Duet $ebCAKE Strategy Public Test is LIVE
Tap into ultra $CAKE liquidity solution with up to $2,000 and NFTs as rewards
Hello Duet Community members, we at Duet protocol have been working hard to develop unique strategies during this bear market to enhance the earning potential of our community members.
Today we are so excited to announce the new farm strategy for $CAKE holders, we are excited to present you all the
“ebCAKE = Extendable Bonded CAKE” strategy.
With the ebCAKE strategy formally going live, we are kicking off the public test on the BNB Chain mainnet. Please note that the $CAKE converted can not be redeemed before 2022–06–21 07:59(UTC+8). However, you can sell your $ebCAKE at the secondary market to exit your position at varying rates.
Beta test Link: https://beta.duet.finance
Time duration ( All time in UTC+8 ( SGT) timezone)
Conversion Time Window
2022–06–10 20:18 ~ 2022–06–16 07:59
Redemption Time Window
2022–06–23 08:00 ~ 2022–06–24 07:59
Maturity Time
2022–06–23 08:00
The final winners' list will be announced before 30th June 2022.
Rewards in total: $2,000 in bDUET#4, and robot NFTs sponsored by SNW(Superhero NFT wars), breakdown of the incentive, is presented in the following.
“Enjoy the highest $CAKE staking rewards, get the ebCAKE receipt token, and earn double rewards by adding ebCAKE into the farm pool with $CAKE”
What is the ebCAKE strategy?
Let’s take a look at the intro of the strategy first. ebCAKE strategy is one of the best ones to ensure that you enjoy up to double $CAKE staking yield while unlocking the liquidity of your staked $CAKE by issuing you a receipt token on a quarterly basis.
Simply put into words, the ebCAKE strategy is the ultra $CAKE liquidity magic potion that has the potential to bring super attractive liquidity to BNB Chain.
1. Get the one-year lock-up APY, but you can “withdraw” through the secondary market (PancakeSwap) at any time during the lock-up period;
2. Compared with directly staking in the PancakeSwap syrup pool, you can also get additional bDUET rewards;
Advantages of Staking ebCAKE:
1. Staked ebCAKE not only earns the highest yield on $CAKE syrup pool as well as bDuet incentives
2. You can sell a portion of your proceeds or exit all of your staked CAKE early with liquidity provided in the secondary market (stakers on the official site are not able to sell their earnings, all earnings are automatically compounded with no option)
3. Moreover, users can provide ebCAKE LP to earn trading fees and bDUET incentives and in the future, ebCAKE can be used as collateral in various DeFi protocols including but not limited to DUET protocol.
Special note: Recently, UST and stETH have unpegged, but users don’t have to worry about the same fate as ebCAKE. In fact, the essential difference between the ebCAKE and UST is that UST has no valuable collateral assets. And the problem with stETH is that stETH holders have no way of knowing the exact launch time of ETH2.0, and this uncertainty has caused panic in the market.
In case of ebCAKE strategy The maturity of ebCAKE is certain, which means even if the value of ebCAKE and $CAKE is lower than 1, you can still redeem $CAKE at 1:1 during the redeemable time window, which is guaranteed by the smart contract.
List of events for the beta test:
Event 1 | Convert & Stake to Earn
For event 1, we encourage users to go through the whole product with an incentive in the form of bDUET#4, especially, converting & staking $CAKE would be incentivized with the highest priority.
Let’s see the steps required to utilize the ebCAKE:
1. First convert $CAKE to ebCAKE on Duet App
Get Duet Protocol’s stories in your inbox
Join Medium for free to get updates from this writer.
2. After that Stake ebCAKE to Duet
3. Get rewards (ebCAKE + bDUET ) from Duet
4. You can un-stake ebCAKE from the Duet app at anytime
5. You can also Swap ebCAKE to CAKE (Expected to be 1:1, but may not always be pegged) anytime on PancakeSwap
6. At maturity of ebCAKE, ebCAKE to CAKE is redeemable (always 1:1) on Duet within a time window. After the time window has passed, the lock-up period will be automatically extended by 1 year.
Please note:
1/Duet ebCAKE strategy has been fully audited by Go+ security, while you still need to DYOR, the audit report is available at: https://bit.ly/39fB991
2/bDUET#4 : DUET = 0.2862, DUET=$0.03
3/ 25 $CAKE as the minimum entry for a single user for the event is applicable, while the ceiling of the $CAKE deposit for the whole event is 10,000 $CAKE. $CAKE deposits here are defined as the amount of $CAKE being converted to ebCAKE.
4/ When there’re several users who possess the same scores, then we will be selecting the winners randomly. Let’s say users A, B, C, and D all get ranked as №1 in terms of the scores, then there will only be one user be the winner. Specific probability depends on the final ranking ranges.
Event 2 | Report bug to earn
Duet ebCAKE strategy bug report
Duet bug report event follows a simple and fair rule:
Each bug report regarded as valid would get $10 worth of bDUET#4, on top of that, each report which goes with PoC will get $20 worth of bDUET#4 in total. Please note that an attachment in the form of a screenshot or video record is required, which you can find in the final row of the google form above.
The total rewards for the event would be $1,000 worth of bDUET#4, first come first serve.
About
Duet protocol is a Parallel Universe that turns flat assets into sharp assets.
Duet protocol is a multi-chain synthetic assets ecosystem, producing various pegging assets from stock, index, ETF, commodities, or any assets with a price feed on the blockchain. Duet aims to allow all Web3 residents to allocate funds to any asset with just one crypto wallet.
🌟Official website: https://duet.financel
🌟Linktree: https://linktr.ee/duetprotocol
🌟Gitbook: https://duet-protocol.gitbook.io/duet-protocol/master/introduction
🌟Social profiles: https://linktr.ee/duetprotocol
🌟Audit reports: https://linktr.ee/duetaudit
