Sui Ecosystem's Bucket Protocol: stablecoin and Airdrop Opportunities

Bucket Protocol, as the largest decentralized stablecoin protocol in the Sui ecosystem, has been rapidly developing recently, with TVL increasing by 145% to reach $22 million within a month. The protocol has recently launched a points system that can be exchanged for the protocol's token, BUT, in the future. In the fourth quarter, the points leaderboard will be announced and a token generation event (TGE) will take place. Even without considering the Airdrop, the stablecoin yields provided by the protocol are quite substantial, with an APY of around 20%.

Protocol Features and Highlights

Bucket Protocol issues a decentralized stablecoin BUCK on Sui, with 1 BUCK pegged to the value of 1 US dollar, supported by over-collateralized crypto assets. Since its launch on June 29 last year, BUCK has remained stable without any significant depegging.

Main features include:

• Fixed interest liquidity: Borrowers obtain BUCK at a fixed interest rate, without worrying about interest rate fluctuations.
• Low collateral rate: minimum 110%, efficient liquidation mechanism ensures system stability
• Arbitrage and Peg stable module (PSM) maintains the 1:1 peg of BUCK to the US dollar.
• No governance required: parameters preset, algorithm controlled, achieving autonomous and efficient operation
• sBUCK Earnings: Users deposit BUCK to obtain sBUCK, and earn fixed returns through BUCK savings rate (BSR).
• Ecological Applications: BUCK can be used in multiple projects within the Sui ecosystem.

Airdrop Rules and Participation Methods

Bucket conducted a snapshot of old users on September 23, and currently all users are on the same starting line in the new points ranking activity. There are three ways to earn points:

1. Open a lending position: Deposit SUI LST to borrow BUCK, earn 1 point for every 1 BUCK borrowed per hour.
2. sBUCK Deposit: Earn 1 point for every 1 sBUCK deposited per hour
3. Integrated project extra points: Deposit ST-SBUCK, earn 1.1 points for every 1 per hour.

Participation Steps:

1. Users with existing positions need to start accumulating points on the rewards or dashboards page.
2. Accumulate points according to the rules: open a CDP, deposit sBUCK or deposit into the Strater Savings Vault
3. Check the leaderboard and detailed points situation on the Liquidlink points page.

For new users, the simplest way to participate is to exchange stablecoins for BUCK and deposit them into the Bucket, while earning approximately 20% annualized yield and Airdrop points. It is important to note that Ethereum USDC is mainly bridged using Wormhole on Sui.

With the development of the Sui ecosystem, Bucket is expected to become an important DeFi infrastructure, providing users with stable returns and opportunities for ecological participation. However, investors still need to cautiously assess risks and fully understand the project before making decisions.