Bucket Protocol Is LIVE On Mainnet! Recap our milestones and what’s coming up next
Bucket Protocol is officially live on Sui Mainnet.
After completing multiple audits and testnet activities, Bucket Protocol has officially launched on Sui mainnet, supporting $SUI, $USDT, and $USDC as collateral assets to allow users to borrow $BUCK stablecoin.
This is a significant milestone, marking the beginning of a new era of interest-free borrowing on the Sui ecosystem through Bucket Protocol!
What is Bucket Protocol?
Bucket Protocol is the first Collateralized Debt Position (CDP) protocol in the Sui Network ecosystem, allowing users to deposit various cryptocurrencies such as $SUI, $BTC, $ETH, and even LSDs in the near future. Without paying any interest, users can then borrow the native stablecoin, $BUCK, within the Sui ecosystem.
$BUCK is a USD-pegged stablecoin backed by multiple cryptocurrencies, implementing over-collateralization. If a position’s collateralization ratio (CR) falls below 110%, the protocol’s liquidity pool, known as the Tank, it will start the liquidation procedure to uphold a minimum of 110% CR.
Bucket Milestones
Over the past two months, the Bucket team and community have achieved several significant milestones, such as winning 2nd place by the community in Sui’s HK Builder House, launching a new website, completing audits, and initiating testnet activities.
Let’s take a look back at these completed milestones together!
- 4.14 | Sui HongKong Builder House, 2nd Place for audience favorite on Defi track
- 5.26 | New Website Launch
- 6.03 | Sui x Seoul Connect | Builder House with Bucket, Releap, Typus, Somis, Supra Oracles, Cetus
- 6.6 | Taipei Sui meetup with Founder&CEO of Mysten Labs, Evan cheng
- 6.15 | Audits completed by OtterSec and MoveBit
- 6.20 | Testnet activities launched, NFT rewards for community
- 6.20 | Awarded the Official Dev Grant from SUI foundation
- 6.28 | Mainnet Launch
- 6.28 | Bucket protocol in Kyoto Builder house
4.14 | Sui HK Builder House second place in the community voting
The team made its first public appearance at the Sui Builder House event held in Hong Kong. We addressed the issue of high interest rates that arose from inadequate dynamics in borrowing protocols within the new ecosystem.
We proposed the use of $BUCK, an over-collateralized native stablecoin on the Sui Network, and achieved second place in the community voting segment.
5.26 | New Website Launch
Bucket Protocol has rebranded itself with a redesigned website that incorporates elements such as brightness, a light blue color scheme, and easy-to-see liquidity, aligning with the concepts of stability and security.
Simultaneously, we have been actively optimizing our Web App products and conducting audits of our smart contracts.
6.03 | Sui Seoul Builder House
At the Builder House event in Seoul, the Bucket team presented GPTutor, a tool that combines GPT to enhance the development efficiency of Sui Move. GPTutor is an extension toolkit for VS Code
On the day of the mainnet launch, Bucket Protocol invited Sam Blackshear, the creator of the Move language and CTO and Co-founder of Mysten Labs, to co-host an online workshop for Sui move developers.
The focus of the workshop was on “how to apply GPTutor in Move language development.”
6.6 | Taipei Sui Mover Meetup
Bucket Protocol, in collaboration with Sui Foundation and projects within the Sui ecosystem Typus, Scallop, and Supraorcles, hosted the Sui Mover Meetup in Taiwan.
The event started with an insightful keynote and Q&A from Evan Cheng (鄭聿成), founder and CEO of Mysten Labs. The Sui development team, venture capital institutions, and key players from Amazon Web Services in the Web3 sphere also shared their knowledge.
The group discussed various topics related to Sui and Web3, aiming to increase adoption among more developers and the Taiwanese community about the current state and future prospects of the Sui ecosystem.
6.15 | Audits completed by OtterSec and MoveBit
The process from code submission to the completion of the official audit report took around six weeks.
During this time, the team worked closely with auditors for regular updates and feedback to verify the underlying details and mathematical formulas in the mechanism.
Bucket worked with two auditors, OtterSec and MoveBit, professional organizations that provide Move language audit services certified by the Sui Foundation, we are grateful to have them audit our code.
6.20 | Testnet activities launched, NFT rewards for community
If users complete specific operations, they can mint an “Early User NFT” on the website. These users not only have the opportunity to receive $SUI from our giveaway, but will also acquire other benefits in the future.
6.20 | Officially Granted from SUI foundation
After actively participating in various activities organized by the Sui Foundation, Bucket has received an ecosystem grant from the Sui Foundation and will continue to focus on becoming the cornerstone of DeFi in the Sui ecosystem.
At the same time, it is dedicated to the education of developers and the establishment of tools for Sui Move. The progress made thus far has been possible thanks to the ongoing support from the community.
6.28 | Mainnet Launch
After a week of activities on the testnet, we have optimized the user interface to ensure everything is ready for the official launch of the mainnet.
At the same time, we have announced on Twitter the integration of tools and partnerships, such as Wormhole , MoveBit , OtterSec , Blockvision , Pyth Network , SupraOracles , Switchboard, with many more to come.
Bucket will incorporate more SUI ecosystem projects in the future, and the team will continue to expand the possible use cases of $BUCK. Interested in partering with BUCK? Reach out on Discord.
How to Use the Bucket Web APP?
1. Create A Position: Deposit $SUI and borrow $BUCK
Positions are established on Bucket Protocol by depositing $SUI as collateral and borrowing $BUCK stablecoins to use in the Sui ecosystem. There is no interest-rate fee, only a one time Borrow Fee of 0.5% ~ 5% when you borrow $BUCK.
At the initial stage of the mainnet launch, Bucket supports $SUI as assets for collateral in the protocol. $USDT and $USDC will be available soon.
If you use $SUI as collateral, you need to maintain the collateral ratio above 110% to avoid liquidation; $SUI sometimes fluctuates more than 10%, so if you cannot monitor and adjust positions in time, it is highly recommended that users keep the collateral rate above 150% as a safer practice.
For $USDT and $USDC, the collateral rate is 105% due to the long-term fluctuation of stablecoins below 1%. As a conservative suggestion, maintaining a collateral rate of 110% ~ 115% should be sufficient.
However, users are still reminded to monitor changes in $USDT and $USDC to avoid positions being liquidated during the extreme market turbulence situation.
2. Deposit $BUCK to Tank
The Tank functions as a liquidity pool used for collateral liquidations. If a user’s position (Bottle) falls below the Minimum Collateral Ratio, funds from the Tank will be used to liquidate the borrower’s position, effectively forcing repayment on behalf of the borrower.
The liquidated collateral is then distributed directly to the individual accounts of Tank contributors, in proportion to their contribution in the Tank.
You can claim your portion on the ‘Earn’ page by clicking ‘Claim’. By staking your $BUCK in Tanks to use as insurance for the protocol, you can earn discounted $SUI, $ETH, $USDC or other tokens used as collateral.
3. Manage Your Position: Deposit / Borrow / Repay
Once a position has been created, you have the choice to add more collateral, borrow more $BUCK, or use $BUCK to repay the loan.
How It Works: Borrow, Earn, Stake, and Redeem
The main features of the Bucket Protocol can be broken down into four modules: Borrow, Earn, Stake, and Redeem.
‘Borrowing’ is a primary function of Bucket at the onset of its mainnet launch. Users can deposit $SUI, $USDT, $USDC as collateral and borrow $BUCK stablecoin without paying any interest.
However, it is important to note that a one-time borrowing fee ranging from 0.5% to 5% will be charged, based on the Redeem situation at the moment.
Borrow
‘Borrowing’ is a primary function of Bucket at the onset of its mainnet launch. Users can deposit $SUI, $USDT, $USDC as collateral and borrow $BUCK stablecoin without paying any interest.
However, it’s important to note that a one-time borrowing fee ranging from 0.5% to 5% will be charged, based on the Redeem situation at the moment.
Earn
By providing $BUCK in the liquidation liquidity pool — the Tanks, users help maintain the protocol’s stability.
In addition to receiving collateral after liquidation, they may also have the chance to earn the protocol’s tokens $stBKT as participation rewards in the future.
Stake
Staking $BKT will allow users to receive $stBKT token. Holders of $stBKT can share the profits from the fees incurred from lending, redeeming, flash loans, and liquidation.
Redeem
The ‘Redeem’ feature ensures that you can always exchange collateral equivalent to $1 within the protocol. This mechanism helps maintain the price stability of $BUCK. For the details of the mechanism, please refer to Redemptions & Price Stability.
The above is just a brief introduction to the four main functional modules of Bucket in the initial stage of the mainnet launch. For specific details about the mechanism, head to Bucket Protocol — Gitbook .
What’s Next for Bucket Protocol and users?
The mainnet launch of Bucket is just the first step of the entire roadmap. The main directions for the next 3 to 6 months are:
Develop partnerships in the Sui ecosystem
We will cooperate with other projects in the Sui ecosystem to provide more liquidity and diversified choices.
Expanding Use Cases of $BUCK
$BUCK is the native stablecoin of Sui. Users can earn protocol token ($stBKT) as a reward by depositing $BUCK in a Tank or providing liquidity for $BUCK trading pairs on DEX.
The team is also actively cooperating with various protocols on the Sui ecosystem to continuously explore potential scenarios for $BUCK, allowing it to have more diverse uses.
Launching Innovative DeFi Protocols Based on Bucket Protocol
Bucket Protocol, as the underlying protocol of the DeFi ecosystem on Sui, is available for anyone to use, and more diverse DeFi applications can be built based on Bucket’s functionality, taking full advantage of the composability of DeFi.
As a protocol built on top of the Sui ecosystem, Bucket will also support developers and community members who build applications on the protocol. If you have any ideas, you are welcome to share them with us on Discord!
Conclusion
Bucket has participated in two hackathons, completed contract audits, and launched NFT activities on the testnet in just two short months. As of today, June 28th, Bucket Protocol is officially live on Sui mainnet! 🎉
We are particularly grateful for the support of the Bucket community, from coming second in the Sui HK Builder House vote, the launch of the AI tool GPTutor in Seoul, to the NFT event on the testnet, each step has been made possible thanks to your support. The entire team would like to express our gratitude once again.
The launch of the mainnet is only the first step, and the Bucket team has many more milestones to achieve.
No matter who you are, where you come from, or what you are good at, you are welcome to join and find your opportunities in the Bucket community!
About Bucket
Bucket is a CDP protocol built on the Sui network that enhances fund efficiency and stabilizes stablecoin prices via an instantaneous liquidation mechanism.
Twitter | Discord | Telegram | Website | Whitepaper
