Borrow Against Your Bitcoin Without Giving Up Custody
Deposit BTC. Borrow UNIT or USDC. Keep your keys. Everything stays on Bitcoin L1.
Launch App
Deposit BTC. Borrow UNIT or USDC. Keep your keys. Everything stays on Bitcoin L1.
Launch AppBacked by:
Oracle Partner:
Deposit BTC into a non-custodial vault. Borrow UNIT or USDC. Repay any time and get your Bitcoin back.
Lock BTC into a 2-of-2 Taproot vault. Your keys, your Bitcoin. No bridges, no wrapping, no custodians.
Set your collateral ratio from conservative to aggressive. Borrow up to 62.5% of your vault's BTC value. One-time 1% fee, zero ongoing interest.
Receive UNIT on Bitcoin L1 or USDC for instant dollar liquidity. USDC conversion is handled automatically via Circle. Repay any time and redeem your BTC.
Track your collateral ratio, monitor your liquidation price, and adjust your position from a single dashboard. Every transaction settles on Bitcoin L1.
Enter your BTC amount to see how much USDC or UNIT you can borrow at 0% ongoing interest.
Every vault, loan, and liquidation is a Bitcoin transaction enforced by Bitcoin Script.
Bitcoin L1-native credit protocol. Borrow against your BTC without bridges, L2s, or custodians. All loan logic, from vault creation to liquidation, is enforced by Bitcoin Script and verified on-chain.
A dollar-pegged stablecoin issued on Bitcoin L1, backed by overcollateralised BTC in vaults. Transfer UNIT instantly and without fees using the built-in ecash layer, or swap 1:1 to USDC at any time.
let acct_utxo: AcctUtxo = AcctUtxo {
txid: satpoint.txid,
vout: satpoint.vout,
value: account_inscription.value,
script:hex::encode(data:&output.scriptpubkey),
};
let account_input: TxIn = TxIn {
previous_output: OutPoint {
txid: open_vault_req.vault_input.txid,
vout: acct_utxo.vout,
};
script_sig: ScriptBuf::new(),
sequence: Sequence::from_consensus(4294967295),
witness: Witness::new(),
};
// Create the vault update scripts.
let create_vault_update_script: Vec = vec! [
Builder::new()
.push_slice(vault_pub_key)
.push_opcode(OP_CHECKSIGVERIFY)
.push_slice(guard_pub_key)
.push_opcode(OP_CHECKSIG)
.into_script(),
];The Ducat SDK builds BTC transactions locally according to the protocol specification which includes a series of spending conditions that allow your BTC to be permissionlessly redeemed so long as the remaining UNIT in the vault is collateralized adequately.
Monitor your vault, track your collateral ratio, and manage loans from one screen. Every transaction settles on Bitcoin L1.
Every vault and loan term is recorded on Bitcoin. Anyone can run a validator and independently verify the entire protocol state.
No sidechains, no bridges, no wrapped tokens. Vault custody and liquidation rules are enforced directly by Bitcoin Script.
One-time 1% origination fee. No ongoing interest, no hidden charges. Repay your loan and redeem your BTC in a single Bitcoin block.
Your BTC sits in a 2-of-2 Taproot vault. No single party can move your funds. Redeem your Bitcoin any time by repaying your loan.
Why borrowing against your Bitcoin beats selling it.
When vaults fall below the 135% collateral threshold, anyone can buy discounted BTC by recapitalising the position. Approximately 8-9% ROIC per liquidation.
This is fantastic. Have been thinking about how to do this for a while. Would love to chat.
Exiting times we need a stablecoin on runes so bad lfg hope you guys really mean it
we LOVE new protocols on Bitcoin π«‘
The Next Alpha..
Expecting a Super launch
Ahh this is exciting
Incredible work
L1 native stablecoin is an essential piece to unlock Bitcoin Defi! π
Congrats on being the first mover π«‘
This thing could be huge and what the bitcoiner around the globe want.. I'm so in π₯³
Congrats team! LG!!!
Excited to see what's to come
this is amazing, when launch π
Ducat is the alpha!
Too bullish. Anyone who mines with any sort of scale knows exactly what this feels like
Congrats!
Super bullish on you guys.
Being a Runes token means it's already compatible with Leather π€ Congrats on the launch, we can't wait to learn more!
Decades of combined experience in Bitcoin protocol development, fintech, and capital markets.
Co-Founder & CEO
Background in fintech. Built a leading crypto publisher before founding Ducat. Early adopter of BTCFi with a track record of execution in emerging markets.
Co-Founder & CPO
Over a decade of Wall Street experience as a long/short equity analyst and portfolio manager. Four years in crypto specialising in stablecoin design and decentralised credit systems.
Everything you need to know about borrowing against your Bitcoin.
Ducat is a Bitcoin L1-native credit and stablecoin protocol. It lets BTC holders borrow dollar-pegged stablecoins (UNIT or USDC) against their Bitcoin without surrendering custody. All loan logic, including vaults, liquidations, and redemptions, is enforced by Bitcoin transactions and Script. No L2s, no bridges, no external chains.
Read more →Your BTC is locked in a 2-of-2 Taproot multisig vault: one key is yours, one belongs to a Guardian group (an 11-of-15 MPC threshold network). Neither side can move funds alone. The vault can only be spent in two ways: you repay and redeem your BTC, or the vault is liquidated because collateral dropped below 135%. There is no way to rehypothecate or redirect your Bitcoin.
Read more →UNIT is a dollar-pegged stablecoin issued natively on Bitcoin L1 using the Runes token standard. It is backed by overcollateralised BTC locked in vaults and soft-pegged to USD in the $1.01 to $1.04 range. The peg is maintained through overcollateralisation and arbitrage: if UNIT trades below $1, buyers purchase it cheaply to close vaults at a profit, pushing the price back up.
Read more →Yes. When you choose to borrow USDC, Ducat mints UNIT behind the scenes and converts it 1:1 to USDC via the Circle SDK. You receive USDC directly without needing to interact with UNIT at all. Repayment works the same way in reverse: send USDC, and the protocol handles the conversion and vault closure automatically.
Read more →No. Ducat charges a one-time origination fee of 1% when you open a loan. There is no ongoing interest, no compounding, and no hidden charges. Repay your debt any time and redeem your BTC in a single Bitcoin block. The zero-interest model also makes Ducat Sharia-compliant.
Read more →Selling BTC means giving up your position. If Bitcoin rises after you sell, you miss the upside. Borrowing lets you access dollar liquidity (UNIT or USDC) while keeping full exposure to BTC. When you are ready, repay the loan and get your Bitcoin back. No taxable sale event, no lost upside.
Read more →If BTC drops and your vault's collateralisation falls below 135%, the vault becomes eligible for liquidation. The exact BTC price that triggers this is calculated and locked at the time you open the vault, recorded on-chain so you always know your liquidation price. Liquidation requires two independent confirmations: a Chainlink oracle attestation and Guardian verification against a secondary price feed.
Read more →Keep your collateralisation ratio well above the 135% liquidation threshold. You can do this by depositing additional BTC into your vault or by repaying some of your outstanding debt. The Ducat dashboard shows your real-time health factor and liquidation price so you can monitor your position and act before it reaches the danger zone.
Read more →The main risks are BTC price volatility (which can trigger liquidation if your collateral drops below 135%), potential oracle or Guardian failure (mitigated by secondary price feeds and threshold signing), and general software risk as Ducat is experimental protocol software under active development. Ducat is not available to US persons. Always assess your own risk tolerance before depositing.
Read more →If the Chainlink oracle goes down, no new borrows or liquidations can occur, but your BTC remains safe in its vault. Vaults with no outstanding debt can still be closed. Ducat is also integrating backup oracles for redundancy. If the website goes down, the front end is open-source with community mirrors, and the protocol continues operating via independent validators and Guardians on Bitcoin L1.
Read more →Connect with us in our Discord community and we will help you out.
Ask us on Discord