Trending now

Avazona Ltd.’s ‘Founders in Focus’ Hits #1…

Atelier Home Sets a New Standard for…

WEMADE and Redlab Games Unleash Blockbuster Web3…

Drug-Free Tennessee Wraps Up Powerful Month of…

Greenstar ATM Empowers Cannabis Dispensaries with New…

Civil Service Success Opens Enrollment for 2025…

Angry Pepe Fork Unveils Deflationary Roadmap as…

Tradeview Secures Prestigious SCA Category 5 License,…

Brunch, Batteries, and Bold Moves: How Local…

Bestway Lawn Care Expands Seasonal Lawn and…

Mrjung.net

  • Ethereum
    • Ethereum

      The Anatomy of Anonymity: How Dandelion Could Make…

      September 13, 2018

      Ethereum

      A Newly Launched Stablecoin You’ve Never Heard of…

      September 13, 2018

      Ethereum

      Bitstamp: An Overview of the Industry’s Oldest Active…

      September 13, 2018

      Ethereum

      Bitcoin Price Analysis: Strong Rally Tests Trend-Changing Behavior

      September 13, 2018

      Ethereum

      Bitcoin as a Privacycoin: This Tech is Making…

      September 13, 2018

  • Bitcoin
    • Bitcoin

      Abra CEO Believes Bitcoin ETF Eminent, SEC Just…

      September 13, 2018

      Bitcoin

      Mt. Gox Opens Rehabilitation Filing System to Corporate…

      September 13, 2018

      Bitcoin

      World Economic Forum and the Chinese Cryptocurrency Space

      September 13, 2018

      Bitcoin

      Federal Judge Applies Long Established Securities Law to…

      September 13, 2018

      Bitcoin

      Biking Across America, Crypto Cyclists Look to Raise…

      September 13, 2018

  • Markets
    • Markets

      OKEx Founder Released After Questioning in Connection With…

      September 13, 2018

      Markets

      Two-for-One: SEC Slaps Crypto Hedge Fund, Broker With…

      September 13, 2018

      Markets

      Ripple and R3 Reach Settlement in Year-Long Court…

      September 13, 2018

      Markets

      DevCon 4 Will Set the Stage for Ethereum’s…

      September 13, 2018

      Markets

      Stellar-Based Lightyear Acquires Chain, Forms New Entity

      September 13, 2018

  • Guides
    • Guides

      Bitcoin Magazine’s Week in Review: Lightning, Launches and…

      September 13, 2018

      Guides

      Equity Trust Builds New Frontier of Crypto-Based Retirement…

      September 13, 2018

      Guides

      Crypto, Blockchain Companies Shine in LinkedIn’s Top 50…

      September 13, 2018

      Guides

      Distributed Dialogues: Governance and Decentralized Platforms

      September 13, 2018

      Guides

      Battle of the Privacycoins: Why Dash Is Not…

      September 13, 2018

  • Analytic
    • Analytic

      Bitcoin crash: This man lost his savings when…

      September 13, 2018

      Analytic

      Bitcoin crash: This man lost his savings when…

      September 13, 2018

      Analytic

      Lightning Ramp and Casa Join Hands to Develop…

      September 13, 2018

      Analytic

      You Can Now Pay With Bitcoin Via Lightning…

      September 13, 2018

      Analytic

      Abra Supports SEPA Bank Transfers, Enabling Crypto Purchases…

      September 13, 2018

  • Exchange
    • Exchange

      IBM Introduces ‘World Wire’ Payment System on Stellar…

      September 13, 2018

      Exchange

      Lightning Is Made at the #LightningHackday Series in…

      September 13, 2018

      Exchange

      Pellentesque mattis ex eget malesuada consequat. Sed blandit…

      September 13, 2018

      Exchange

      Goldman Sachs Puts Plans for a Crypto Trading…

      September 13, 2018

      Exchange

      Pellentesque mattis ex eget malesuada consequat. Sed blandit…

      September 13, 2018

  • Contact
Mrjung.net
News

The New Synthetic Asset Protocol: Duet’s Approach for Onramp Assets

by Binary News NetworkMay 21, 20210652

London, United Kingdom, 21th May 2021, ZEXPRWIRE – Synthetic asset trading is fast becoming one of the fastest-growing De-fi spaces on the blockchain. Having the capability to trade fiat derivatives-based assets on the stock market through blockchain tokenization, which are minted through open-source protocols has everyone’s mind on the next chapter of the bull run. 

The Synthetic Assets Trading Space

The two most popular blockchain currently running the synthetics assets trading space are Synthetix and Mirror, where both platforms allow for the minting of synthetic assets using their derivative tokens. One thing notable in the dAssets interoperability is the limited categories of assets available for liquidity trade mirroring including accessibility to the assets, and here’s where the new Kid-On-The-Block will start creating a greater impact in the dAsset trading space.

Introducing The Duet Protocol, an on-chain parallel space governed by DAO allowing users to be able to mint synthetic dAssets.

World’s first multi-chain dAsset protocol

It is the world’s first multi-chain, synthetic asset protocol that innovates through the implementation of a hybrid asset on-ramp synthenization feature known as “Over-Collateralization” and a unique on-chain based algorithm-stabilized mechanism known as “Algo-Pegged” that will allow users to burn or re-burn the native token $DUET to mint dAssets. In relativity, the duet protocol will essentially allow users or traders, in this case, to replicate the real-world tradable assets in the decentralized finance ecosystem in a smoother, simpler user experience direction.

On the DUET Protocol, DeFi is used to link “Fiat Assets” such as stocks and bonds together with “Sharp Assets”, or known generally as cryptocurrency tokens, to mint not only stable, natural dAssets, such as DuetUSD, DuetEUR but also “Sharp” synthetic financial assets such as $TSLA or $AMZN. Powered by Duet DAO, the Duet protocol relies on community governance to set parameters such as adding new collaterals, mintable assets, and electing committees to jointly vote on proposals.

The Duet Protocol is an open and multi-chain aggregating platform which features exponential enhancements such as Multiple CDP, Yield Enhancements, Duet Utility as well as DAO Governance. 

A unique protocol with interoperability and compatibility for minting dAssets

To onramp these FIAT assets onto the blockchain, there are 2 methods in which the Duet Protocol implements; The Over-collateralization (OC) Minter and the Lite Minter.

Over-collateralization Minter

The Over-Collateralized Minter is a protocol whereby it directly uses the existing digital assets in the blockchain world in order to synthesize through over-collateralization (OC). By taking advantage of OC, would allow for the synthetic assets to be minted on a higher price as compared to the actual value of the dAsset deposits in the liquidation pool, thereby reducing a user’s volatility-risks associated when trading in dAssets.

Users are then able to mint dAssets using standardized investment tools such as DuetUSD, DuetEUR, DuetJPY and so on, with the general stablecoins such as USDT and USDC are also accepted on the Duet Protocol’s system. Duet Protocol takes it a step further by allowing users to mint dAssets using BTC, stocks, ETFs, commodity features, NFTs as well as other assets that have liquidity or acceptance. 

When compared to Mirror protocol which only accepts UST and Synthetix accepting SNX & ETH as collateral, Duet Protocol accepts a wide array of high-quality assets as an underlying dAsset that can cover over $1.3 trillion in market value, and it even accepts unique collateral, which includes the LP tokens as well as the lending deposit tokens in order to improve the capital efficiency of users’ funds and improve the composability of the agreement. 

Lite Minter

Duet designed a unique algorithm-stabilized mechanism which allows users to mint dAssets with 100% capital utilization and trade them with the system in nearly 0 slippage. The Lite Minter accepts DUET as fuel and mints a synthetic asset of equal value to the fuel. All the minted assets will be endorsed by the system token DUET. The price fluctuation of the dAsset can be passed to the DUET pool, and the burn and recasting of DUET will help stabilize the price of the dAsset.

To summarize, the Duet Protocol has an algo-based hyper-collateralization model, any asset class can be minted on-chain, the collateral earning multiplier can reduce the opportunity cost of user migration, DeFi coupling modules can empower various on-chain protocol combinations, Music theme NFTs offer entertaining gamification themes, unique token releasing scheme can enable and ensure project sustainability, it has broader collateral acceptance, and is governed by a DAO. 

You can get the latest updates on Duet on their Twitter  @duetprotocol

Contact Details

Name: Jason King
Email: [email protected]
Website: Click Here
Company: MobilityGuru LTD
City and State: London, United Kingdom

The post The New Synthetic Asset Protocol: Duet’s Approach for Onramp Assets appeared first on Zex PR Wire.

Information contained on this page is provided by an independent third-party content provider. Binary News Network and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]

Share0
previous post
Mozart Uses MELODY to Harmonize Crypto Offerings in a Beautiful Symphony
next post
Award-winning Fintech Pynk are poised to pay $100K to their community
Binary News Network

Related posts

To all Roblox creators, fans, players and people with an interest in the Roblox platform

Binary News NetworkJanuary 7, 2021

Onboard just launched platform for buying crypto as easily as shopping on Amazon

Binary News NetworkApril 10, 2022

Ammar Jali: Transforming the Franchise Landscape Through Employee Training and Exceptional Customer Service

Binary News NetworkJuly 18, 2024

Recent Posts

  • Avazona Ltd.’s ‘Founders in Focus’ Hits #1 Best-Seller on Amazon, Celebrating 14 Elite Entrepreneurs Who Built It Their Way
  • Atelier Home Sets a New Standard for Luxury Home Decor
  • WEMADE and Redlab Games Unleash Blockbuster Web3 MMORPG – ROM: Golden Age – Global Pre-Registration Now Open for August 2025 Launch!
  • Drug-Free Tennessee Wraps Up Powerful Month of Outreach
  • Greenstar ATM Empowers Cannabis Dispensaries with New Point of Banking (POB) Integration for Enhanced Customer Payments

Popular posts

C+Charge Partners With XMANNA To Create Own Metaverse...

Binary News NetworkJanuary 20, 2023
January 20, 2023

US Tires and Window Tint Mentions When To...

Binary News NetworkSeptember 29, 2022
September 29, 2022

Metahorse Unity: A Groundbreaking Business Model Merging Web2...

Binary News NetworkJune 23, 2023
June 23, 2023

The dApp Wallet Bitrise Coin Liquidity Grows by...

Binary News NetworkNovember 8, 2021
November 8, 2021

The Second edition of FinTech Festival India to...

Binary News NetworkMay 12, 2023
May 12, 2023

Carvin Glover of Kloud180 announces the introduction of...

Binary News NetworkApril 20, 2022
April 20, 2022
@2022 - mrjung.net. Manage by Binary News Network
Mrjung.net
FacebookTwitterInstagramGoogleYoutube
  • Ethereum
  • Bitcoin
  • Markets
  • Guides
  • Analytic
  • Exchange
  • Contact