Preparation of the Official Upgrade Plan from Zerogoki to Duet Protocol
Over the past three months, Zerogoki, as the pilot protocol of Duet Protocol, has made great progress. A large amount of useful data has been collected to enable us to move towards a dual-channel and fully functioned project: DUET protocol.
As a pioneer product of the algorithm stabilization mechanism for non-stablecoin synthetic assets, Zerogoki’s validation of the mechanism in the real environment is particularly important. Over the past three months or so, we have found technical deficiencies in the system as well as mechanical issues that need optimization. These improvements will be made and achieved in the Duet protocol system. At the same time, the over-collateralization mechanism will be deployed in addition to increase the overall robustness of the system, so that the price anchoring will be more solid.
Going forward, we are planning to gradually upgrade from the pilot protocol Zerogoki(REI) to the Duet ecosystem to build a more parallel financial world. More scenarios will be created for users, in which the users can use the system tokens to buy NFTs as well as participate in the governance by staking DUET. A wider range of collaterals and synthetic assets will be available after the launch of the Duet protocol’s over-collateralization model.
To achieve the targets mentioned above, we have already made a general framework of our future roadmap which is mainly about the upgrade of pilot project Zerogoki to Duet protocol as following:
First stage: to upgrade Zerogoki (REI and zAssets) to Duet Protocol (DUET and dAssets) in November, starting with a snapshot vote among our community about the REI-DUET exchanging ratio.
Second stage: to launch the on-chain Battle System of Project Zero in late November to make the Duet system more entertaining for users.
Third stage: to launch Duet IDOs in late December.
Fourth stage: to launch the over-collateralization module of the Duet Protocol product in late December or early January.
Achievements of Zerogoki:
The ecosystem of Duet Protocol began to take shape after several months of devotion from the team. Zerogoki, the pilot protocol of Duet protocol, has been live for over three months now. Users can use the platform token REI to mint zAssets(leverage synthetic assets) or use the algorithm-pegged stablecoin zUSD to buy zAsset directly. The highest liquidity has reached over $5 million and the total value of synthetic assets is over $4.33 million. Besides, the trading volume and liquidity of zUSD have reached $2.3 million+, ranking top 4 among the algorithmic-stablecoins on Uniswap. Zerogoki has already completed product deployment on Ethereum. Its platform token REI and stablecoin zUSD have launched cross-chain events on BSC, Polygon, ZKS, etc. In terms of the Centralized exchanges, REI is now listed on MEXC and Bitwell.
Recent progress of Duet Protocol:
Duet protocol is not merely a synthetic asset application. Its vision is to establish an ecosystem and underlying infrastructure where users can easily have access to all sorts of valuable assets with multiple characteristics around the world.
To achieve the long-term goals, we believe that in-depth research and open-mindedness to the latest market trends are crucial. Therefore, we have been sponsoring a research institution named Muse Museum that studies how DeFi will influence traditional financial markets in terms of pricing, trading, and settlement. What’s more, Muse Museum and Aletheia have co-published 3 validation reports of Duet’s mechanism.
Centering on its business scenarios, Duet protocol has also entered into heating market sectors, especially the NFT (Non-Fungible Token) market. We announced our partnership with NFT Bazaar in October, which is an NFT issuance and trading platform with 50k+NFT contracts and 520k+ on-chain data. The zUSD holders can buy NFTs with zUSD on the platform. In the near future, DUET/dUSD holders will have access to a wide range of NFT such as art, virtual world, sports, music, games, and impact NFT, etc. on NFT Bazaar.
Aside from the mint-burn module of Zerogoki, the Duet protocol team is developing the over-collateralization module with world-renowned tech teams including OmniLayer and Flux. We hold the belief firmly that we, along with our partners, will bring a brand new trading experience of both traditional and pioneering assets to users in an unprecedented way.