Duet Protocol Integrates Chainlink Price Feeds to Help Secure Mirrored Assets
Duet Protocol has integrated Chainlink Price Feeds on BNB Chain (previously BSC) mainnet for high-quality mirrored asset (dAsset) price data as part of its ultimate goal of minting all assets imaginable on the blockchain. By integrating the industry-leading decentralized oracle network, Duet Protocol has access to tamper-proof price feeds, which are essential to help prevent flash loan attacks through price manipulation. This integration will help ensure that dAsset minting is secure and that token prices reference globally accurate market data.
Our initial integration involves the use of the following Chainlink Price Feeds: XAU/USD, WTI/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless and time-tested in production. For years, Chainlink has been supporting leading DeFi protocols to help secure tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. We believe that the Chainlink integration will help give our users stronger assurances about the security and reliability of our DeFi service and dAssets.
Duet Protocol is a mirrored assets minter built on a yield aggregator that automates the process of yield farming, maximizes returns, and releases additional liquidity to users. In the short term, token holders can enhance their returns by utilizing stablecoin, dAssets minted with Duet Protocol. In the long run, our vision is to be the entry point of liquidity provision and the capital reserve system that supplies liquidity to almost all DeFi protocols whilst generating a vast world of mirrored assets whose values are 100% collateralized by their reserves.
In order to help make both the price and the minting process of dAssets reliable, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we need to use an oracle network to fetch aggregated price data off-chain and deliver it on-chain to support our application.
Duet Protocol will integrate more Chainlink Price Feeds in the future, including but not limited to commodities, ETFs, indices, inverse assets, and more, expanding the context and scope of dAssets and making Duet Protocol the ultimate gateway for all kinds of mirrored asset allocations.
“Integrating Chainlink, the blockchain industry’s top-tier oracle solution, paves the way for Duet Protocol to reach the multi-asset allocation metaverse. Chainlink Price Feeds are the high-quality market data solution we needed to create a more robust, feature-rich DeFi solution for users.” — Nitesh, CEO of Duet Protocol
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Duet Protocol
Duet protocol is a mirrored assets minter built on a yield aggregator that automates the process of yield farming, maximizes its returns, and releases additional liquidity to users. In the short run, the receipt token holder can enhance their returns by utilizing stablecoins minted with Duet Protocol. In the long run, the vision for Duet is to be the entry point of liquidity provision and be the reserve capital system that supplies liquidity to almost all DeFi protocols whilst generating a vast world of mirrored assets whose values are 120%+ collateralized by their reserves.
