Duet Protocol Monthly Updates
February 2022 updates
Dear Dueters!
We now present to you the current development status of Duet Protocol in this monthly update of February month, as full and honest disclosure to our trusting community. We look forward to a prosperous year together with our DeFi community!
Product Development
Now our Duet Protocol product is in its 1.0 version. We have been working on adding new features and functionality to the product.
Duet Protocol V1.0 Beta Public Test
Jan 22, 2022, Duet Protocol launched its V1.0 beta public test and wrapped it up on the 31st of Jan 2022. During the test period, over 6,000 people participated and over 160,000 successful transactions were made during the test. We also got 400+ genuine suggestions and positive comments from the community and fixed dozens of bugs or UX issues on the V1.0 product, paving a solid foundation for Duet V1.
Key improvements since the BETA public test:
- Duet.finance app has completed its mobile optimization.
- The earn module has been added:
- You can now access all the statistics of the Earn page without connecting wallet;
- Earn module supports more LPs to join the yield enhancement including DUET-CAKE, DUET, BNB-CAKE, dUSD-BUSD;
- Easier to differentiate the tokens’ type, which has been redivided into “Non-yield bearing” column, and “Yield bearing” column;
- The slider has been introduced for you to simpler to withdraw LP or single tokens;
- More assets have been supported by the “Zap & Supply function” including ETH, BTCB, CAKE, BNB.
- dAssets module
- Clearer info display for your positions:
- Your liability has been divided into amount+value
- dUSD(stablecoin minter) module
- New info hint added for the functions “mint” and “redeem”
a)You can only mint no more than half of the total available dUSD with the single transaction;
b)You can only redeem no more than half of the total available BUSD/USDC with a single transaction
- Landing page redesigned
In addition, Duet.finance has also deployed the bond market on the BNB Chain testnet.
With these features updated, now users can supply single tokens, such as USDT, BUSD, and USDC, or receipt tokens, such as USDT-BUSD, USDC-BUSD, or USDC-USDT as collaterals through the Earn function in Duet.finance, and mint various types of synthetic assets, including but not limited to stocks, real estate, commodities and crypto assets with them.
If you missed the Public Test, don’t worry. You still can use this user guide to try our product and leave your precious opinion at contact@duet.finance.
Duet Protocol Gitbook Updates
We have also updated our Gitbook, disclosing more details around Earn, dAssets, and Farm modules. We welcome you to check on the newly updated information in order to understand Duet more profoundly.
In general, Earn is a place where users can supply either receipt token/LP, either formed in other platforms such as Pancake Swap, or on the Duet platform using Zap function, in order to borrow synthetic assets. Yield in Duet Earn can be maximized triple ways: yield from third-party protocols, the yield from farming strategies, and incentives.
dAssets are short for Duet Assets, which are synthetic assets that track the value of the underlying assets. Anyone who supplies collaterals, single token or receipt token/LP, can have the right to borrow synthetic token on Duet under over-collateralization rules. Should there be a default, users can claim the underlying collaterals by repaying the outstanding amount of synthetic assets.
Duet rewards users based on balances of assets supplied and synthetic assets borrowed. Once a user supplies incentivized assets or borrow incentivized synthetic assets, he or she is automatically considered a farming participant. All Farms will reward users with $Bonded Duet tokens with 12 months maturity only. This means, all the farming rewards can be converted to $DUET in 12 months' time.
For detailed information, please visit Duet Protocol Gitbook to see the whole mechanism behind it.
Product and Security Audit
Duet Protocol has got two rounds of auditing for V1’s launch, both from top-notch agencies, Packshield and BlockSec. Duet Protocol’s smart contract was also audited by pioneer blockchain security firm CertiK.
Duet Protocol White Paper 2.0
Although this is not progress made in Feb 2022, we still would like to include it here for you to catch up with the whole current status of the project. Welcome to view the 2.0 version of our whitepaper.
Partnerships
No man is an island. Partnerships are key to the healthy and prosperous development of the industry. Duet has been very active in collaborating with our DeFi friends on resource exchange. Here are the recent handshakes.
Bug Bounty with Immunifi
Feb 15, 2022, Duet Protocol announced its partnership with Immuefi, a Web3 bug bounty platform, and co-launched the bug bounty successfully on Immunefi.
Explore the Web3 and NFT with Project Galaxy
Jan 29, 2022, Duet Protocol announced its partnership with Project Galaxy to explore the Web3 credentials and NFT Carnival. Both parties are committed to exploring a better Web3 user experience, NFT issuance, building DID, as well as decentralized voting systems, etc.
Partnership with Izumi Finance
Jan 27, 2022, Duet Protocol partnered up with iZumi Finance. By reaching strategic partnerships, the two sides are going to unite resources to help users optimize their assets’ yields. In the future, we would explore the wide range of DEx’s LP tokens’ yield enhancement and multiple kinds of PCV(protocol-controlled-value) building together.
Partnership with SynFutures
Feb 16, 2022, Duet Protocol announced its partnership with SynFutures, the next-generation derivatives platform.
Partnership with DeSyn Protocol
Dec 17, 2021, Duet announced that DeSyn Protocol and Duet Protocol have reached a technical partnership. In this collaboration, Duet Protocol will put their assets in an ETF format and have them trade and make the market on the DeSyn platform. While doing this, Duet can easily use the ETF to do risk hedging and will speed up their development.
Community
Since its foundation, Duet Protocol has seen significant growth of our global community members. We have got investors from different continents, covering North America, Australia, and Asia countries like Vietnam, Singapore, India, etc. The followers of Duet ecosystem’s social media have surpassed 200,000 and so far we have interacted with around 30 projects in the crypto space. If you haven’t joined our community, now it’s time.
AMAs and Twitter Spaces
At the beginning of 2022, Duet held several AMAs with well-known projects in the industry — — AVSTAR CAPITAL, Shin Chan, Bitcoin Addict, and SynFutures. The AMAs have been successful. We also gave out hundreds of Duet’s very own special PAN PAN NFTs to lucky participants of the AMAs.
Duet Ambassador Program
Duet also launched its Ambassador Program, aiming to grow a strong community of loyal members. Now we have received over 1000 applications from the community. Selected candidates were contacted to arrange a virtual meet-up on discord for further screening.
What’s next?
Where we are heading towards going forward, allow us to provide a general view for you here.
In the 1st quarter of 2022, we are working on getting four core modules placed there: Farm & Zap, Stablecoin Miner, over-collateralization, and bond market.
By far, the first 3 ones have been fully prepared. Formal deployment is just around the corner. The last task, the bond market, will be under auditing soon.
We are also working on aligning with more partners as we develop. Several collaborations are under negotiation and concrete collaboration details shall be announced in the next few weeks.
Besides, as to the 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 and 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. A small teaser: 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 through Duet Protocol would be able to touch ultimate liquidity.
Well, thank you so much for your time reading this. We appreciate your attention and support. We’ll keep on building. See you around in the Duet community!
