ebCAKE Strategy is now LIVE on Duet App

4 min readJun 23, 2022

Introduction

After successfully completing the ebCAKE public test from 10th June to 23rd June 2022, Duet Protocol is proud to announce the formal introduction of the ebCAKE strategy in the Duet App!

Public Test Recap:

During the public test, a total of around 484 $CAKE were staked by the Duet Community and earned a juicy APY of 45.59%. A total of 78 transactions were generated in the smart contract:

https://bscscan.com/address/0xcb08e86e51ad11025619b01ca28eec6601fba8f7

To promote the new strategy and as an additional incentive to public test users, Duet launched a gleam campaign where over 300 people filled the gleam form!

What’s ebCAKE strategy?

The ebCAKE strategy is the ultra $CAKE liquidity magic potion that has the potential to bring super attractive liquidity to BNB Chain.

Get the one-year lock-up APY, but you can “withdraw” through the secondary market (PancakeSwap) at any time during the lock-up period;
Compared with directly staking in the PancakeSwap syrup pool, you can also get additional bDUET rewards;

In layman’s terms, stake your $CAKE in PancakeSwap through Duet Protocol and earn double rewards with the freedom of exiting your position anytime.

Names of ebCAKE strategies

In total there will be four ebCAKE strategies-

ebCAKE-Rabbit
ebCAKE-Hare
ebCAKE-Bunny
ebCAKE-Cony

Starting from the 24th of this month, the ebCAKE-Rabbit will go live on Duet App. The following are the time window details of ebCAKE-Rabbit:

Conversion Period: 24–06–2022 00:00 UTC to 30–09–2022 23:59 UTC
Closing Period: 01–10–2022 00:00 UTC to 30–09–2023 23:59 UTC
Redemption Period: 01–10–2023 00:00 UTC to 03–10–2023 23:59 UTC

The ebCAKE-Rabbit’s APY will be around 90% (highest APY of PancakeSwap) and will also have a higher bDUET APY when compared to the ebCAKE Public Test.

Get Duet Protocol’s stories in your inbox

Join Medium for free to get updates from this writer.

Remember me for faster sign in

The ebCAKE-Hare, ebCAKE-Bunny & ebCAKE-Cony are planned to go live on the first day of October 2022, January 2023 & April 2023 respectively.

There will be an ebCAKE strategy for every quarter. After ebCAKE-Cony, the ebCAKE-Rabbit strategy will begin again. Therefore the names of the strategy will be in a loop with just different time windows.

How to get ebCAKE and double rewards?

To get ebCAKE first you must get some $CAKE tokens which you can get from the BNB Chain decentralized exchange PancakeSwap by swapping other tokens to $CAKE or you can withdraw $CAKE from a centralized exchange to your decentralized wallet.

Step 1: In Duet App, you have to convert your $CAKE tokens to ebCAKE. The conversion will happen at a 1:1 ratio. When you finish with conversion, your $CAKE tokens are deposited in the PancakeSwap syrup pool, and in return, you get the equivalent ebCAKE tokens which are your proof of deposit in PancakeSwap through Duet Protocol.
Step 2. As soon as you get ebCAKE tokens you are already earning rewards from the PancakeSwap syrup pool (In Duet App you will see them in the form of ebCAKE tokens.

Note: Your syrup pool rewards are auto compounded). To further increase your earnings you can single stake your ebCAKE tokens or provide liquidity in ebCAKE-CAKE pair and deposit the LP token in Duet App to earn bDUET rewards.

That’s it! You are now earning double rewards!! You can claim your rewards anytime from the Duet App.

Benefits of ebCAKE strategy

Staked ebCAKE not only earns the highest yield on $CAKE syrup pool as well as bDuet incentives
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)
Moreover, users can provide ebCAKE LP to earn trading fees and bDUET incentives, and Duet Protocol’s Extendable Bonded strategy is not just limited to the $CAKE token only but can also be extended to other tokens or coins, for example, BNB. Users can take advantage of high liquidity in the strategies, earn juicy APY rewards & have certain and reliable time periods of redeeming their ebTokens.

How to get $CAKE tokens back after converting to ebCAKE?

There are two ways to get your $CAKE tokens back

Redeem ebCAKE: You can redeem your ebCAKE tokens to $CAKE tokens at a 1:1 ratio during the redemption period of the ebCAKE strategy. Note: The redemption period depends on which strategy you choose and varies from strategy to strategy.
Swap in PancakeSwap: If you want to exit your position before the redemption period then you can swap your ebCAKE tokens to $CAKE tokens in PancakeSwap. Note: The ratio may not be 1:1 and will depend on the liquidity of the ebCAKE-CAKE Pair.

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

Join us: