Duet-Zerogoki X Polygon X QuickSwap Twitter Space RECAP
Participants
- Sinj — Moderator and ambassador for Duet and Zerogoki
- J Bach — Zerogoki and Duet Core Member
- Rock — Founder QuickSwap
- Polygon
Listen to the whole event here:
Sinj
Hello everyone, before we begin I would like to introduce myself. My name in the crypto space is Sinj, which is inspired by the popular anime Evangelion. I am an ambassador for the Zerogoki protocol, which is the pilot of the project of Duet protocol who is also the current host of this Twitter space. We’re very happy to have you with us and I want to welcome each and every one of you to this twitter space. Today we will be talking about what Duet and Zerogoki are and the steps taken in becoming a cross-chain synthetic assets protocol. I know you all love synthetic assets. They were in high demand a while ago and I still believe they will be for various reasons. This is why the team is building up the Duet protocol and is taking a major step towards building bridges with Polygon. Our guests for today’s call, have Rock from Quickswap, Chinmay from Polygon, and J Bach from Duet and Zerogoki protocol. I will ask our guests a few questions about the protocols that they work on and also we will find out how these protocols can work together in building a really decentralized financial space. Okay, now over to our guests.
J Bach
Hi Sinj and hello everyone.
Sinj
Welcome to the call J Bach. I think Rock and Chinmay will be joining us shortly. Anyway, I have a lot of questions for J Bach. Are you ready?
J Bach
Yes, for sure.
Sinj
We have a lot to say about the Duet protocol and Zerogoki is also very interested in Polygon and Quickswap, which is the first real step on the Ethereum chain about scaling. I think it’s an important step that you decided as a team in Duet protocol to use Polygon and leverage this utility it brings to a decentralized finance space.
J Bach
Yeah, I think Polygon lowers users’ costs which is very important for ordinary users to get into the crypto world. Ethereum is too expensive and BSC is somewhat still not expensive. I think Polygon has achieved a great balance between decentralization, the safety, and the cost of the blockchain.
Sinj
Yes, now it’s not anymore about who are the Ethereum killers and things like that. Now in nature and in society, it’s those who work together survive better than those who try to kill everybody else.
J Bach
Polygon is not an Ethereum killer but more of a helper being a layer two platform.
Sinj
Yeah, actually creating a bigger ecosystem than trying to compete. And also you as a team are trying to interconnect with all layers and all things and becoming a mini-ecosystem in the bigger ecosystem.
Sinj
So J Bach in the meantime can you please tell us more about yourself and Duet?
J Bach
Yeah, sure. I’m one of the co-contributors of the Duet protocol and also one of the designers of the economic model of Duet. I have worked in the research and structure Department for the world’s large digital currency exchange and also the world’s top ten public chains. Earlier I was in financial media, private equity, and the big four accounting firm. So migrating traditional assets on-chain is one of the very important topics during my research work, including compliance formation and the digital currency of the central banks. That’s the initial opportunity for me to make synthetic assets applications in the crypto world.
Sinj
I have a question for you. What would you like to share with our listeners which is the most important thing about your project and your team?
J Bach
As you see the Duet protocol is a multi-chain synthetic assets protocol based on a hybrid model of hyper collateralization and as well as the algorithmic pegging which enables between traditional real-world assets and the high growth crypto assets. So our vision is to build an on-chain parallel space governed by DAO which allows users to create and allocate capital to any asset class with only one crypto wallet.
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.
Sinj
Nice. I really admire that you have a valuable team that has experience in the financial sector. I see our guest Rock from QuickSwap is here with us. Hello Rock, welcome to the call. Can you please introduce yourself to our audience? Thank you.
Rock
Sure. I’m Rock Zacharias. I am the CEO of Lunar Digital Assets and marketing partner of Polygon for almost three years since the early days. I also am one of the co-founders of QuickSwap and the advising team to QuickSwap alongside Polygon. Glad to be here.
Sinj
Thank you for your introduction and contribution to the crypto space. We have another question for J Bach, also known as Zerogoki in the Twitter space. So would you mind telling us a little bit of a story about the creation of Duet and Zerogoki?
J Bach
Our team members have been long focused on how to transport and migrate traditional assets on-chain. Through our long-term observations and research of the digital market, we can see that the distribution of the assets on the blockchain is in the shape of a barbell. So it is either a single coin that will not rise all for and others are cryptos that fluctuate briefly, with barely any middle-level risk-return on on-chain assets. But as the walls of the blockchain world growth have already exceeded 2 trillion US Dollars and the migration of that wealth to moderate risk-reward assets is inevitable we think. The most common middle-level risk-return assets are reward assets, like stocks, commodities, bonds, or even real estate, etc.
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.
J Bach
Now actually we running for over two months, though we have severed huge impact by hacking events and found some problems in the system, somehow through our team’s effort, the system is already getting back to balance at the current stage. Also, we hired a very professional team called Alethia, I believe they are in the audience today. They have tested our systems mechanism through very complete modeling and AI robots and came out with three long reports. If someone is interested in reading them you can check on our Duet homepage, it’s just at the top of the page.
Sinj
It was a nice story. I see that you offer the algorithmic leverage token that offers leverage without liquidation. And as I understand you’re planning to offer them on QuickSwap, right?
J Bach
Yeah. We currently only offer leverage tokens on Zerogoki. When the Duet protocol launches it will have general synthetic assets like traditional stocks and bounce or some financial index. So far we have only reached the system token REI and the synthetic asset zUSD in our system, but in the near future, we believe we are going to bridge more and more synthetic assets from our platform onto the QuickSwap to let users get direct exposure to the leveraged token that doesn’t exist on the blockchain world before us.
Sinj
Thank you. That’s very interesting. And now I would like to ask Rock. What do you expect from Duet protocol and Zerogoki’s journey on QuickSwap and the tokens that they will offer on your swap?
Rock
Well, in general, adding real-world assets into the crypto ecosystem and being able to do it through QuickSwap, one benefit is that you can take your real-world assets whatever those may be, and earn a yield on them by providing liquidity. For those who don’t know, QuickSwap is essentially Uniswap on Polygon. We’re the largest DAPP and DEX on Polygon. We have more daily users than almost all Ethereum Layer One apps in the world actually combined on most days. We’ve got a huge user base and you can imagine bringing over your synthetic dollars or synthetic gold in the future or synthetic Tesla stock or something.
Sinj
Especially for you BTC long on your swap. I think this will be interesting for those who like to have leverage on QuickSwap.
Rock
Yeah, absolutely. And being able to collect a yield on any of these assets by providing liquidity on QuickSwap is great. For those who don’t know, a little more about QuickSwap. So it’s basically Uniswap.
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.
Sinj
Thank you. I think Duet will love your big flexibility in your pools. So I’m going to go back to J Bach. Would you please tell us why you chose to build on Polygon?
J Bach
The protocol chose to build on Polygon to soak the operational certifications that is network spaces such as super-high gas fee and slow transaction speed and other including security issues. And you know because we are synthetic assets based on algorithmic pegging mechanism, so arbitrage is very important to the system to return to a balanced situation. This integration with Polygon will bring a massive influx of new users into the Duet ecosystem.
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.
Sinj
I want to ask another question to J Bach. Rock has given us a very good highlight of QuickSwap as a very interesting platform that combines whole packets in the DeFi space. What was the reason that made you choose QuickSwap as your very first beginning on polygon?
J Bach
Everyone knows QuickSwap is the top native DEX on Polygon with tens of thousands of daily active users, which is also one of the largest dapps within this amazing crypto world. QuickSwap has harvest around 1 billion TVL and this amazing and got recognized by Binance, Coin Base, etc. And QuickSwap is our first choice to co-operate on Polygon. We believe the co-operation between us will bring more and more interesting stuff into this super amazing world.
Rock
We appreciate you choosing us.
Sinj
Thank you, Rock on behalf of J Bach. I think he has a little bit of difficulty listening with his device. I have a question for you again. I want to emphasize the fact that in a short while on QuickSwap you’ll have the ability to have the leverage tokens that can accrue yield farm and people that have taken a short or long position they don’t need to get liquidated or come out at a loss, but instead, we can provide liquidity on your decentralized change until the market bounces back. What do you think? Is this good or bad for decentralized finance? What do you think it brings to the table?
J Bach
I have some problems that I cannot listen to Rock very clearly. It’s very strange for this device, and I may answer this first because generally speaking people in the decentralized world if they want to get leverage before they only have two way, one is through the lending protocol to pledge their existing assets and get some loans from those lending protocols to make you exposed to the leverage.
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.
Rock
So it’s leverage without the risk of liquidation. Maybe Sinj you can relay this over if J Bach cant hears me, but yeah, that’s pretty interesting. I wasn’t aware of that.
Sinj
It’s a great honor to inform you about that. It’s actually leverage without liquidation and it’s leverage not only on bitcoin and Ethereum but it’s also leverage and government bonds and gold. So if I am a user and I want to use leverage, instead of opening a margin position with the risk of being liquidated I can mint a BTC long token and I can keep it. And if the market goes down, instead of getting liquidated I can add it on the QuickSwap liquidity pools to yield farm with it until the market is backed up. I think it’s not only interesting, but it’s also a very innovative financial experiment and thank you for having us and giving us the capability to offer liquidity pools with leverage tokens,
Rock
Because you can’t get liquidated there is less downside risk, so I’m assuming there must be less upside with this as well. I’m not sure what the mechanism is, but how does that work?
Sinj
I’ll be happy to explain. It actually combines an oracle and the automatic market-making feature of QuickSwap or other swaps. So as you said, currently, there are only three times leverage options. So either you have bitcoin leverage three times long or short, you can’t make a Bitcoin-like 100 times leverage. So you actually make the token and the token during the mint and burn process has a price that triples up or down the difference in the price of bitcoin that you bought it in. And while you call the token, you can provide liquidity with it and the price fit is taken automatically taken care of by the automatic market maker feature of arbitrage.
Sinj
You can’t get more than three times leverage on bitcoin now, but you don’t get liquidated. For example, you have $10,000 on a leverage algorithmic token that follows the bitcoin price long three times and if bitcoin goes up10% you gain 30%. So actually in order to get liquidated the price of bitcoin should go to zero. That will never happen. So actually it’s like a token that follows the price times three.
Rock
What happens if it drops 40%, past the one-third mark. It would not liquidate still?
Sinj
Yep, it still wouldn’t get liquidated. The price would get fractionally smaller. It’s exactly like the leverage tokens that Binance had one time, I think. I have a question for J Bach anyway. So J Bach would you care to share with us a comment on your vision and the future of decentralized finance derivatives and the product that Duet offers, especially in the framework of government policies getting stricter with leverage?
J Bach
So for the regulation on the crypto as well as the leveraged cryptos we believe the centralized change are facing more and more pressure and actually it’s a good chance for the decentralized protocols to obtain more users because finally the users will find or the regulators will squeeze the space of the centralized exchange.
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.
Sinj
Thank you, J Bach. It was a very interesting summary of what is planned to happen in the future. Polygon was with us for a short while. So for those of you who recently joined as a recap, I want to say that the Duet and Zerogoki protocol team are launching the third step of breeding their basic tokens on Polygon. We have Rock with us from Quick Shop. He gave us a great summary of his DEX. I see a lot of questions here, so now let’s move to the part where we can have some feedback from the audience.
Parker
Everybody from Polygon, QuickSwap, and Duet it’s awesome to meet you guys. I had a couple of questions. The first one is how do you figure out which assets here to list and create these leverage products for?
Sinj
I can take the initiative to answer a bit of the question. J Bach can correct me if I’m wrong. So far some assets were chosen by the research team behind Zerogoki and Duet like the government bonds, BTC, and Ethereum. And from now on it’s going to be proposed to the decentralized autonomous organization. So it’s going to be a proposal and vote on the type of assets that we will be issuing on the Zerogoki protocol.
Parker
That’s very helpful and that kind of leads me to the next question is how is the DAO formed and in what infrastructure do you guys use, or do you plan to implement to enable truly decentralized governance?
Sinj
That’s an important question because decentralization is also important for us. Yeah, well, so the decentralized autonomous organization is formed by gaining voting rights after staking the native token REI for and having them locked up you receive xREI, which is the token with the voting rights. I am a little bit fuzzy in the details about the majority of the voting process. I know mostly about how you get voting rights. As soon as we have J Bach with us he will fill up the blanks.
Rock
While we’re waiting I noticed a lot of people joined. We had only maybe 20 people here before and then I don’t know if it’s when Polygon Twitter joined or if maybe Parker did a Tweet or something. I’m curious. So we could have good results like this in the future. What just triggered almost 500 people to join? Does anyone know?
Twitter User 1
Hi, one thing I wanted to say. Somebody asked like when we started off this space with like 20 users and what was the catalyst for getting all the users in here? I would imagine that I’m probably not alone in this, but every single time Polygon is in space, we get an alert and I follow Polygon and QuickSwap and all these companies, and we just get an alert at the top of Twitter. And every time that space goes live, a ton of people get that alert and that’s probably what caused all these people to join.
Rock
Nice. Thank you, Garrett. Was it that Polygon was a speaker or was it that they were a listener or are you not sure.
Twitter User 1
Just like Twitter space went live with, like, Polygon, and I know that’s like, the name of the space, but I’m assuming it’s when Polygon joined.
Rock
Yeah, because there were only like 20 followers. So that helps me to know now for the future ones we’ll make sure to get a Polygon official account and we’ll get a QuickSwap official account and Duet is already here, but yeah, we’ll get these larger accounts, and maybe next time I’ll speak from the QuickSwap account. Thank you, Garrett. I appreciate that insight.
Twitter User 1
No problem.
Parker
I have another question, actually and then I’m going to jump off. It’s been awesome to meet with you guys. What’s the biggest risk to the protocol overall? And how are you guys working to combat that?
J Bach
I believe there are two types of risks. The first is oracle failure like we already faced for one time when the hacker using the flaw on the oracle’s scan curve and mint more than 700K of our synthetic USD from the system, but we quickly detected the attack on the oracle. But it shows Oracle is a very important module of the decentralized world so we’re going to definitely keep watching and modify and upgrade the Oracle. Currently, it’s a distributed Oracle that has seven new running nodes for the price feed and in the future, I believe it will become a decentralized Oracle just like ChainLink or some other decentralized Oracle which will have a lot of people participate and compete for the price feeding and they’re going to be rewarded and they’re also going to be punished if they report mistake price feeding and that will ensure the security Oracle. So Oracle is a very important module as well as it may become a threat to the system as a lot of projects already proved that.
J Bach
And the second one I believe is the liquidity of the system token because the system token will play an important role in this system. So the liquidity of the system token is actually guaranteeing the redeem of those synthetic assets, though Duet has a dual-channel, one is over-collateralization just like DAI and Mirror, and also still if users are using the algorithmic pegging model it will heavily depending on how much liquidity the REI token can still have.
Sinj
Thank you J Bach for answering the questions on the vulnerabilities of the protocol on how you’re working on them. Would you please still elaborate a little bit about the function and the model of the decentralized autonomous organization? I think this is something we should emphasize a bit more in order to make it clear how committed we are and being a decentralized protocol.
J Bach
People need to lock their system tokens and the in contract that we have set the redemption period around three weeks, so people willing to lock their system token for three weeks they are getting the right to vote and people actually can initiate any proposal but they need to get enough votes from all the participants to pass the proposal.
Sinj
How many votes for a proposal to pass?
Rock
Looks like he’s having internet trouble, but I think since we’ve had so many people join, maybe we should zoom out and kind of go over the basics of QuickSwap, Duet, and Zerogoki. There were only a handful of people here when we first explained, so I’ll start really quick just by explaining QuickSwap. So basically we’re a clone of Uniwap on Polygon.
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.
Sinj
This is great. I think I really like this part that you mentioned.
Rock
Yeah, that’s what DeFi really is right. It’s finding ways for us to distribute the benefits of finance and financial systems to the public, and that’s what we’re doing here.
Sinj
Destroy the bottleneck structures.
Rock
Yeah, and rent-seeking and generally middleman. Middlemen are okay and at times they’re not only required but if good for efficient markets. Banks helped because there were factors of trust going back. How could you trust keeping your money somewhere except that there were these banks that were big trusted institutions that your grandparents used, the same bank that you use? And that was fine until we found a way to build trustless contracts on the internet using blockchain. So we don’t need to trust banks anymore.
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.
Sinj
I think it’s very interesting and I think Duet protocol and the Zerogoki is an opportunity for more people to look into QuickSwap and QuickSwap is a major opportunity for more people to look upon Duet and Zerogoki. If you would allow me to make a little bit of summary of our protocols and then maybe move on the questions. We have a lot of a big audience and a big number of questions. So if QuickSwap brings the banks on the decentralized finance space, then the Duet protocol brings the financial instruments of indexes, leverage, and lending.
Sinj
And Zerogoki especially brings the product of having leverage without liquidation through the algorithmic peg tokens. I’m going to keep it served here, and I believe we should move to the questions. Do you agree?
Rock
Yeah, Let’s do it.
Sinj
So who is first for a question?
Twitter User 2
Hi. First of all, that’s a great summary that you guys did. So I have a couple of quick questions. First of all, I wanted to ask Parker that what are the plans ahead for QuickSwap? Are they planning to launch their own app or wallet or something like that and move ahead? What is the feature looking like? And secondly, I wanted to ask Parker again that there are a lot of issues that right now I’m facing. I was just going through QuickSwap, and there are so many issues that I’m facing on Trust wallet that the interface is slow. So are you guys working on it? And lastly, I wanted to ask about the IDO pools.
Sinj
Let’s give it one question at a time.
Twitter User 2
I am very keen on the idea pools and what is the minimum staking that you guys are accepting right now?
Rock
So which of those questions do we want to start with?
Sinj
I guess the wallet one. I think this is the basic question.
Rock
So right now we are using Metamask primarily. We are re-developing our entire website. We don’t have a unique wallet. We use Metamask like most DeFi in the space, but we have considered having our own native wallet in the future when we add new features. As for the minimum amount of liquidity to stake on QuickSwap if that’s what you were asking. I don’t know if you’re asking about Duet or QuickSwap, but on Quick Shop there is no minimum. That’s one of the beauties of Polygon because the gas fees are so low, 100th of a Penny or even at most crowded times, still less than a Penny. You can stake $0.10 or $0.50 if you’re in a third-world country and it’s still profitable.
Twitter User 2
I was keener on the IDO front. You have a lot of projects upcoming on QuickSwap for IDO participation. So I was asking about the minimum liquidity staking for that.
Rock
It depends on who the IDO is by. Different IDO platforms have different qualifications. I know with Starter, I think there are different tiers, and then Poly Starter will be launching one soon, which I don’t even know if that’s public information so I don’t know if that’s been released yet, but there are multiple Ido platforms. So QuickSwap is chosen to take a neutral approach where we allow all IDO to launch on QuickSwap as opposed to having our own IDO platform. Similar to how you describe Uniswap just becomes a foundation for other projects to integrate with. We try to work with lots of projects and let them build and iterate on top of QuickSwap.
Twitter User 2
Right now I’m on a QuickSwap and I can see an upcoming Galaxy coin IDO sale. For somebody who wants to invest in this project what would you say would be the minimum liquidity or the stake or a particular point would be expecting for us to hold as an investor.
Rock
I have no idea. I’m not involved with that IDO actually, we have a lot of people at QuickSwap. I don’t work on every single thing so I don’t know what’s going on with that one, to be honest.
Sinj
I think the details for the question can be found. We have already spent like an hour and a quarter. Thank you. I think we should move to another question to give everybody equal participation in the space of the question.
Twitter User 3
I have a question for you guys that’s been in my mind for quite some time now. So my question is what do you think are the pros and cons of hosting liquidity pools with leverage tokens? And how is this innovation going to disrupt the model of DeFi and DEX?
Sinj
Thank you for asking this question. I think we also give an equal participation opportunity to use financial instruments in trading decisions, providing liquidities is a magnificent innovation of the DeFi space. QuickSwap provides this opportunity. Zerogoki provides the opportunity to use leverage algorithmic tokens to gain exposure with leverage and then use them for yield farming on its own platform or on platforms like QuickSwap. And the major thing is exactly what Rock said, equal participation and everybody can be his own exchange and get a piece of the pie.
Sinj
It’s not something about disruption, it’s something about freedom. That’s how I like to think of it. And the team in Duet protocol likes to think about giving more freedom to the people, freedom to do what they want to do without any limitations.
Rock
Yeah, and that’s again one of the great things about Polygon is that Ethereum kind of priced out, layer one priced out a lot of people where generally only whales could make transactions at a certain point. But Polygon helps distribute all the power, the money, all of this, all these financial services to anyone around the world, doesn’t matter if you’re trading $0.10 or $10 million, it’s all doable on Polygon and QuickSwap.
Sinj
That’s exactly magnificent. Any other questions from the audience? Anybody else? I think questions about QuickSwap or Duet and Zerogoki protocols. Since we have a big influx of newcomers. Rock, would you try to summarize also one more time QuickSwap in like three sentences for everybody.
Rock
QuickSwap is just Uniswap on Polygon with no trading fees. In addition, we have liquidity mining rewards which are quite high up to hundreds of thousands of percent for new projects that come. And we’ve got staking where you get a portion of the trading fees from the exchange as a Quick Staker and then you can take your dQuick which you receive from that and you get syrup just like on the pancake. The rates are pretty high, so for staking dQuick it’s up to like 70% single asset staking with an impermanent loss which is pretty incredible.
Rock
We’ll have a few big projects joining that soon. I’m trying to think of a way to give a hint without giving too much of a hint. But probably one of everybody’s favorite projects in this call will be joining that soon. It will be pretty cool actually, I should wait, but we’ve got another top-five project joining it soon.
Sinj
So also a quick summary for Duet protocol and Zerogoki. Duet protocol and Zerogoki as its pilot is a protocol that issues algorithmic leveraged tokens various assets from bitcoin to government bonds. And you can use these tokens to provide liquidity on various decentralized exchanges. J Bach and his team announcement that will have a mixed model of hyper collateralization like other projects with synthetic assets already have. Plus the algorithmic tokens and will be also cross-chain and will help to gain exposure in all assets of the real world, even assets that are not normally there. Maybe we’re discussing the creation of the crypto punk index and you can use this either to gain maximum exposure with maximum capital efficiency or to get a safer exposure with algorithmic leveraged tokens that you can provide liquidity with on various decentralized things. We’re hoping to be a project that can help people access leverage in a safe way. Any other questions Rock? Do you want to comment on something? Anything?
Rock
No. Just excited for the partnership
Sinj
And I hope we can bridge soon and I can put my BTC short tokens on yield farm. It’s better to have them on a pool in QuickSwap.
Rock
I never short Bitcoin. It’s dangerous.
Sinj
Yeah, just like I was a bit not so optimistic, but I was wrong.
Rock
Shorting Bitcoin is like standing in front of a moving train, hoping it’ll stop.
Sinj
Yeah, and I think we can wrap up close the space.
Rock
It was a pleasure speaking with you all. If you haven’t tried Polygon yet, definitely try it. I’m assuming most here half, but if you haven’t once you’ve used Polygon, you pretty much don’t go back. I do 95% of all of my trading and everything that I do is on Polygon. I only use Ethereum main chain for a select few things like payroll for one of my companies, but we’re actually talking about moving all of our payrolls over to Polygon because just from payroll the gas fees are crazy.
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.
Sinj
Thank you, Rock.
Rock
Bye. Thanks, everyone.
Sinj
So to close the space, I would like to thank Rock and the Polygon team, and each and every one of you that participated in listening to the presentation of this partnership between Duet Zerogoki protocol and QuickSwap. I hope you will find the product we offer useful and if you really like it, you can participate in governance and propose any leverage token you use since we’re a decentralized organization. If you want to leverage assets on any of this, we already have the Metaverse, but we are thinking about new things.
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.
