How can I open a DUO?

Region: Europe
Jan 12, 2023, 9:37:29 AM Published By Wirex Team
  • DUO – a dual-currency wealth product where you can earn up to 400% APR yield 
  • Easy-to-use and short-term - earn the ‘market difference’ between two assets 
  • Stake more, or longer and you’ll earn a higher APR 

Introducing Wirex DUO a great way to earn yield from our new dual-currency wealth product. Over $25 million worth of DUOs were opened in the first days of launching. 

Grow your holdings even during a bear market - DUO combines the best of DeFi yield generation strategies with traditional financial trading platforms. Wirexers get an easy way to earn up to 400% APR!  

Two common crypto investment strategies 

There are different ways that people often invest their crypto, here’s two popular ones: 

  • ‘HODL’ your funds – if you don’t want to buy or sell crypto, simply leave it to grow 
  • Buy low & sell high – track market changes to buy or sell at a lower/higher price, making a profit.  

Wirex’s in-app ‘Grow’ tab offers high interest rates for both strategies; HODL to earn passive income with X-accounts, and DUO for buying and selling profitably.  

DUO lets you manage your risk while generating higher yield than traditional “HODLing” techniques, all with zero fees. 

What is DUO? 

DUO allows you to earn the difference between two assets, by predicting the future price of these assets. By selecting this pair (the base asset and the paired asset) over a fixed duration of time, you’ll earn the difference in price, plus yield on top. You earn yield regardless of whether the market goes up or down. It’s a win-win way for investors to earn. 

How does DUO work? 

Let's use the example of AAVE and USDT. Let’s say AAVE is currently trading at $100. 

  1. Choose AAVE/USDT from the list of available DUOs 
  2. Select whether to input AAVE or USDT as your base asset and choose how much – we've chosen 0.4 AAVE in this instance 
  3. Select a plan including its duration and the APR to receive in return (i.e. 12 hours at 217% APR*). This APR is guaranteed. 
  4. Click ‘Start Earning’ 

What happens after you’ve gone through these steps? Based on the initial price and the length of time selected, Wirex calculates the annualised yield range in AAVE. When the plan duration finishes (12 hours in this case), the settlement price is compared to the initial price, which determines whether you get paid back in either AAVE or USDT. 

If AAVE finishes above (or equal to) the initial price at the end of the 12 hours, then you get back USDT, which includes the amount of your initial investment in USDT, plus 217% APR on USDT generated during the period of the plan.  

If AAVE finishes below the initial price at the end of the 12 hours, you get back AAVE including your initial investment plus the 217% APR generated on AAVE during the period of the plan. In this case, although it may appear that you’ve lost money since your base asset’s value has gone down, what you’ve been paid out in may become profitable at a later date when the price of AAVE goes up again. 

TOP TIPS: the more you deposit and less time you stake it for, the higher APR you can earn. To maximise your APR, you should run DUOs on a regular basis. 

What can you do with your returns? 

  • Exchange them into 140+ cryptocurrencies and 10+ traditional currencies, all at exclusive OTC rates
  • HODL them in an X-Account, earning up to 20% APR  
  • Spend at 90M+ locations globally using the Wirex card, and earn up to 8% Cryptoback™ rewards
  • Reinvest them into more DUOs to grow even more - you can open multiple DUOs at the same time! 
  • Take out a crypto-backed loan with Wirex Credit, with the potential to take a loan of up to 80% LTV with 0% interest  

Open a DUO and start earning high yield now! 

* n.b. APR rates were accurate as of 3.18pm 06/12/22. APR is how much interest you would earn if you kept a DUO for a year 

*Crypto products, including Wirex DUO, involves risk. The value of your assets may change significantly and lead to a total loss, and there may be no regulatory recourse for any loss from such transactions. Please do your research thoroughly. Subject to the T&Cs and Privacy Policy.