Duet Protocol closes first-round funding at US$3 million

Wednesday, 12 May 2021, 03:00 HKT/SGT

SINGAPORE, May 12, 2021 - (ACN Newswire) - On 9th May 2021, Duet Protocol announced the closure of US$3 million in the first round of investment.

Duet identifies itself as the world's first multi-chain synthetic asset protocol with a hybrid mechanism of over-collateralization and algorithm stabilization.

The first-round investment was led by OmniLAB, DraperDragon, Everest Ventures Group, One Block Capital, Moonwhale Ventures, Dutch Crypto Investors, LD Capital, Zonff Partners, Cabin VC, ArkStream Capital, individual investors include cofounder of BIT Digital Inc (NASDAQ: BTBT) and the partners of A&T Capital.

OmniLAB is the investment fund that backed the world's first stablecoin (on OmniLayer) circulation specification for Lightning Network. DraperDragon Innovation Fund is a core member of Draper Venture Network and mainly focuses on investing in US-China cross-border startups.

The second round of investment and regional partners around the globe will be announced by Duet in the coming days.

Synthetic assets paradigm path selection

The Crypto market is a high-speed self-evolving dynamic ecosystem in which DeFi is pioneering massive adoption and mechanism innovation. "Duet is bridging the gap between real-world assets and crypto markets and we are convinced that synthetic assets are the optimal approach to connect these two worlds," J.Bach, one of the core founding members of Duet protocol quoted.

Duet synthetic assets are targeting the stock market. Compared with the current alternatives, Duet claims to deliver a unique design to optimize minting and trading.

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

2. Multiple collateral positions: Synthetix and Linear protocols adopt the single asset deposit with sharing debt method. Whereas, Duet chooses multiple collaterals with separated CDPs, which reduce minters' risk and raises scalability.

3. 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.

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

Establishing a financial world governed by DAO

The vision of Duet Protocol is to build an on-chain parallel space, with global partners and contributors, governed by DAO that enables the on-off ramp of Flat Assets (Traditional Assets) and Sharp Assets (Crypto Assets).

According to J.Bach, "Duet's innovative dual synthesis model can greatly improve the capital efficiency of user's funds. With Duet, the global investors would be able to create and allocate capital to any assets with only one digital wallet in a frictionless and user-friendly manner".

Get the latest from Duet on Twitter @duetprotocol

Media Contact:
Nitesh, Duet Protocol
E : contact@duet.finance
W: https://duet.finance
T : https://twitter.com/duetprotocol

Topic: Press release summary
Source: Duet Protocol
Sectors: Crypto, Exchange