Migration Rules for Zerogoki to Duet Protocol Upgrade
With an aim to build a sustainable parallel financial world and to bring a brand new trading experience to our users, we are now launching the upgrade initiative of Zerogoki to Duet Protocol. In the near future, we will drive Duet protocol towards a fully functional project with a dual-channel mechanism by additionally deploying the over-collateralization module on the basis of Zerogoki’s Lite Mint module. For the existing Lite Mint module, we will also optimize multiple parameters to ensure systemic stability.
General rules of Migration
We provide a solution for our REI holders to help them migrate from Zerogoki to Duet smoothly. That is, REI and zAssets holders can burn REI and zAsset tokens to gain tokens of mining weight for DUET rewards. If they decide to withdraw DUET at an early stage of mining, the mining weight will be called off after the withdrawal. That is to say, the longer the holders stay at mining, the more weight for the DUET reward they will get.
General Plan for REI & zAsset Burning to Exchange DUET
The Duet foundation will provide a total amount of DUET tokens ranging from 1 million to 5 million to reward REI and zAssets holders who have been supporting us since the very beginning.
Users can get vesting certificates for Zerogoki — Duet migration by burning REI/zAssets in the Zerogoki platform. Duet platform will distribute DUET rewards to users in different stages according to the number of vesting certificates that users deposit in the vesting pool once they complete the deposit. Users can withdraw DUET rewards from Duet Protocol(we anticipate launching V1 on BSC).
The detailed rules are as follows:
- Duet protocol will provide a total number of 5 million DUET tokens for the vesting pool.
- Each wallet address can withdraw DUET rewards only once. If users withdraw rewards at any time during the period of four years, their remaining rewards in the vesting pool will be canceled and the rewards will be allocated to users who remain in the vesting pool.
- DUET token rewards will be mined based on the ratio of all valid tokens(REI+zAssets) burnt per user to all burnt tokens((REI+zAssets)) by all users.
- The number of vesting certificates for zAssets will be issued based on the ORACLE price at the ratio of 1:1 when the minting function is shut down. For example, if the price of zMVI 2S is $4 when the minting is shut down, the user can get 40,000 vesting certificates if he/she has 10,000 zMVI 2S after burning zMVI 2S.
- The number of vesting certificates for REI will be issued based on the REI price of $2 for each. For example, if a user has 10,000 REI, he/she will have 20,000 vesting certificates after burning REI.
- DUET rewards will be distributed to all users in the next 48 months. Every block you stay in the vesting pool will be gainful. Only users who have deposited tokens in the vesting pool are eligible for the rewards distribution. A “First come, first gain” rule will be applied for all.
- The amount of DUET that the user can withdraw equals (The amount of vesting certificates/Total amount of vesting certificates)* 5 million DUET*((withdraw block time-deposit time block)/48 months block time).
In order to better ensure the interests of all users, we‘ve decided to close Earn and Governance modules on Zerogoki’s website. Users can withdraw the assets and rewards deposited in the Earn/Governance module to their wallets at any time. DUET vesting pool is expected to launch within the next 1~2 month during the upgrade from Zerogoki to Duet protocol.
Thank you all for your continued support!
All the xREI holders can vote now in the link given below :