Duet-Zerogoki X Polygon X QuickSwap Twitter Space RECAP

Participants

  1. J Bach — Zerogoki and Duet Core Member
  2. Rock — Founder QuickSwap
  3. Polygon

Listen to the whole event here:

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Regarding the team members, our team consists of the veterans from Omni, the blockchain which first issues USDT. Those of you who have stayed in the crypto world for a long time may know during 2016 the USDT coming first and OMNI was actually the first one who brought real-world traditional assets, which is USD deposit on-chain. We have team members from Binance, DAO communities, the traditional financial industry including listed companies, KOLs in the crypto space, veteran coding guys from Lightning Network, security token offering, and mining, and the finance industry.

So far Duet protocol has raised around 5 million US Doller from global investors including of course Omni — who leads the seed round, GSR — Worlds most famous as well as the biggest market maker in the crypto world, Draper Dragon, DHVC, Everest Insurance, etc. And Duet has around 300K global followers on multiple social media within three months. And as many of you may know currently we are focusing on the Zerogoki, which was launched a bit more than two months and is the pilot product from

Duet protocol, which is a leverage token trading platform based on algorithm pegging model which is the world’s only one very unique mechanism braided by us. Users can have exposure to leverage tools for assets including bitcoins, Ethereum, gold, traditional government bonds, and even metaverse index. We are planning to add more and more assets to the platform. Zerogoki is the light minting model of Duet and has a single channel synthetic assets protocol compared to the dual-channel of the Duet. Users need to burn the system token REI to generate synthetic assets. This is the basic information about the protocol.

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In the past, there are two ways to bring those traditional assets to the blockchain world. One is so-called Stoa security tokenization, which is a bottom-up process actually to transport the reward assets onto the blockchain. But the compliance work is still extremely complicated because we did that before and actually we had a successful launch of a security token based on real estate in the United States and we think it cannot reduce any cost compared to ordinary securitization. The advantage of the blockchain actually cannot be utilized by this Stoa. But we found there was another way to directly generate synthetic assets on the blockchain, which we call it top to bottom way, so it does not need to correspond with the reward assets as the collateral. For this block generative way basically, all the synthetic assets are adopting the over-collateralization model before we invented the Duet model.

The utilization rates of the funds are low and the risk of the users, the depositor, or the minter of the synthetic assets, the liquidation risk is somehow still high. That’s why we created the current model to try to solve this problem once and for all. Since we have the algorithm pegging mechanism which has never existed before, we need to verify and test this mechanism in the real environment. So we launched the Zerogoki project first and made it different from the Duet protocol. Zerogoki only has a burning system token model to generate synthetic assets. It will maintain a certain leverage ratio and never will let you get liquidated compared to the traditional derivatives. In addition, we choose to deploy Zerogoki on Ethereum first as it has a higher average cost and a slower network and it is actually not good for a newborn project to attract new users and get more balanced assistance. We choose Ethereum to test the project in this harsh environment to find out more about the potential problems with the system.

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The core trading code is exactly Uniswap. We’ve kept it that way for security reasons, and then we have some other small additional features limit orders through Gelato, we’ve got Dragons Layer which is Quick Staking where you earn a portion of all trading fees on the exchange. So you can imagine it’s a cool idea. For example, Binance earns a lot of trading fees and it splits with the Binance team. It’s worked out well for them, but for us, all of our trading fees get divided between the liquidity providers and then also the stakers.

So if you take your Quick and Dragons there, you get around 20% APY that’s from trading fees from the exchange. And then you can take the resulting token there which is dQuick over to our syrup pools which are similar to what Pancake has and get an additional 40% to 60% APY. So in total, you’re getting around 70% APY for staking quick. Then we’ve got some other features but that’s the general idea of it. So yeah, excited to have Duet joining us.

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J Bach

I believe Polygon has been having explosive growth in the last few months with an enormous amount of transactions and active users. Polygon networks trading model has exceeded that of those on Ethereum and BSC. That is very impressive. So Polygon is one of the largest abruption networks that provides a very powerful environment for decentralized finance. We saw many established DeFi protocols making their way onto the Polygon platform like Curve, Aave, Sushi, and more.

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And another way is using on-chain derivatives protocol which will make you liquidated if you are not carrying enough and you have to watch your position not only every day but every second you need to take care of your position. In both ways, the users may face liquidation, so actually, somehow it’s dangerous for the user. So we desperately need a simple tool to manage your leverage position.

We think the traditional leverage tokens are actually very good for the users, but it doesn’t exist in the decentralized finance yet only exist in the centralized exchange. Through our self-build the virtual oracle we can create these synthetic leverage tokens which can automatically rebalance your position and will never make you liquidated. Through this mechanism, actually gives users 100% of their capital efficiency and we think it will be a very important tool in this industry in the future.

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So in decentralized finance, it is not the protocols creator or we sell any leverage tokens to the users, it is actually all the tokens are generated by the user themselves. Users are utilizing the protocol to generate synthetic assets and trade with each other and within our system. It’s actually a game also between the system holders and the holder of the synthetic assets. So for the Duet protocol, well, its vision is to create a whole ecosystem around the synthetic assets and we hope to deploy as many chains as possible and allow more users to create those synthetic assets through our protocol. This is the very starting point.

We are going to build a series of applications around those synthetic assets like lending, leverage mining, insurance, and the index found as well as the community trading platform which allows users to create their own portfolio and let others follow with them. Also, we’re going to have a hedging platform that will allow users to have the overall exposure on the system as well as we’re going to list more interesting, very useful indexes in our system because we have a unique virtual oracle.

We actually can list financial products that don’t really exist in the real world. Like the VIX index which is reflecting the volatility of the SP 500. And if you want to trade VIX in the real world you can only trade in the VIX futures, but the futures will expire every month so you’re actually going to row your position and that will be a lot of costs. Your tracking of the curve cannot really follow the VIX index. But in our system, we can create a financial product just exactly the VIX index itself.

So people need not face the rolling losses. So I think it will be very interesting in the future as it will not only be useful for crypto players but also super useful for the real traditional players.

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We’ve got all the features of Uniswap but with zero trading fees. I just did a trade yesterday and it cost me like 200th of a penny and had about a second or two confirmation time. Quick Swap also has liquidity mining, which Uniswap doesn’t do at the moment. We’ve also got a single asset staking for Quick Token which gives all QuickSwap holders a portion of all the trading fees, which is pretty amazing. It’s kind of like a credit union for an exchange, everybody gets to share and all the fees of the exchange.

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We don’t need a trust these middlemen and we can create all this stuff as software. So now we just have software that runs the different functions of the financial markets. And we found a way now, thanks to Uniswap and now our iteration at QuickSwap to make exchanges decentralized. And instead of Binance or Coinbase, which are great institutions themselves, but instead of them getting all the benefits and their team getting all the benefits, now the public gets a benefit. So it cooks up.

We have around 100 million a day in volume and the fees that get generated from that just get distributed to liquidity providers and stakers, which is pretty incredible. I said before on our AMA with Parker here, it’s like everybody’s a mini little CZ. Everybody gets a piece of the pie, which is pretty incredible. And that pie is pretty tasty at QuickSwap right now. If you stake in Dragon Slayer, you get about 20% plus in our syrup pools, which Tel Coin is one of those and there’s a bunch more. We have actually three new syrup pools that are all really, really big projects that you’ll be seeing soon.

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Try Polygon, just go to wallet.matic.networks/bridge and you can bridge any ERC20 over. You could trade them on QuickSwap. You could borrow and lend on Aave or any of the other great protocols on Polygon. We’ve got most things are there now, so whatever you do on Ethereum layer one, it’s most likely you could find it on Polygon as well, but yeah, great speaking with you all. And I’ll see you all soon.

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Join us on discord or post your ideas on Twitter and let’s work together towards having a full instrument plan and decentralized finance. Thank you, we are closing the space now. Goodbye, everyone, and see you next time and you can join our community calls in discord and talk with us live and the rest of the team if you want.

Bye-bye.

For the latest update and exciting news, stay tuned Duet

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Duet protocol is a synthetic asset protocol that allows traditional assets to migrate to high-growth crypto-assets

Duet protocol is a synthetic asset protocol that allows traditional assets to migrate to high-growth crypto-assets