Borrow against
your bitcoin
Borrow UNIT, Ducat’s dollar-pegged stablecoin, using your bitcoin as collateral.
Repay your loan to unlock your BTC.
Borrowing costs
Review fees and repayment before confirming.
Your collateral
Your BTC stays locked until you repay the loan.
Liquidation risk
BTC may be liquidated if its value falls too far.
Income from
Bitcoin credit
A proposed BTC vault that would share income from Bitcoin credit and managed strategies.
Planned payouts in BTC
Income sources
In development
- UNIT minting fees
- Fees paid when new UNIT is minted.
- Liquidation income
- Income from managed liquidation activity.
- Liquidity pool fees
- Trading fees from managed liquidity pools.
Variable income. Capital at risk.
Transactions
on Bitcoin
Built with your wallet, co-signed by guardians and recorded on Bitcoin.
How transactions workClient + SDK
Builds the transaction with your wallet.
Guardians
Check protocol rules and co-sign.
Validators
Read Bitcoin transactions to check Ducat’s ledger.
Wallet + Snap
Sign vault transactions in MetaMask.
Get the Snap
Oracle partnerPrice locks
on Bitcoin.
Ducat’s Chainlink CRE oracle uses HMAC to derive a secret for each price threshold. When BTC crosses below it, the oracle reveals the secret to satisfy a hashlock on Bitcoin.
Bitcoin checks the secret. Guardians must also sign the transaction.
How the HMAC oracle worksBacked by leaders
reshaping Bitcoin
UTXO
Management
Questions about
borrowing
What is UNIT?
UNIT is Ducat’s bitcoin-backed stablecoin, designed to track the US dollar. Borrowers lock BTC collateral to mint UNIT.
How UNIT worksHow much can I borrow?
Your borrowing capacity depends on your BTC collateral and the vault’s collateral ratio. Review the available amount, fees, and liquidation price in the app before confirming.
Review borrowing termsWhen can I get my bitcoin back?
Repay the outstanding debt, then redeem the collateral through a Bitcoin transaction. If your vault reaches its liquidation threshold first, its collateral can be liquidated.
Read the borrowing guideIs the BTC Strategy Vault available?
The strategy is in development. It proposes sharing minting fees, managed liquidation income, and managed liquidity-pool fees with depositors, with payouts in BTC. Income would be variable and depositors would share losses.
Read the proposed strategy