DUCK Token
DUCK is an ERC-20 token and a native asset of the Unit Protocol. It is a utility token originally designed for decentralization and the protocol autonomy with the aim to take over a governance role once the whole infrastructure is ready.
At the present moment, holders of the token can use it for staking purposes, and as one of the many collaterals in the Unit Protocol system for minting the USDP stablecoin.
When the token holders stake their DUCK, they receive the veDUCK (vested DUCK) token in return. Every time USDP gets borrowed or a debt position gets liquidated, stability and liquidation fees, in USDP, go straight to the pond - the Unit Protocol staking pool, to be distributed among the owners of veDUCKs. veDUCK tokens represent your share of the pond. The more veDUCKs one holds the bigger the slice of the pie they have!
veDUCKs are non-transferable, they just sit in the user's wallet and display their available balance. There is no alternative way to obtain veDUCK rather than by locking DUCK into the staking contract. The utmost lock time is four years. One DUCK staked for four years represents an original balance of one veDUCK.
Amidst the crucial features of the Unit protocol there is its ever-increasing availability of different assets, which can be used as collateral for minting the USDP stablecoin. Along with that large selection, DUCK is equally supported and can be utilized as a collateral type in a like manner.
You can earn yield on the following liquidity markets:
There is a hard cap for DUCK tokens supply, meaning their number has been originally designed as limited and no more tokens can be issued in future.
In 2021, the token underwent a series of burning events which were a means of a deflationary mechanism. This allowed to reduce the token supply and thereby improve the situation of all DUCK holders.
Last modified 8mo ago