DUCK Liquid Staking
Collateralise your DUCK to mint USDP stable and receive rewards from the protocol
This feature is currently in the works and coming up soon!
To take advantage of DUCK Liquid staking users can lock their DUCK tokens in the Unit Protocol, receive suveDUCK tokens in return and then use them as collateral to mint USDP stable.
The ownership of suveDUCK lets users earn rewards in the form of USDP stable, which come from the stability and liquidation fees that are collected when people use the protocol. Thus, in this case, users can even return part of the commissions paid.
When you stake DUCK tokens in the liquid staking under the Unit Protocol’s contract, the tokens get deposited in the duck pond (veDUCK), while the contract mints uveDUCK tokens, which are locked in Fee Pool and in effect, suveDuck is obtained and appears in your wallet.
suveDuck can be used as a collateral in Unit protocol to mint USDP stable and, at the same time, it brings rewards, in USDP, claimable through the DApp.
Locking DUCK in our contract and receiving uveDUCK, then locking uveDUCK into Fee Pool and getting suveDUCK, which can be used as collateral and earn rewards, are conveniently performed in one transaction.
1 DUCK deposited into Unit Protocol equals 1 suveDUCK received. suveDUCK is an ERC-20 token, it is transferable and can be moved between the wallets.
Staking DUCK to uveDUCK is irreversible. Once DUCK is staked to uveDUCK you will not be able to convert it back to DUCK.
Since staking in uveDUCK is permanent, the supply of DUCK tokens in circulation will decrease, which eventually will have a positive effect for all DUCK token holders.
NOTICE: 10% of USDP rewards will be allocated to the Unit Protocol's treasury.
To be added
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Last modified 1yr ago