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About COL
COL is the native utility token of Unit Protocol, a decentralised borrowing platform that allows users to lock various crypto assets as collateral to mint the USDP stablecoin. COL functions as additional collateral within the system and may enable holders to participate in governance decisions.
COL is the native utility token of Unit Protocol. It is used as additional collateral within the system, complementing primary collateral assets. Every collateralised debt position (CDP) in Unit Protocol includes a combination of a main collateral asset and a portion of COL tokens. Initially, the protocol required that at least 3% of the total collateral be in COL tokens, with a maximum threshold of 5%. These parameters are subject to governance decisions and may be adjusted over time.
COL serves multiple functions within the Unit Protocol ecosystem:
Additional Collateral: COL tokens are used alongside primary collateral assets to secure loans, enhancing the stability and security of the borrowing process.
Governance Participation: COL holders may have the ability to participate in governance decisions, influencing protocol parameters and future developments.
DUCK was introduced through a token migration in December 2020, replacing the earlier token COL. Users were able to swap COL for DUCK at a fixed ratio of 100 COL to 1 DUCK. This migration reflected a rebranding effort, moving away from the earlier project name "The PayCash" to Unit Protocol. The migration also appears to have been driven by community input regarding the token's ticker symbol.
The COL token had a separate contract address and supply structure and is no longer actively supported or traded. The migration marked a complete shift in tokenomics and project identity.
The rebranding of Unit Protocol's token from DUCK to UNITPROTOCOL was an internal change implemented by Gate.io and did not involve an official token migration or blockchain update initiated by Unit Protocol itself. Gate.io clarified that this was merely a renaming, with no blockchain replacement, and users were not required to take any action. This internal adjustment by Gate.io was intended to align with their platform's naming conventions and did not reflect a broader change across other exchanges or within the Unit Protocol ecosystem.
