DUCAT
Bitcoin-Native Stablecoin.
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About
Ducat Protocol is a decentralized finance (DeFi) platform that introduces UNIT, the first Bitcoin Layer 1-native decentralized stablecoin. By allowing users to collateralize their Bitcoin (BTC) holdings, Ducat enables the minting of UNIT tokens, providing a stable medium of exchange within the Bitcoin ecosystem. This protocol leverages recent advancements in Bitcoin programmability to offer BTC-native, permissionless smart contracts, thereby enhancing Bitcoin's utility in the DeFi space.
Key Features
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Bitcoin-Collateralized Stablecoin (UNIT)
Users can deposit BTC into Ducat's vaults to mint UNIT tokens. A minimum collateralization ratio of 160% is maintained to ensure price stability and asset security. -
Multi-Party Computation (MPC) Network
Ducat utilizes an MPC network powered by the Flexible Round-Optimized Schnorr Threshold Scheme (FROST), acting as a decentralized co-signer that enforces protocol rules without taking custodial control over user assets. -
Decentralized Governance
Holders of DUCAT tokens participate in protocol governance, managing key parameters such as liquidation thresholds and collateralization ratios, ensuring community-driven decision-making.
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