World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Duet Protocol Closes First-round Funding At US$3 Million

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

© Scoop Media

 
 
 
World Headlines

 


Covid-19: Vaccines Donated Next Year, ‘Too Late For Those Who Are Dying Today’

Millions more COVID vaccines need to be donated now to save lives and help the UN health agency reach the key global target of having 70 per cent of all national populations vaccinated, by the middle of 2022... More>>


UN News: Landmark G7 Agreement Pledges 870 Million COVID-19 Vaccine Doses, Half By End-2021

A senior UN official welcomed on Sunday, the Group of Seven (G7) leading industrialized nations’ commitment to immediately share at least 870 million doses of COVID-19 vaccines, supporting global access and helping to end the acute phase of the pandemic... More>>



OECD: G20 GDP Returns To Pre-pandemic Level In The First Quarter Of 2021, But With Large Differences Across Countries

Gross domestic product (GDP) of the G20 area returned to pre-pandemic level in the first quarter of 2021, growing by 0.8% compared with the fourth quarter of 2020. However, this figure conceals large differences across countries... More>>

Focus On: UN SDGs


COP26: Progress Made As May-June UN Climate Change Session Closes

The May-June Climate Change Session, the first to have been held virtually to prepare for the UN Climate Change Conference (COP26) to be held at the end of the year in Glasgow, Scotland, closed today... More>>

UNFCCC: Halving Emissions By 2030 Is New Normal - Race To Zero Anniversary
Over 4,500 non-state actors from across the global economy have committed to halving emissions by 2030, joining the UN-backed Race to Zero campaign... More>>


UN: Tackling Biodiversity & Climate Crises Together And Their Combined Social Impacts

Unprecedented changes in climate and biodiversity, driven by human activities, have combined and increasingly threaten nature, human lives, livelihoods and well-being around the world... More>>