AMA with DUET PROTOCOL, the next IFO project on PancakeSwap.
Hello CAKE holders! 🥞🦆
We will have the next IFO with DUET PROTOCOL on 11th March. We held an AMA (Ask Me Anything) with Rossie from the Duet team to get to know the project more! If you missed participating in the AMA, read this article and learn about their project. Unlike recent IFOs, it is not a game project this time.
What is IFO?
IFO (Initial Farm Offering) is the event in which you can buy brand new tokens using CAKE tokens🥞
How to participate?
Please refer to the IFO page on our website!
https://pancakeswap.finance/ifo
DUET IFO will be held in IFO 3.1 format. To learn more about it, check IFO3.1 Medium article:
About IFO CAKE pool concept, you can learn at IFO 3.0 Medium article:
Questions and Answers
Q. Please introduce yourself(@bigfat666)and the project — Duet to our community. 🥞🐰
A. I am Rossie, and I am the Marketing Head 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.
Duet’s team consists of veterans from OmniLayer, top crypto exchanges, and well-known DAO communities. The core members are experts and KOLs in areas including lightning network, security token offering, product design, macroeconomics. Our dev lead has published three smart contract development textbooks and enjoys sharing knowledge in multi dev communities. According to the team members’ background, you can tell that Duet’s built in a vision full of high-standard financial level as well as the crypto native sense.
Now let’s come to our product side.
Duet protocol is a synthetic asset minter built on a Yield Aggregator that automates the process of yield farming, maximizes its returns, and releases additional liquidity to the users.
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’s got $5M investment from global backers including Omni, GSR, DHVC, etc. So far, Duet has accumulated roughly 150K+ followers among social channels, as well as 1,000+ active users through the test product
Q. I read “Duet protocol allows traders to replicate the real-world tradable assets in a decentralized finance ecosystem.” It sounds great but “How it works” on the website is difficult to understand for the average DeFi newcomers. Can we challenge you to explain your product in one answer that even the newcomers will understand?
A. Firstly, pls let me have a general intro for how Duet works in a plain texts:
DUET Protocol is a multi-chain synthetic assets ecosystem, enabling pegged assets from various markets — from individual stocks, to indexes, ETFs, and commodities.
DUET synthetic assets, dAssets, are secured by over-collateralization. This collateralization can be achieved by the deposit of interest-bearing assets, e.g. LP tokens. For beginners, there is no need to worry about complicated operations. We provide a Zap function, where users can convert their single token into LP and inject it into the liquidity pool to obtain yield with one click.
I’d like to elaborate a bit more on the highlights we have with the bullet points:
- One crypto wallet to get access to all assets in the world/you can imagine (One Duet to own them all.)
- No need for an AMM, permissionless synthetic asset issuance.
- Make full use of your LPs, bringing extra income in multiple ways, leverage as high as 10X.
- MakerDao’s overcollateralization+UST’s algorithmic burning+Perpetual’s virtual AMM
- Special reward release system: better liquidity and minimizes dumping pressure.
- Automatically match to yield aggregator, individual strategies, three-party protocol to ensure interest-free bar mining.
Q. Can you explain what’s the unique difference between your project and the competitors (like other synthetic asset protocols)?
A. Compared with current methods, Duet delivers a unique design to optimize minting and trading.
- 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.
Moreover, I may describe the benefits we bring to users in these aspects:
- Duet’s stablecoin and other synthetic assets in the future are built upon yield aggregators, which mean the dAssets are yield-bearing naturally. At the same time you can still enjoy the general yields based on strategies the Duet team prepared for you.
- Unique bond market design. Have you ever noticed that the majority of Bonds among the crypto market are designed in the form of “NFT”, or they can’t be traded before being redeemed into the native tokens. Both make the bond a highly illiquid asset.
For the Duet bond, you would enjoy the high liquidity due to the Fungible tokens’ design as well as the unique AMM pools there. 12 bonds(once a month) and 4 bonds (once a quarter) would be onboarded on cheaper EVM compatible chains (BNB Chain, Polygon, Ava, etc.), and Ethereum respectively.
Not only can users enjoy the juicy interest from the bond market, but also have access to a highly tradable and liquid asset class. - Inside one platform, generating multiple LP tokens: Get any kind of LP tokens with only one click, in one place, rather than a couple of ones where you would need to hop on to many different platforms. Duet Protocol designs a function “ZAP”, which would let users get their single token, let’s say BUSD, which can be transited into any target farm LP tokens instantly.
Q. Please tell us the utilities of the DUET token, especially what “Vote to Earn” means?
A. Duet token is a key facilitator of the Growth of the Duet ecosystem.
All of the Duet 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 are paid in $Bonded Duets, which will mature in 12 months time, 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 4 aspects:
- Internal Earning Capture
- dAsset Limited Guarantor
- Algo-stabilized dAsset Minting
- Governance Rewards
Soon after the Friday’s IFO, users can instantly pair the DUET with CAKE to enjoy the juicy APY, or take it as collateral to borrow dUSD in the Duet Protocol. And once the bond market goes live, users can also pair DUET-bDUET(bonded DUET)
Together to enjoy some pretty good earnings, as well as a governance module, which will happen soon.
For “Vote to Earn”, this basically means that the protocol will cast your vote on proposals like new features or changes to key protocol parameters with Duet or Bonded Duet to earn governance incentive rewards.
Q. Do you have any ready products already? What progress has your team made so far? And can you tell us about the major milestones you will achieve in the future?
A. Yes, you can always interact with Duet App in the testnet environment, through the link: testapp.duet.finance. From there, you can enjoy our 4 modules, EARN, dAssets, Stablecoin minter, and Bond market. We even build a testnet version Pancakeswap to contribute to a better UX, which you can visit here: https://pancaketest.duet.finance/
To explore the formal version, you can wait for our announcement soon. We will announce the V1 formal launch today soon..
So far, Duet Protocol has completed 2 rounds of security auditing conducted by Blocksec and Peckshield. And we successfully wrapped up the V1 beta public test, with 160K+ tx and over 6,000+ participants, which you can check the record on the BSCscan: https://t.co/VzjOB94f3S
Besides, Duet Protocol has successfully completed $5M private fundraising from well-known backers including Omni, Zonff Partners, GSR, DHVC, LD Capital, etc.
More good news are on the way, we highly look forward to the bright future ahead of us on great Pancakeswap, as well as BNB Chain Eco.
In the 1st Quarter 2022, our target is to get four core modules placed there: Farm & Zap, Stablecoin Miner, over-collateralization, and bond market.
By far, the former 3 ones have been fully prepared, formal deployment is just around the corner, actually later today, you can follow our twitter to be updated with the latest news: https://twitter.com/duetprotocol. And the latter would be under auditing soon.
In the meaning of growth and partnerships, we’ve accumulated over dozens of great partners and backers so far for bootstrapping the ecosystem’s development, some disclosed partners: Desyn, Project Galaxy, izumi finance, immunefi, etc. And of course, we attach high importance to the relationship with Pancakeswap and the community here.
We would announce more partnerships news in the next weeks, and disclose the concrete collab details we’re gonna onboard, especially in the meaning of how to reward the community.
Besides, in the meaning of product matrix, inside the Duet V1, we’re exploring expanding 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 could disclose here that we are trying to introduce the market maker design that helps on-chain liquidity could be bridged to the real-world ones, so ideally, any synthetic assets generated though Duet Protocol would be able to touch ultimate liquidity.
We started building a liquidity pool on the third party swap protocol in order to leverage their large number of users and funds, but for the Duet system to capture the profits generated from trading and lending, we needed to build the DEFI infrastructure ourselves and incentivize liquidity migration after. Besides swap and lending a series of products already in the pipeline, including cross-chain synthetic assets aggregation protocol, leveraged arbitrage protocol, insurance pool, clearing fund protocol, automatic compounding tool, we call it DuFi Ecosystem,of course, some of the applications need to be built by a global community, not all relying on existing team. We believe in the power of decentralization, and as the core minting infrastructure matures, talens from around the globe will build more interesting applications on it in the future.
It is particularly noteworthy that, compared to our competitors, Duet’s goal is not a simple financial application, but a real parallel universe that enables real world asset casting, recomposition, and restructuring.
Q. How will the platform help newbies in diversifying their portfolios? Do you plan to provide any Guide/Article regarding this?
A. So, for now, newbies can get the super ideal APY in a low-risks mode with stablecoins strategies. Let’s say:
- Mint dUSD: Suppose you have 100 BUSD, swap 50 BUSD for dUSD on dUSD tab
- Pair LP token: Supply dUSD and BUSD at Pancake Swap to receive dUSD-BUSD LP token worth $100
- Supply LP token: Supply the LP to Duet protocol to receive 50 credits.
- Borrow dUSD: Borrow another 50 dUSD, sell half of the dUSD for BUSD on dUSD tab.
Repeat step 2 to step 4, 2 to 3 times. You approximately receive a 2x reward on your $100 principal. A step-by-step guide would be rolled out later this week.
Q. Can you explain about your function that you have designed i.e “ZAP”, how does this help in generating multiple help tokens?
A. ZAP is actually a simple swap + supply function for users. No matter which kind of supported single tokens you hold, you can just click and transit them into target LPs.
Supported single tokens by far:
USDT, BUSD, USDC, DUET, WBNB, BTCB, ETH
LPs supported by far:
USDT-BUSD, USDC-BUSD, USDC-USDT, BNB-CAKE, DUET-CAKE, DUET-dUSD, DUET-WBNB, dUSD-BUSD
Q. I don’t really understand “Duets allow traditional assets to migrate to high yielding crypto assets”, I understand that they can migrate to blockchain easily, but how do they actually guarantee that they will be “high yielding” without sacrificing liquidity?
A. As I mentioned earlier. Let’s say we’re talking about synthetic USD, which is dUSD in our eco. The best way for you to maximize the returns is to pair that with BUSD or other tokens, and deposit back to the system. With a couple of times’ repeating, you can expect 2x rewards. This applies to all the other dAssets in the future.
Q. Would love to know why DUET-CAKE pair instead of DUET-BNB pair.
A. Great partnerships w/ PCS as well as high ratio of YES for DUET IFO proposal make us really moved and incentivized, which directly leads us to prioritize the CAKE holders’ benefits. And we can also strongly tell that CAKE liquidity is fully and competitively secured by BNB. Which we believe that we’re all happy to witness.
Q. Due to Recent happenings in the Crypto space where we suspect true Decentralization of DeFi, seeing MetaMask mistakenly stopping Venezuela Citizens from accessing the Wallet, How do you intend to protect the privacy of your users and uphold Crypto’s Decentralization integrity???
A. So, we’re dedicated to be a DAO-driven project from day 1. The tokennomics as you can see, is mainly focused on the governance and community, Duet Protocol as a synthetic minter would be an infra rather than a simple dApp, from collateral to synths, as well as the parameters settings, all of these would be decided by the community voting in the long run.
This is the way we understand and plan to fight for the decentralization. It would be a long but worthy journey.
Want to get more detailed information about Duet Protocol?
Gitbook:
https://duet-protocol.gitbook.io/duet-protocol/master/introduction
Social profiles:
https://linktr.ee/duetprotocol
Audit reports:
https://linktr.ee/duetaudit
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
2021 Year-End Investor Letter
February 2022 updates
That’s all from AMA! It was a very informative question and answer session. In addition, Duet team prepared Special PancakeSwap themed NFTs for AMA participants! Lucky 100 winners can get it, thanks for the kindness, Duet team! The winners’ list will be announced on Duet Discord. Don’t forget to join: https://discord.gg/duetprotocol
To catch up with Duet news, don’t forget to follow their social channels!
🎵 Website: https://duet.finance
🎵App: https://app.duet.finance
🎵 Testnet: https://testapp.duet.finance
🎵Medium: https://duetprotocol.medium.com/
🎵Twitter: https://twitter.com/duetprotocol
🎵Telegram: https://t.me/duetprotocol
🎵Discord: https://discord.gg/duetprotocol
IFO information
Mark the date!!
📅 Sale start time: Approx. 9:00 UTC on Friday 11th March 2022
📅 Sale end time: Approx. 10:00 UTC on Friday 11th March 2022
Venue: https://pancakeswap.finance/ifo
More details are available in Duet IFO voting proposal.
See you on IFO!
Lastly, join our community to get PancakeSwap news.
🥞Website — https://pancakeswap.finance/
🥞Twitter — https://twitter.com/PancakeSwap
🥞Telegram — https://t.me/PancakeSwap
🥞Discord — https://discord.gg/pancakeswap
Chef Bun 🥟& Chef Nina 🦆
