Unit Protocol (DUCK) was the utility and governance token of a decentralised finance (DeFi) protocol that allowed users to mint the stablecoin USDP by locking a variety of crypto assets as collateral. The protocol accepted over 160 tokens, including liquidity provider (LP) tokens, making it one of the more flexible systems for collateral-backed stablecoin issuance at the time. DUCK operated on Ethereum, with its smart contract deployed at 0x92e187a03b6cd19cb6af293ba17f2745fd2357d5.

The protocol functioned by allowing users to deposit tokens and mint USDP up to a set collateralisation ratio. If the value of the collateral fell below required thresholds, the position could be liquidated. These mechanisms were intended to ensure the stability of USDP and the security of the system.

DUCK was designed for several roles within the Unit Protocol ecosystem:

• Governance: DUCK holders could vote on protocol changes, such as risk parameters, supported collateral types, and fee structures.
• Staking: Users could stake DUCK to receive rewards, with some sources indicating returns of up to 25% annual percentage yield (APY). This may have supported protocol operations or incentivised token holding.
• Trading and Arbitrage: DUCK was available on various decentralised and centralised exchanges, providing opportunities for price speculation and arbitrage.
• Lending: DUCK could be lent out on certain platforms, allowing users to earn interest.
• Payments and Transfers: As an ERC-20 token, DUCK supported basic use cases like peer-to-peer transfers and payments.

The token’s design aimed to create utility and engagement within the Unit Protocol environment, though its adoption and effectiveness were reliant on the protocol’s long-term viability.

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.

As of 2025, there are strong indicators that the Unit Protocol project is no longer actively maintained:

• The official website (unit.xyz) is inactive.
• No new communications have been issued since December 2020.
• Trading volumes and market capitalisation remain consistently low.
• Community engagement appears minimal or inactive across major platforms.

Despite the token’s presence on some exchanges, activity appears limited and largely speculative.