USDP Token

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USDP Token
What is USDP?
USDP is a decentralized and unbiased stablecoin whose value is soft-pegged to US Dollar. It’s fully-backed by collateral, in the form of third-party cryptoassets, stored in the Unit Protocol. 
All circulating USDP are generated within the system of the Unit Protocol, that allows a user to mint the stablecoin. The user can lock any amount of the asset, which the protocol accepts as collateral and borrow the USDP stable in return. As a result, the user will obtain some amount of liquidity in order to use that liquidity as an additional income tool without selling their asset.
The repayment of the debt and collateral withdrawal can be performed at any time after a debt position has been opened. USDP is destroyed when loans are paid back.
The complete list of the currently available collaterals can be found in the protocol dApp:
Unit Protocol
USDP attempts to maintain a value of $1.00 USD. USDP stables are redeemable and exchangeable. When the market is highly volatile, USDP allows users to store its value and appears a peer-to-peer transactional medium for merchants. Consequently, USDP provides a tremendous amount of flexibility and utility.
At the moment, USDP runs on the following networks:
​Ethereum / BSC / Fantom​
 
Token Symbol: USDP
Decimals: 18
Token Address Ethereum: 0x1456688345527bE1f37E9e627DA0837D6f08C925
Token Address on BSC: 0xdacd011a71f8c9619642bf482f1d4ceb338cffcf
Token Address on Fantom: 0x3129aC70c738D398d1D74c87EAB9483FD56D16f8​
How to become a USDP owner?
Initially, USDP enters the market after being minted by the Unit Protocol users.
Another, the easiest, way to obtain USDP is by buying it from decentralized exchanges (DEXs) like Curve, Component, Sushiswap, Hotbit, or simply by receiving it as a means of payment.
By design, decentralized exchanges are non-custodial and do not store funds or data of their users. Since DEXs do not have a single vault to access all funds, all funds are held solely by the trader and belong to the trader only. Such exchanges are not constrained by geographic restrictions and do not involve trust in third parties.
Decentralized exchanges have a number of advantages, but when executing a trade with a large order, there is a risk of receiving a trade execution price that is different from what is expected. This is called slippage. In other words, it is a difference between the expected price and the execution price of the operation.
To reduce risk, the user can address to the DEX aggregators, such as 1INCH, to split a large order among multiple DEXs.
This is also works in the same way if the user, who already has USDP would like to swap it for other stables or tokens.
You can check the level of liquidity on the available exchanges here.
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Step-by-step tutorial walking you through everything needed to mint USDP:
How to mint USDP
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Where can I use USDP tokens?
• The USDP stablecoin applies wherever you can use the digital currency. It can be stored in cryptocurrency wallets or within DeFi platforms and used as payments for goods and services.
• You can continuously move the currency between exchanges and wallets enhancing your cross-exchange and arbitrage strategy.
• As USDP is a stable medium of exchange, you can save, borrow, lend, and cover business expenses.
• You can buy other tokens or stables and exchange your USDP for fiat without having to pay any middlemen.
Benefits of USDP
·       Transparent and secure
·       Fast transfers with no chargebacks
·       Fully private: receive from unique anonymous addresses
·       Direct custody of funds upon receipt
·       Less volatile against fluctuations on the market
More Ways to Use USDP
As you can mint USDP from other cryptoasset collateral, it effectively allows you to take out a loan from your collateral at the stability fee price. You can use this relatively low interest rate loan to pay off more expensive debt, e. g. credit card. Also, you can use it to earn higher interest then the stability fee in one of the DeFi protocols or utilize it as leverage.
The Unit Protocol collateral list includes Uniswap and Sushiswap liquidity pools, so you can provide liquidity for the particular pair and then provide the LP token as your collateral, so you get the aforementioned benefits of USDP plus DEX fees. Other use cases include secured loans for interests such as Staking USDP to earn Yield with Yearn finance.
 
Learn more on USDP use cases and integrations with other protocols:
USDP Use scenarios
Integrations
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Unit Protocol Integrates Shibaswap's Liquidity Provider Tokens as Collateral
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How to mint USDP
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What is USDP?
How to become a USDP owner?
Where can I use USDP tokens?
Benefits of USDP
More Ways to Use USDP