# Welcome

Ducat Protocol and its stablecoin, UNIT, form an overcollateralised primitive for Bitcoin-native DeFi, managed directly on Bitcoin via the DUCAT token.

Recent innovations in Bitcoin programmability have enabled BTC-Fi to begin closing the gap with EVM-based competitors. For the first time, this makes it possible to launch a stablecoin backed by native BTC. UNIT is 160% overcollateralised with BTC and governed by the DUCAT token.

Bitcoin Runes will be used to tokenise DUCAT, and governance will be managed through distributed consensus based on Ducat Node statistics from votes. For more details, see the governance section.

<table data-view="cards"><thead><tr><th></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-type="files"></th></tr></thead><tbody><tr><td>DUCAT</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2Ft7oh1h7e98uOZ3b4Qs4o%2FIMAGE%202025-09-02%2012_56_57.jpg?alt=media&#x26;token=24467ab2-c912-4a4d-8e98-884ca33d2806">IMAGE 2025-09-02 12_56_57.jpg</a></td><td><a href="ducat/the-ducat-protocol">the-ducat-protocol</a></td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2FcEEewO5evDfshv4CKpzH%2FScreenshot%202025-02-19%20at%2002.39.13.png?alt=media&#x26;token=f9d9831d-23e7-4b8e-a809-d2e85318970f">Screenshot 2025-02-19 at 02.39.13.png</a></td></tr><tr><td>UNIT</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2Feds61WP1xoAiykqjRZRX%2FIMAGE%202025-09-02%2012_57_01.jpg?alt=media&#x26;token=f8dfc935-2eeb-4b29-a44e-b2cdfac5b758">IMAGE 2025-09-02 12_57_01.jpg</a></td><td><a href="unit/philosophy">philosophy</a></td><td></td></tr><tr><td>HOW DUCAT WORKS</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2FhpoCLhNdxhwapiQqOdqy%2FIMAGE%202025-09-02%2012_57_04.jpg?alt=media&#x26;token=b0c7fc10-d233-4f52-9078-07749b63b71a">IMAGE 2025-09-02 12_57_04.jpg</a></td><td><a href="how-ducat-works/overview">overview</a></td><td></td></tr><tr><td>LIQUIDATIONS</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2FK0JoHZgToxUM9cPzIQo6%2FIMAGE%202025-09-02%2012_57_07.jpg?alt=media&#x26;token=dd61f2b0-7809-4458-8074-a60ff074f9ab">IMAGE 2025-09-02 12_57_07.jpg</a></td><td><a href="liquidations/basic-mechanics">basic-mechanics</a></td><td></td></tr><tr><td>TRUST ASSUMPTIONS</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2F52rlksSJ4aEu6HmJnhA0%2FIMAGE%202025-09-02%2012_57_10.jpg?alt=media&#x26;token=9919115a-beec-4161-ab9a-29e1445998b3">IMAGE 2025-09-02 12_57_10.jpg</a></td><td></td><td></td></tr><tr><td>GOVERNANCE</td><td><a href="https://3381100491-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZOzQaoopNKdgkYJmuRPt%2Fuploads%2FgF6ojA5tMLUn80m0lKwn%2FIMAGE%202025-09-02%2012_57_13.jpg?alt=media&#x26;token=d25e0da3-69f4-41bf-98b8-79e1a37e4a04">IMAGE 2025-09-02 12_57_13.jpg</a></td><td><a href="governance">governance</a></td><td></td></tr></tbody></table>