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DeFi Ethereum

What is DUCK token used for?

How the DUCK token is used in Unit Protocol. Unit Protocol is a protocol for lending that allows you to mint USDP stablecoin in a CDP.

DUCK token is


The utility and governance token for Unit Protocol.

DUCK token is used for


Proposed

  • Governance
  • Fees

Removed

Additional collateral where user needed 2% – 5% DUCK (COL) in addition to main collateral.

How could value accrue to DUCK token?


In MVP stage of the app the fees and value generated go directly to users of the protocol.

Proposed future value for tokenholders

  • Use 70% of total fees to buy and burn DUCK
  • 30% of fees to governance stakers.

Staking / locking

  • Staking for governance

vs. other projects

  • Stable rates for loans.
  • More tokens and LP tokens available as collateral.

How Unit Protocol Works


Unit Protocol is a protocol for lending that allows you to mint USDP stablecoin in a CDP

  • Users can take out loans against a wide range of tokens with a stable interest rate (stability fee).
  • Liquidation fee and stability fee are between 5 – 15% and differ between collateral.

Currently you can borrow

  • 75% of your ETH in USDP
  • 7% stability fee
  • 10 % liquidation fee.

When your CDP (collateralized debt position) falls below the liquidation ratio anyone can liquidate it.
This means a users buys the liquidation fee amount of the CDP (10% in above example).

Price: OraclePrice – 50%

The USDP stablecoin is generated when users provide collateral. The USDP peg is kept from the liquidations and the different operations being done in USDP.

How’s it different from MakerDao?

  • Stable rates for loans
  • Use illiquid tokens as collateral

The USDP stablecoin is generated when users provide collateral. The USDP peg is kept from the liquidations and the different operations being done in USDP.

More on this here.

Token issuance


Total supply: 1,006,011,639

Distribution via lockdrop.

  • 3,903.742 ETH were locked.
  • Total amount of participants: 55 addresses with 82 transactions.
  • Participants will receive 5123289.398 COL per 1 locked ETH.
  • Maximum locked: 550 ETH
  • Average locked: 70.977 ETH

1 DUCK = 100 COL
Lockup value at $200/ETH = $0,0038 / DUCK

More here.

Docs


Github

Similar projects


DUCK price


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