RECAP AMA: Duet x Bitcoin Addict Community

9 min readFeb 21, 2022

Section 1. Warm-up questions

Q1: Can you introduce yourself to the community? What is your background? How did the team build your project?

Yes. Sure. I am Rossie, and I am the Marketing Head of Duet Protocol. I have been engaged in the Crypto industry for more than 4 years now. I have the opportunity to have project experience with DeFi, NFT, GameFi and layer 2 solutions in the last couple of years. Now, I’m submerged in DeFi and DAO.

Duet’s team consists of veterans from OmniLayer, Binance, and well-known DAO communities. The core members are experts and KOLs in areas including lightning network, security token offering, mining, macroeconomics, and finance.

According to the team members’ background, you can tell that Duet’s built in a vision full of high-standard financial level as well as the crypto native sense. I will break down the product for you guys here later.

Q2: Can you briefly describe what your project is?

Duet protocol is a synthetic asset minter built on a Yield Aggregator that automates the process of yield farming, maximizes its returns, and releases additional liquidity to the users.

In the short run, the receipt token holders can enhance their returns by utilizing stablecoins minted with Duet protocol. In the long run, our vision for the Duet protocol is to be the entry point of liquidity providing, the reserve capital system that supplies liquidity to almost all DeFi protocols whilst generating a world of synthetic assets whose values are 100% backed by its reserves.

Duet Protocol’s got $5M investment from global backers including Omni, GSR, DHVC, etc. So far, Duet has accumulated roughly 150K+ followers among social channels, as well as 1,000+ active users through the test product.

You can check more detailed information about Duet Protocol through the following links:

Gitbook: https://duet-protocol.gitbook.io/duet-protocol/master/introduction
Social profiles: https://linktr.ee/duetprotocol
Audit reports: https://linktr.ee/duetaudit

Dive more into Duet Protocol series:

1/Introducing the Duet Protocol 3.0 Series — Part I
https://duetprotocol.medium.com/introducing-the-duet-protocol-3-0-series-81310f22daff
2/Introducing the Duet Protocol 3.0 Series — Part II
https://duetprotocol.medium.com/introducing-the-duet-protocol-3-0-series-part-ii-80bbc8d9d498
3/Introducing the Duet Protocol 3.0 Series — Part III
https://duetprotocol.medium.com/introducing-the-duet-protocol-3-0-series-part-iii-833ad97bdef4
2021 Year-End Investor Letter
https://duetprotocol.medium.com/year-end-letter-to-the-community-6f044540d429

Q3. Can you explain what makes your project different from other competitors?

Compared with current methods, Duet delivers a unique design to optimize minting and trading.

-Openness and user-friendly：Compared to Binance or FTX CM equity methods, on-chain synthetic assets minting is easier and friendly for investors, having no entry barriers, procedures cost, or single spot risk.

-Multiple collateral positions: Synthetix and Linear adopt the single asset deposit with sharing debt method. Compared to them, Duet chooses multiple collaterals with separated CDPs, which reduces minters’ risk and raises scalability.

-Assets diversity and compatibility: Compared with MakerDAO’s DAI and Mirror’s UST, Duet accepts various types of synthetic assets and embraces wider ecosystems, and supports Ethereum, BSC, and other EVM compatible blockchains.

-Compatibility: Duet provides transferable dAssets which could be leveraged in other DeFi protocols, compared with perpetual-ish protocol which only supports long or short positions.

Moreover, I may describe the benefits we bring to users in these aspects:

1/Duet’s stablecoin and other synthetic assets in the future are built upon yield aggregators, which mean the dAssets are yield-bearing naturally. At the same time you can still enjoy the general yields based on strategies the Duet team prepared for you.

2/Unique bond market design. Have you ever noticed that the majority of Bonds among the crypto market are designed in the form of “NFT”, or they can’t be traded before being redeemed into the native tokens. Both make the bond a highly illiquid asset.

For the Duet bond, you would enjoy the high liquidity due to the Fungible tokens’ design as well as the unique AMM pools there. 12 bonds(once a month) and 4 bonds (once a quarter) would be onboarded on cheaper EVM compatible chains (BSC, Polygon, Ava, etc.), and Ethereum respectively.

Not only can users enjoy the juicy interest from the bond market, but also have access to a highly tradable and liquid asset class.

3/ Inside one platform, generating multiple LP tokens: Get any kind of LP tokens with only one click, in one place, rather than a couple of ones where you would need to hop on to many different platforms. Duet Protocol designs a function “ZAP”, which would let users get their single token, let’s say USDC, which can be transited into any target farm LP tokens instantly.

Q4: What are the major milestones your project has achieved so far?

Recently, Duet Protocol V1 Beta’s public test just wrapped up, and we have been highly welcomed by the community, with 160K+ Tx and 6,000+ active users there.

Here you can find more information about our public beta test:
https://twitter.com/duetprotocol/status/1488088872898920449?s=20&t=eSv2ozSGs9UgNcw2pMRhiQ

Duet Protocol has got two rounds of auditing for V1’s launch, both from top-notch agencies, Packshield and BlockSec, and the formal deployment on Main net is expected to happen very soon.

For now, if you wanna interact with the Duet V1 Dapp, we highly recommend you start from BSC test net environment: https://testapp.duet.finance/#/deposit-list

and for which we have prepared a faucet for you to claim test tokens:

https://faucet.duet.finance/#/faucet

Any feedback is welcomed, for which you may propose it here: https://discord.gg/duetprotocol

Q5. What are your further plans for your project?

In the 1st Quarter 2022, our target is to get four core modules placed there: Farm & Zap, Stablecoin Miner, over-collateralization, and bond market.

By far, the former 3 ones have been fully prepared, formal deployment is just around the corner, and the latter would be under auditing soon.

In the meaning of growth and partnerships, we’ve accumulated over dozens of great partners and backers so far for bootstrapping the ecosystem’s development, some disclosed partners: Desyn, Project Galaxy, izumi finance, immunefi, etc.

We would announce more partnerships news in the next weeks, and disclose the concrete collaboration details we’re gonna onboard, especially in the meaning of how to reward the community.

Besides, in the meaning of 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; 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. We could disclose here that 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 though Duet Protocol would be able to touch ultimate liquidity.

6. Pls provide a typical use case of Duet Protocol.

As mentioned earlier, we have divided target users into 3 categories, so 3 different use cases respectively:

-For liquidity providers

Automated reinvesting: automatically reinvests rewards from the receipt tokens and enhancing overall return

Free line of credit: Mint dUSD free of interest, use dUSD to acquire additional exposure to more assets or to simply spend it without having to sell their positions

Yield on dUSD lending pool: Mint dUSD and deposit in lending pools to earn additional yield on top of the automated reinventing

Reward on dUSD AMM pool: Mint dUSD and provide liquidity to designated dUSD AMM pools to earn reward.

-For crypto investors

Open Leverage Positions: Use crypto assets as collateral to mint dUSD and subsequently acquire additional exposures

Yield Farming: Through Duet, crypto investors can wrap their holdings into receipt tokens and receive rewards typically received by a liquidity provider

Diversification: Gain exposure to assets that are less correlated with the crypto market without having to move liquidity out of the crypto market

-For third-party DeFi protocols

They are able to grow their TVL by collaborating with Duet protocol, enhancing returns for their liquidity providers, generating liquidity and use cases for their existing liquidity providers.

7. What are the problems or pain points the project is trying to solve?

As blockchain technology and decentralized finance become increasingly adopted in a multi-chain environment, an inevitable challenge is the segmentation of liquidity, where liquidity of the crypto market is spreaded on different blockchains and different DeFi protocols.

As an emerging asset class, receipt tokens like Uniswap LP tokens or compound deposit receipts, are illiquid and poorly utilized as a financial asset. We call those idle assets which are not capital efficient “Flat Assets ”.

Duet Protocol (Duet) is a synthetic asset protocol built on a capital reserve system that unleashes liquidity to DeFi protocols. Duet treats single assets such as BTC/USDT/DAI and receipt tokens such as WBNB-BUSD LP as collateral, and credits users with liquidity in forms of synthetic stablecoins dUSD and other synthetic assets.

Simply speaking, users would enjoy naturally yield enhancement through minting synthetic assets in Duet Protocol, not only can they transit their “idle” assets into high liquid “dAssets”, but also can they harvest juicy and reliable yields by hopping onto the structured farm strategies by Duet.

Also, again, In the long run, our vision for the Duet protocol is to be the entry point of liquidity providing, the reserve capital system that supplies liquidity to almost all DeFi protocols whilst generating a world of synthetic assets whose values are 100% backed by its reserves.

8. A strong community not only brings interesting ideas to the project but also attracts larger partners. So how is initiative planning to build its community? And is there a plan to recruit people with Blockchain experience to the initiative team?

From the very beginning, we wanted to build a community-driven project as Duet is a DAO driven project. We are very dedicated to our community members’ suggestions as well as interactions with them. We also care much about the user’s experience. Therefore, an effective communication channel with our community is quite important. We are honored to have such strong community support. Duet has more than 150K + followers and members on our all social media platforms combined and the community is getting stronger each day.

If you would like to be part of Duet family then don’t forget to join us here : https://linktr.ee/duetprotocol

In addition to that, we launched the Duet Global Ambassador Program back in January to get more community members deeply involved in our projects. So far we have received more than 1300+ applications from the community. Right now the application for the Duet Ambassador Program is still undergoing. You can check here for more details:

https://twitter.com/duetprotocol/status/1483065015880015875?s=21

9. Would you explore being deployed on more networks?

The simple answer is yes.

We intend to deploy the V1 formally on BSC mainnet in around 1–2 weeks, all the things have been prepared, just going through a bit more internal test, then it’s good to go!

And later on this month, we would also deploy on Polygon and Ethereum.

In the 2nd quarter of this year, we will be starting to explore the multi-chain metaverse: Solana(hope their EVM part could be prepared then), Avalanche c-chain, Near, etc.

Section 2. Live questions

1. Can you explain the function and use of dTSLA token ?, how to get it, and how does it have to do with lite minter?

The function and use of dTSLA or any other synthetic stocks ETFs, or RWAs, are very simple. They help you build a portfolio to hedge against the risks of the crypto market.

2.How many leverages can we enable in the duet protocol?

For now, we only support over-collateral modules. The leverage would come to users when lite minter launches.

3. How can we join the Duet v2 dapp ?

Not launched yet. Would keep you news posted in the future then.

4. According to the project’s roadmap- what are your most important next priorities?

1/ Grow the TVL with our earn and farm modules;

2/Develop bond market: 1)inside, get it to be our governance basis; 2) outside, we would expand it as a service;

3/Build and launch the market maker channel, bridging the traditional assets to the on-chain world, making ultimate liquidity.

5. You mention that Duet Protocol provides seamless Integration, as you can allocate capital to ANY asset with just one crypto wallet, right?

Yes. Duet synthetic assets minters: stablecoin minter, lite-minter, and over-collateral minter would give you the freedom to mint any synthetic assets, which would help you track the price feed of them and build your reliable portfolio to hedge against risks and even make some good profit.

The end.

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