|
|
|
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
Fujirebio and Eisai Enter into Memorandum of Understanding for Joint Research and Social Implementation of Blood-based Biomarkers in the Field of Neurodegenerative Diseases
Monday, December 23, 2024 4:22:00 PM
|
|
|
Singapore's most anticipated skyhigh destination C.O.T.U officially opens in iconic Marina Bay this holiday season
Dec 23, 2024 16:10 HKT/SGT
|
|
|
Nakornthon Hospital PCL (SET: NKT) in First Trading Day on SET
Dec 23, 2024 16:00 HKT/SGT
|
|
|
Feel the Magic of Snowfall at Spritzer EcoPark's Festive Wonder Carnival 2024
Dec 23, 2024 16:00 HKT/SGT
|
|
|
Fujitsu drives chemical industry logistics DX with participation in joint logistics demonstration
Monday, December 23, 2024 12:30:00 PM
|
|
|
Seamless HDB Renovations: How 2 Design Combines Expertise with In-House Solutions
Dec 23, 2024 10:00 HKT/SGT
|
|
|
Summit Group Responds to White Paper Citing Governance Issues in Bangladesh's Power and Energy Sector
Dec 23, 2024 09:00 HKT/SGT
|
|
|
The finest places to live, work, and thrive in Asia are celebrated at the 19th PropertyGuru Asia Property Awards Grand Final
Dec 23, 2024 07:50 HKT/SGT
|
|
|
Mainland China, Hong Kong, Macau companies triumph at finale of 2024 PropertyGuru Asia Property Awards
Dec 22, 2024 20:50 HKT/SGT
|
|
|
The 2024 PropertyGuru Asia Property Awards International Luncheon celebrates real estate achievements in the Middle East and South Asia
Dec 22, 2024 19:30 HKT/SGT
|
|
|
|
More Press release >> |
|
|
|