Wealth Opportunities Brought by the Sui Ecosystem Explosion

The booming development of the Sui ecosystem has brought many opportunities for on-chain participants. Among them, Bucket Protocol, as the largest decentralized stablecoin protocol in the Sui ecosystem, has recently stood out. In the past month, the total locked value of the protocol, (TVL), has increased by 145%, reaching 22 million US dollars.

Bucket Protocol recently launched a points system, where participants can redeem the protocol token BUT in the future. This event is expected to conclude in the fourth quarter, when the points leaderboard will be announced along with the token generation event (TGE). Even without considering airdrop factors, the protocol itself offers considerable stablecoin yields, with an annualized yield (APY) fluctuating around 20%.

Protocol Features and Highlights

Bucket Protocol issues the decentralized stablecoin BUCK on Sui, similar to DAI in the Ethereum ecosystem. BUCK is pegged to the US dollar at a 1:1 ratio and is supported by over-collateralized Sui, LST, or other crypto assets. Since its launch on June 29 last year, BUCK has remained stable and has not shown any significant depegging.

As an important participant in the Sui ecosystem, the Bucket team has sponsored ecological activities multiple times and participated in Hackathon evaluations. At the same time, they have also received strong support from the Sui Foundation, including ecological grants and more.

Main Features:

1. Fixed interest liquidity: Borrowers can obtain liquidity at a fixed rate without worrying about interest rate fluctuations.

2. Low collateral ratio: as low as 110%, while ensuring system stability.

3. Arbitrage and Peg Stability Module ( PSM ): Ensure BUCK is pegged to the US dollar at a 1:1 ratio.

4. No governance operation: all parameters are preset and controlled by algorithms, requiring no human intervention.

5. sBUCK Earnings: Users deposit BUCK to obtain sBUCK, which can earn fixed returns through the BUCK savings rate (BSR).

6. Ecological Applications: BUCK can be used in multiple projects within the Sui ecosystem, enhancing its practicality.

Airdrop Rules and Gameplay

Bucket completed the snapshot for old users on September 23, and currently all participants are at the same starting line. There are three ways to earn points:

1. Open a lending position: Deposit SUI LST( such as afSUI, haSUI, vSUI) as collateral to borrow BUCK, earning 1 point per hour for every 1 BUCK.

2. sBUCK Deposit: For every 1 sBUCK deposited, you earn 1 point per hour.

3. Additional points for integrated projects: For each deposit of 1 ST-SBUCK( Strater version of staked sBUCK), earn 1.1 points per hour.

Participation Steps:

1. If there are existing positions, go to the rewards or dashboards page and click "Start to earn points" to begin earning points.

2. Accumulate points according to the rules: open a CDP, deposit sBUCK, or deposit BUCK into the Strater Savings Vault.

3. Access the Liquidlink points page to view the leaderboard and detailed points under the Bucket branch.

Recommended gameplay

For users who are new to the Sui ecosystem DeFi, the simplest method is to exchange stablecoins for BUCK and deposit them into the Bucket. This way, you can earn approximately 20% annual yield on stablecoins while also receiving Bucket airdrop points.

It is important to note that the most commonly used stablecoin on Sui is the Ethereum mainnet version of USDC bridged through the Wormhole. Stablecoins bridged from other chains may need to be exchanged for BUCK using the Swap feature of Bucket or Aftermath.

Conclusion

Bucket, as an important stablecoin project within the Sui ecosystem, is expected to become one of the core infrastructures of this ecosystem. As projects on the Sui chain continue to mature, Bucket's role in the decentralized finance space will become increasingly significant, providing users with stable returns and DeFi participation opportunities.