Zerogoki to Duet Upgrade and Migration Plan
With an aim to build a sustainable parallel financial world and 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.
About Duet Protocol
Duet Protocol is a synthetic asset protocol based on a hybrid mechanism: over-collateralization and algorithm-stabilization model that enables on/off-ramp between traditional real assets (Flat Assets) and high-growth crypto assets (Sharp Assets). Our vision is to build an on-chain parallel space governed by DAO which allows users to create & allocate capital to any asset with only one crypto wallet.
Migrating your REI to DUET not only allows you to participate in Duet Protocol ecosystem’s future governance but also entitles you to share the profit of the protocol by staking DUET.
Duet Protocol’s Global Investors
Duet Protocol has by far raised in total $5 million USD after three rounds of private and seed funding from well-known companies including Omni which is the world’s very first issuance layer bringing USD on-chain, top trading firm & financial service provider GSR, leading venture capital DHVC, as well as other investors including DraperDragon, 3commas, LD Capital and others.
General rules of Migration
We are very grateful to our early supporters who have been staying with us through thick and thin from the very beginning until now. Therefore, 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 tokens to gain mining weight for mining Duet tokens. 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.
In order to facilitate the migration, the minting function between REI and zAssets will be suspended on 27th October 2021. More detailed migration rules will be announced in the next few days.
General Plan for REI & zAsset Burning to mine DUET
The Duet foundation will provide a total amount of around 5 million DUETs to reward REI and zAssets holders who have been supporting us since the very beginning.
Users can get the rewards in the form of DUET tokens by burning REI and zAssets in a future product launched on Duet Version 1.
5 million DUET tokens will be distributed in a linear release to all users who choose to burn REI and zAsset tokens.
The DUET rewards will be gradually vested in a period of 48 months.
Users can withdraw vested DUETs at any time. But once DUET tokens are withdrawn, there will be no more ‘mining weight’ for more DUETs. The remaining DUET tokens in the pool will be shared among all users remaining in the pool.
Thank you all for your support! We are going to initiate a snapshot vote with more details soon. Stay tuned!