Bucket Protocol, a Sui-based collateralized debt position (CDP) protocol, is on the verge of reaching $30 million in total value locked (TVL). As of the time of writing, the total value of its crypto deposits stands at a record $29.6 million.
Bucket has surged by over 80% in the past month, making it the top-performing decentralized application (dapp) among the top 10 protocols on Sui. It currently ranks 8th among Sui dapps and is the largest CDP project on the network.
The protocol enables users to deposit crypto assets as collateral to borrow BUCK, a USD-backed stablecoin. BUCK holders can stake the stablecoin to receive sBUCK, which can be deposited in Bucket’s Savings Pool, which pays interest.
Bucket accepts a wide range of Sui-based tokens as collateral to mint BUCK. The most deposited tokens are USDT, HASUI – a liquid staking token (LST) representing SUI staked via Haedal, Wrapped USDC (WUSD), vSUI – an LST representing SUI staked via Navi Protocol’s Volo platform, afSUI – an LST provided by Aftermath Finance, and USDC.
Previously, USDC dominated deposits, but Bucket has integrated with several dapps in the rapidly growing Sui ecosystem over the past few months, expanding support for multiple SUI-backed LSTs.
On Monday, October 21, Bucket experienced its third-largest day of USD inflows, with users depositing $2.46 million worth of tokens. USDT and WUSC each accounted for over $1 million of the inflows.
The market cap of the BUCK token itself is $22.3 million.
Bucket has been able to promote its stablecoin thanks to multiple partnerships with key players within the Sui ecosystem, including Cetus, Navi, Aftermath Finance, Haedal, Scallop, Ondo Finance, Typus, and Kriya DEX, among others.
As for the Sui chain, its TVL reached a record high of $1.41 billion on October 14, driven by the rapid growth of its leading lending protocols and DEXs, including Suilend, Scallop, and Cetus.
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