Introducing New dAssets — Gaining access to the most valuable assets with Duet Protocol
One of the most difficult challenges in the space is getting real-world assets on-chain in a trustless manner. Synthetic assets are changing the game of DeFi by scaling assets.
Smart contract systems have been offered with solutions that facilitate cross-chain communications, so technology isn’t left out.
Duet Protocol has been around for a while, and its ability to evolve with the DeFi revolutions has contributed to the creation of the great solutions that the blockchain world is seeing.
We’ll learn more about the Duet Protocol, including its new dAssets.
Let’s get started!
Introducing Duet protocol
Duet Protocol (Duet) is a Multi-chain synthetic asset protocol that sharpens all assets for use in the blockchain world. A duet in music refers to a piece of music where two people play different parts or melodies. Similarly, Duet Protocol allows traders to replicate the real-world tradable assets in a decentralized finance ecosystem.
The Duet Protocol bridges the gap between the physical and digital worlds by developing a synthetic asset that allows users from all around the world to easily access traditional assets such as stocks, precious metals, and real estate. Financial products that mimic the return on a real asset are known as synthetic assets. The name derives from this. For those who cannot or do not want to own the original material, this is an intriguing option. In the field of definition, synthetic assets will mimic the profitability and volatility of genuine trading assets.
Breaking the market wasn’t a hassle for Duet Protocol as we all know that projects with great utility and good community backings always have a sweet sail ride in the blockchain ecosystem.
The Duet team had made significant progress by the month of March, with over 114 thousand Twitter followers and over 39 thousand Discord users, with over $3 million in total funds provided by users.
To provide users with more access to valuable assets,Duet has introduced new synthetic assets to the previously added BTCB (Bitcoin):
- dXAU (gold),
- dWTI (oil))
The tremendous societal worth of these three goods binds them together. However, each has its own disadvantages, such as gold’s poor yield, bitcoin’s high volatility (the biggest drop of bitcoin was 85 percent, meaning people lost 85 percent of their money in one swing), or oil’s uncertainty during an economic slump. Always keep this in mind when investing, and don’t put all your money into a single item. Duet Protocol does this by allowing users to invest in three assets at once, allowing them to diversify their asset portfolios. “Don’t put all your eggs in one basket,” as the adage goes. As a result, the dangers will be reduced.
Over-collateralization is used to create these synthetic assets, which are backed by high-quality yield-bearing assets. Liquidity can be increased by bringing together and connecting a large number of market makers.
How to Add New Assets
Duet Protocol has made it possible for users to add the new introduces assets to their portfolio seamlessly through the following ways:
1. Purchase dXAU and dWTI synthetic assets on the BNB Chain decentralized cryptocurrency exchange PancakeSwap.
2. The dAssets can be “borrowed.” In the “dAssets” section of the Duet.Finance website
- Purchasing from Pancakeswap
- Head over to Pancakeswap and Connect your wallet
Addresses of the token contract:
- dWTI: https://bscscan.com/address/0x587fb3e1c6819fd54e3740c6c4c7832484ef451b
- dXAU: https://bscscan.com/address/0x7e3b9b1313ad547feb71ac5bc48b03d7e683601e
- Swap to get tokens
dWTI and dXAU are industry-leading oracle solution providers that provide price feeds for the two listed assets. The two assets are currently on the BNB Chain, however, they will be moved to other chains in the future.
- Borrowing from Duet
Note: you must provide liquidity for any LP pair or one asset.
Users gain ‘credits’ after contributing liquidity. Credits can be exchanged for dAssets under the dAssets Section. Users keep their deposited liquidity as collateral when they borrow dAssets. To avoid being liquidated, users must maintain their Asset to Debt Ratio of more than 105 percent.
- Visit duet.finance and connect your wallet
- Provide liquidity to any of the strategies and earn credits
- Go to dAssets section and borrow
Users can use their credits to borrow dAssets, then supply the same assets in the Gain Module to earn incentives. A distinctive symbol distinguishes farm rewards.
LP dWTI-dUSD yields 40.54 percent, whereas LP dXAU-dUSD yields 29.13 percent while providing liquidity (APY percentage is subject to changes as it depends on the amount of deposits made).
Duet users now have access to three “MVA” (Most Valuable Assets) with only one crypto wallet, thanks to the addition of synthetic assets dXAU and dWTI, as well as BTCB. The Duet DAO community voted unanimously in favor of this approach.