DUCK FQQ
Questions quacked
How does the DUCK token capture value?
We use it as Unit Protocol’s staking token. When you stake DUCK, you get a share of the (stability and liquidation) fees we collect.
What is DUCK’s current market cap?
Where can I buy some DUCK tokens?
Why a duck?
Everyone loves a duck.
What does veDUCK mean?
What's the difference between V1 versus V2 staking?
In V1, you could stake and unstake at any time.
In V2, you choose how long you want to lock in your DUCK.
Locking DUCK in for a fixed period of time, rather than staking/unstaking it whenever you like, means that the tokenomics are more predictable and, because of that, the protocol is more stable.
Do we have to unstake from V1 and stake on V2?
V1 is no longer active. As of now, 100% of fees collected will go to V2 stakers. There will be no more rewards for V1 stakers, so there’s really no point in keeping your stake there.
When you stake your DUCK, you can choose the amount of time you want to lock it in the pond for. When you lock it in, it is represented as veDUCK. While your veDUCK is in the pond, you'll be able to collect weekly rewards in USDP, proportional to your balance.
The longer you lock, the higher your initial veDUCK balance.
Here's an example:
100 DUCKs locked in for the maximum of 4 years = 100 veDUCK
100 DUCKs locked for 2 years = 50 veDUCK
If you lock up 100 DUCK for 4 years, your initial balance will be 100 veDUCK. After 1 year (3 years before the lock expires), your balance would be 75 veDUCK.
So, to boost your rewards, you need to check your veDUCK balance and extend your locks from time to time.
There are two types of fee collected from people who use Unit Protocol – the stability fee and the liquidation fee. Both of these fees go straight into Unit Protocol’s DUCK pond.
So far, Unit Protocol has collected almost 8 mn USDP in fees. You can see the stats on fees by visiting the community-run quackprofits.xyz.
No, you have to either:
- restake to keep receiving rewards after the lock ends;
- increase the locking period.
Can I transfer veDUCKs?
veDUCKs are non-transferable, they just sit in the user's wallet and display the balance of the available veDUCK tokens.
Are you going to continue to support duck token or all your power now is concentrated on governance token?
Yes, we will continue to support DUCK.
What happens to the old DUCK token that we are holding? Do we need to convert to FTM?
There’s no change to DUCK.
Is there a deadline on when we need to stake it for 2 years in order to get Fantom governance token?
30 December 2021.
How often do fee distributions take place?
The first USDP distribution (Staking V2) was on Wednesday 27th October, and then once a week after that.
Also, do we get more Fantom governance tokens if we lock for 4 years, rather than 2 years?
Yes. The amount of governance tokens you receive depends on the locking period and amount of veDUCK.
Last modified 1yr ago