Duet Protocol Development Report: Jan — May 2023

4 min readJun 1, 2023

Product Development

dBond Feature

In order for our investors to capture a stable yield in the volatile market, Duet Protocol rolled out dBond feature, mirroring the U.S. Treasury Bills on blockchain. In the past 5 months of the first half of 2023, 3 products of dBond were released on Duet dBond page, with the maturity date of March 2nd, April 13th and June 27th.

A Medium article was published to explain the mechanism behind dBond. A community call was held to answer questions from the Duet community regarding the dBond feature. A marketing campaign aiming at encouraging people to purchase dBond was held with 200 BUSD worth of rewards to the eligible participants.

ebCAKE Strategy

Another investment strategy called ebCAKE is also Duet Protocol’s highlight. Currently, ebCAKE-Hare and ebCAKE-Rabbit are available on Duet with APY higher than 20%. ebCAKE strategy was also supported by BNB Chain official account.

Duet Pro

Early April, Duet Pro was officially launched. Duet Pro is a perpetual futures trading platform for Real World Assets (RWA, ie. stocks, commodities, indices, etc.) on Arbitrum One blockchain with at most 100x leverage.

The platform is built on Arbitrum One, which offers a more efficient and cost-effective trading experience for users, while also benefiting from the security and robustness of the Ethereum blockchain.

Duet Pro is also powered by the proven smart contracts of Deri Protocol and Pyth Network. The established technologies ensure that the platform is both secure and reliable, giving users the confidence to trade on the platform without fear of hacks or exploits.

The last but not the least, 80% transaction fee of Duet Pro will go to LP as rewards to liquidity providers, which is the highest in the industry. Diversified assets move in different directions as the market fluctuates, reducing liquidity providers’ exposure to risks.

A trading carnival was held to celebrate the launch of Duet Pro, with a prize pool of 300,000 DUET token to eligible participants. The trading carnival lasted for a week and received support from the community of Galxe, Deri Protocol, SynFutures, AKI and giveaway.com.

Marketing Progress

Metaverse Events

Duet Protocol participated in Superhero NFT Wars’ Metaverse Expo and offered rewards for people who have logged into the SNW metaverse and entered Duet Protocol’s building.

Online Events

Bach, Core member of the Duet Protocol attended 2 AMAs, one with Pyth Network community and the other one with SynFutures community, discussing the market trend and the new features of Duet Protocol.

Starting from the first week of May, Duet Protocol core team decided to discuss the marketing situation and share insights with the community. Thus Duet Protocol Global Market Chat was help on every Monday to give the community a recap of what happened in the past week and an outlook for the coming week. A Galxe series campaign OATs are also available for participants to claim.

Duet Protocol Global Market Chat — 20230501. Recording.

Duet Protocol Global Market Chat — 20230508. Recording.

Duet Protocol Global Market Chat — 20230515. Recording. Text recap.

Duet Protocol Global Market Chat — 20230522. Recording. Text recap.

Duet Protocol Global Market Chat — 2023052. Recording. Text recap.

Community Engagement

The newly released Duet Pro featuring a RWA perpetual trading platform with 100x leverage caught the attention of the crypto trading community. Duet Pro was featured several times by members of the community.

Partnership

Duet Protocol announced its partnership with Metopia, with Metopia supporting Duet with its soul-bound badge protocol, raffles, and reputation-based voting system to boost Duet Protocol’s community growth. Later, Duet Protocol issued a Trader Badge for whoever trades stock futures on Duet Protocol.

Token Price

DUET token price experienced a surge in April following the launch of Duet Pro, witnessing a nearly 500% increase and then dropping back gradually. The current price of DUET is around 0.001 USD.

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