Duet Protocol, a synthetic and multichain assets project, is finally going to release its 1.0 version this year with two public offerings. Since last year, the project has had a major breakthrough, and now it is ready to go online. Duet previously received a 5 million investment from multiple top-rated investors and investment institutions. The investors are from both inside and outside of the crypto industry, but they have backed the project and concept behind it, which is decentralized finance (DeFi) 3.0.
Duet is a project built upon a yield aggregation model that mechanizes the operation of yield farming, releases the additional amount of liquidity and maximizes the profits. The first public beta test of Duet was completed on January 31, 2022. In the beta testing operation, the platform completed more than 160,000 transactions, and the number of participants exceeded 6000. With the help of 1st beta testing, the Duet team had acquired more than 400 feedback messages addressing the issues and possibilities of product improvement. After solving the issues related to the beta testing, Duet is ready for its mainnet launch.
With its mainnet launch, the platform will be available for all users. In the long-term segment, the platform is offering liquidity to almost every DeFi protocols simultaneously it is also generating synthetic assets that are backed by reserves. In the case of short-term investments, the project will enhance the returns of token holders by using the stable coin forged by the Duet Protocol. For its token offering, Duet Protocol has partnered with PancakeSwap and Copper Launch, the two leading crypto public offering platforms.
The opportunity to launch its public offering on PacakeSwap has been approved by the PancakeSwap community in a unanimous vote, which resulted in 99 percent of ‘yes’. In the BNB chain ecosystem, this public offering event has been the largest to date. With a market cap of US 3.06 million, initially, 2.43 percent of the total token supply will be released in the offering. Copper Launch will host Duet’s liquidity bootstrapping pools which is another characteristic of the public offering.
As the project is in its rising stage, the Duet Protocol has been a perfect investment target. World-famous investors like Draper Dragon, One Block Capital, OmniLab, Moonwhale Ventures, Everest Ventures Group, Zonff Partners, etc. have altogether invested US 3 million dollars. The additional 2 million has been raised by the same as the business started to grow more totaling US 5 million dollars.