Protocol will launch an “NFT Module” on chain battle to make the duet system more entertaining for users. So, Can you tell more about this NFT Module? What is the mechanism & how does it work? And how will this NFT Module entertain users?
The devs are designing a web page for the Panpan NFT display, and the prototype for the Panpan display was already finalized. On this page, users are able to show their NFTs by connecting their wallets. More features on the Panpan page will be developed for users.
For future NFT use cases in the Duet Protocol ecosystem, the team is planning develop a mining boost feature for Duet NFT, or Duet NFT will enhance the minting of synthetic assets. Stay tuned to get more latest updates.
I’ve read about (Zerogoki) and I think in various parts of the docs and social networks they mention “Duet Protocol”. So, what exactly is the relationship between Duet Protocol and (Zerogoki)? And How do the two projects work on joint development?
Zerogoki is a pilot project by the team. It was launched in July last year with the maximum TVL reaching $5M. The team has decided to integrate Zerogoki into Duet Protocol’s ecosystem, therefore we have launched a Zerogoki Migration program for previous holders to exchange their Zerogoki tokens into $DUET in a linear release. You can find more information from the below:
The objetive of a project like duet protocol is get the major amount of users possible, so can you explain us what are the marketing plans to attract more users, considering that you are the marketing leader ?
We would like to cooperate with more other projects and expand our ecosystem by introducing each other new users and funds. We will also try to make our app as much convinent as we can for users. Beisides, we will constantly hold community calls and Tiwtter space to build up our brand awareness.
Please let us know if you have any ongoing or forthcoming reward program activities, and if you have an ambassador program in addition to your project
Yes, of course we have, now we have content creators recruitment ongoing, please join our discord to get more information.
Can You List 1–3 Killer features of your “PROJECT” that makes it ahead of Competitors? What is the Competitive Advantanges your platform Has that you Feel most Confident about?
-Openness and user-friendly：Compared to Binance or FTX CM equity methods, on-chain synthetic assets minting is easier and friendly for investors, having no entry barriers, procedures cost, or single spot risk.
-Multiple collateral positions: Synthetix and Linear adopt the single asset deposit with sharing debt method. Compared to them, Duet chooses multiple collaterals with separated CDPs, which reduces minters’ risk and raises scalability.
-Assets diversity and compatibility: Compared with MakerDAO’s DAI and Mirror’s UST, Duet accepts various types of synthetic assets and embraces wider ecosystems, and supports Ethereum, BNB Chain, and other EVM compatible blockchains.
-Compatibility: Duet provides transferable dAssets which could be leveraged in other DeFi protocols, compared with perpetual-ish protocol which only supports long or short positions.
on which network can I get your token?
1) Smart Chain
Or any other network?
Please tell me which one of these..
WE are now on the networks such as BNB Chain and PancakeSwapWe will for sure launch our product on more networks to expand the ecosystem. In the 2nd quarter of this year, we will be starting to explore the multi-chain metaverse: Solana, Avalanche c-chain, Near, etc.
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Yes, we have, you can follow our youtube channel to get tutorial videos https://www.youtube.com/c/duetprotocol
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Duet Protocol.
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