Duet Protocol Overview By Crypto Library


Duet is the world's first multi-chain synthetic asset protocol with a hybrid mechanism (overcollateralization + algo-pegged) that “sharpens” all assets to be traded on the blockchain. A duet in music refers to a piece of music where two people play different parts or melodies. Similarly, the Duet protocol allows traders to replicate the real-world tradable assets in a decentralized finance ecosystem.

Token Information

Name (SYMBOL): Duet Governance Token (DUET)
Ethereum (ERC-20) contract address: https://etherscan.io/token/0xd69ae79b01c4af7f19b9a824e5643363b202b3a1

Duet Token (DUET), the governance token of Duet, undertakes the
following functions:

1. Used as collateral to mint "Natural Asset" (stablecoins) and “Sharp Assets” (traditional financial assets)
2. Used as fuel to be burnt and mint Natural Asset and Sharp Assets.
3. Boost capital utilization while enhancing system robustness following our unique algorithm
4. Provide liquidity mining rewards for dAssets in swaps or lending
5. Voting governance, including list new assets or adjust system parameters, etc.
6. Fee payments in the entire DUET ecosystem

Oracle

The Oracle mechanism is the Achilles heel of almost all DeFi protocols, as most smart contracts rely on oracles for quotations or liquidations. To reduce oracle risk, the Duet protocol obtains prices and other off-chain data from multiple providers (Chainlink, MakerDAO, Band, Nest, Coinbase, Binance), and takes the median value as a trusted quotation. Outliers are discarded and will not affect our agreement to adopt the correct quotation, which can prevent potential Oracle single points of failure. The Duet protocol also supports time-weighted average TWAP or transaction volume-weighted average VWAP to mitigate potential Flash Loan attack risks.

RoadMap

Most of the upgrades in 2021 are planned by the Duet founding team. After the system
matures in 2022, important functional upgrades will be decided by the community.
Therefore, the roadmap may be flexibly upgraded, and all future enhancements will be
voted on before being implemented.

  • Apr 2021
Development and test of Instant DUET/dAsset Minter and coresPrelude-mining launch and get the code audited
  • Q2 2021
IDO and Ethereum launch Launch on BSC or other EVM blockchain, do IDO correspondingly.
  • Q3 2021
Launch on a new permissionless chain; Support 50+ synthetic assets, including inverse assets, VIX, interest rates, etc.
  • Q4 2021
Launch DUET’s own swap and lending modules. Integrate dAssets with lending protocols and multichain swaps. Upgrade the decentralized oracle.
  • Q1 2022
Atomic cross-chain zk dAssets transactions & community-based dAsset management platform
  • Q3 2022
Covering more than 500 core assets achieving the goal of global coverage First "Chord Chapter"-accept off-chain assets as collateral. Migrate data server from traditional IDC to IPFS network to realize fully decentralization.

Postscript


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