Buy Duet Protocol (DUET)

What is Duet Protocol?

Duet Protocol is a synthetic asset protocol designed to allow traditional assets to migrate to high-growth crypto-assets. It is a multi-chain platform that leverages a unique mechanism involving over-collateralisation and algorithmic pegging to create synthetic assets, known as dAssets, that mirror real-world assets.

How does Duet Protocol work?

Duet Protocol enables the creation of synthetic assets through a hybrid mechanism of over-collateralisation and algorithmic pegging. This approach ensures that dAssets are backed by real-world assets, maintaining their value and stability. Users can mint these synthetic assets with the Lite Minter, which optimises capital utilisation and minimizes slippage, thus facilitating efficient and effective trading across multiple blockchain platforms.

What are the potential use cases for Duet Protocol?

1. Synthetic Asset Creation and Trading: Duet Protocol allows for the creation of synthetic assets, which can replicate traditional financial assets like stocks and bonds, providing enhanced liquidity and global trading capabilities.

2. DeFi Ecosystem Enhancement: The protocol enhances the composability of DeFi by accepting a variety of collateral assets, including cryptocurrencies and NFTs, thereby fostering increased liquidity and capital efficiency.

3. Yield Enhancement: By supporting interest-bearing assets and yield staking contracts, Duet Protocol offers enhanced returns for users, making it attractive for yield farming participants.

What is the history of Duet Protocol?

Duet Protocol was developed by a team of blockchain and finance experts with the vision of transforming traditional assets into synthetic assets accessible to all Web3 users. It was launched with features like multi-chain compatibility and the Lite Minter to maximise user capital utilisation. Significant milestones include the integration with DeFiLlama to enhance analytics and the use of multiple oracle providers to ensure reliable price data. While detailed founding dates and complete backgrounds of the team are not specified, the protocol continues to evolve within the DeFi space, expanding its market presence and community engagement.