|
|
|
|
|
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
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
TOPVISION Launches Prospectus for Listing Transfer from LEAP to the ACE Market
Wednesday, November 27, 2024 4:53:00 AM
|
|
|
GMG Unveils SUPER G(R): A Game-Changing Graphene Solution for the Lithium-Ion Battery Industry
Nov 27, 2024 03:00 HKT/SGT
|
|
|
Doubleview Gold Corp Is Concluding the Successful Drill Season of 2024
Nov 26, 2024 22:59 HKT/SGT
|
|
|
Revolutionizing Healthcare: Lexaria Highlights Expanding Therapeutic Benefits of GLP-1 Drugs
Nov 26, 2024 22:20 HKT/SGT
|
|
|
Grand Ming Group Announces Interim Results for the Six Months Ended 30 September 2024
Nov 26, 2024 22:00 HKT/SGT
|
|
|
Q2 Metals Significantly Expands the Cisco Lithium Property in James Bay, Quebec, Canada
Nov 26, 2024 21:50 HKT/SGT
|
|
|
Propel Global Reports Encouraging 24.2% Growth in Revenue to RM34.3 Million in Q1 FY2025 
Nov 26, 2024 21:45 HKT/SGT
|
|
|
EdgePoint Infrastructure Inks Strategic Partnership with CelcomDigi to expand connectivity in Malaysia at TowerXchange Meet Up Asia 2024
Nov 26, 2024 21:40 HKT/SGT
|
|
|
TOYOTA GAZOO Racing FULLY PREPARED FOR DAKAR 2025
Tuesday, November 26, 2024 4:55:00 PM
|
|
|
Eisai Signs Research Collaboration Agreement with The National Center of Neurology and Psychiatry to Initiate Apolipoprotein E Genetic Testing in the "AD-DMT Registry" in Japan
Tuesday, November 26, 2024 2:50:00 PM
|
|
|
|
|
More Press release >> |
|
|
|
