USDP Stablecoin

Born in the 2020 DeFi boom, this USDP let users lock up a long list of tokens as collateral and mint dollars against them through collateralized debt positions. Unit Protocol accepted well over a hundred assets, including LP tokens, each with its own liquidation ratio, and governed fees and parameters through the DUCK token. Every coin minted was over-collateralized: repay the debt and the deposited collateral unlocks, a permissionless loop with no company and no KYC. It was an ambitious design for its era, but the protocol drew little activity in later years and its public presence has gone quiet. USDP still exists on Ethereum, BNB Chain, Gnosis and Fantom, a relic of the first generation of onchain collateralized dollars that MakerDAO's DAI came to dominate.