We’re happy to announce the launch of DUO, our new yield generating product that provides over 200+% APR!
Good things come in pairs, so we’ve been working hard behind the scenes to create a simple-to-use crypto yield earning tool to help you fight the crypto winter, and it’s available now within the Wirex app!
It’s built for users that want ability to grow their assets regardless of market ups and downs, and is super easy-to-use, bringing together the best of yield generation strategies from the DeFi world and that of traditional financial trading platforms.
What is it?
DUO is a Dual Asset Investment tool – a win-win way for investors like you, who can draw on their experience and knowledge of the crypto market and earn high returns on investments within a short time.
DUO allows you to earn the difference in market price from a trading pair over a chosen period of time, where you’ll be paid out in one of the two currencies plus APR. There are no fees, and the more you lock and less time you lock it for, the higher returns you’ll earn!
What are the Benefits?
High profit: no matter the price, you’ll always get passive income from your assets
Simplicity: you don’t need to understand any complex trading strategies or complicated UXs
Short term: with a two-day maximum locking period, you can generate high yield and have your funds back into your wallet immediately
Multiple Duos: open multiple DUOs as long as you have available assets to lock.
How does DUO work?
DUO allows you to earn enhanced interest rates on investments, in return for accepting a certain risk associated with exposure of the crypto asset exchange rates. The higher the exchange rate risk that is taken (shorter time & larger amount of asset locked), the higher the interest rate that is offered. The Interest Rate is agreed upon at the start of the DUO time period.
DUOs consist of two assets (a base and pair asset) that can be traded with each other on an exchange and are also used to leverage one crypto against the other. DUOs are opened with a base asset whose price you would expect to depreciate against the price of the paired asset.
At the end of your DUO, you’ll either get paid out in:
The base asset if its price depreciated against that of the paired asset
The paired asset if the base asset’s price appreciated against that of the paired asset
How can you start earning with DUO?
Choose a trading pair (e.g. AAVE/USDT)
Choose a period to lock either one of the two assets, from 12 hours to 2 days. Each period has a stated yield, let’s say you select 1-day USDT/AAVE 200% APR
Choose your asset (crypto or stablecoin) of preference depending on your wallet balance
Collect your profits.
At the end of the day, you’ll get AAVE or USDT based on the current market price at time of redemption, plus 200% APR calculated for the locking period.
If the AAVE price is less than it was when you opened the position, you will get the AAVE plus 200% APR. Alternatively, if it is higher or equal, you will get USDT plus a 200% APR.