What is Unit Protocol (DUCK)?
Unit Protocol is a protocol in the Lending & Borrowing array, allowing users to mortgage their assets to mint the project’s stablecoin – USDP.
Website: Unit.xyz
Unit Protocol (DUCK) Highlights
Diversify collateral
This is suitable for the majority of users, as not everyone stores highly liquid assets.
In addition, to ensure that the protocol always works well in all situations, the project implements many approaches to collateral such as: liquidation fee, collateral rate,…
Stable interest rate & free debt issuance
History shows that adjusting interest rates to stabilize stablecoins like Maker and DAI is ineffective (DAI sometimes traded above $1 for very long periods of time).
Therefore, instead of focusing on price, the project will focus on the value of USDP. In addition, stabilizing interest rates also helps users feel more secure when participating in the lending & borrowing process.
In addition, there is no fee for users to open a new CDP (Collateralized Debt Position), and Unit Protocol offers a zero debt issuance fee (issuance debt fee), as well as a zero closing debt fee.
Read more: What is MakerDAO & DAI?
Effective liquidation mechanism
If the collateral value falls below a specified level, the asset will be liquidated to pay the Unit Protocol back. The mechanism is as follows:
- Step 1: Sell undercolateralized loans to the liquidation pool. Any user can transfer USDP to the liquidation pool to buy back liquidated assets at a cheap price.
- Step 2: The system will buy all liquidated assets, and then reject them in the form of auction in USDP.
If step 1 If you can liquidate all your assets, there is no need Step 2. In case there is not enough liquidity in the liquidation pool to buy back the assets, the system will auction the rest at a decreasing price, starting from the liquidation pool’s liquidation price.
All USDP in step 1 and Step 2 upon completion of liquidation the property will be burned.
Flexible oracle choice
Unlike other projects in the same segment, Unit Protocol allows users to choose the oracle they prefer to provide pricing (Unit Protocol’s Oracle or Chainlink).
Token Unit Protocol (DUCK) Information
Key Metrics DUCK
- Token Name: DUCK Token.
- Ticker: DUCK.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0x92e187a03b6cd19cb6af293ba17f2745fd2357d5.
- Token type: Utility, Governance.
- Total Supply: 1,020,000,000 DUCK.
- Circulating Supply: 177,892,969 DUCK.
Token Allocation
- Lockdrop: 19.6%.
- Team: 39.2%.
- Staking: 41.2%.
This is the Token Allocation after deducting 70% of the amount of tokens intended to be used for the initial staking.
Token Sale
- The project does not conduct Private or Public Sale. All DUCK are from lockdrop.
Token Release Schedule
- Team: Paid evenly within 5 years.
Token Use Case
- Receive transaction fees: 30% of the fee (transaction + liquidation of assets) is divided among DUCK holders (the remaining 70% will buy DUCK and burn).
- Governance: DUCK holders have the right to vote to change the parameters and features of Unit Protocol.
How to earn and own DUCK Token
- Collateral asset: DUCK can be used to mint USDP.
- Users can buy on exchanges that support DUCK.
DUCK Token exchange & storage wallet
DUCK Token storage wallet
DUCK is an ERC-20 token, so you can store it on wallets that support this standard of Ethereum such as:
- Techtipsnreview Wallet: This is a multi-chain wallet product of Techtipsnreview Finance team. Allows storing most tokens of popular blockchains such as Bitcoin, Ethereum (ERC-20, ..).
Instructions for storing DUCK tokens on Techtipsnreview Wallet
Step 1: At the main screen interface, select Receive
Step 2: Type DUCK in the search bar
Step 3: Select the icon and copy the wallet address
Step 4: Then, send the DUCK token to the wallet address copied in step 3
DUCK Token Exchange
- DUCK Token is being traded on Uniswap, Gate,…
In particular, you can trade Uniswap directly on Techtipsnreview Mobile Wallet. After logging in to Techtipsnreview Mobile Wallet, follow these simple steps to buy DUCK.
Step 1: At the main screen of Techtipsnreview Wallet, select Swap
Step 2: Choose Uniswap at the top left of the screen
Step 3:
- Select the token pair you want to swap. I take the example of you swap ETH to DUCK
- Enter the amount you want to swap to DUCK
- Gas fee adjustment & slippage
- Select Swap and wait for the transaction to go through
Roadmaps & Updates
Project team, investors & partners
Project team
- Not too much information about the project team.
Investors
- The project has no investors.
Partner
- Keep3r: Keep3rV1 oracle will be applied to all Unit Protocol CDPs, reducing the VDP opening price to $4 (~20 Gwei).
Similar projects
Source: What is Unit Protocol (DUCK)? DUCK Cryptocurrency Complete
– TechtipsnReview
