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Bucket CDP Review 2026: Fixed-Rate Stablecoin Loans on Sui

Bucket CDP is a Sui-based protocol where users lock collateral to mint the BUCK stablecoin at a fixed borrowing cost. It holds about $14.7M in TVL, but liquidation rules and past community criticism deserve attention.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.6/10

Good

Visit Bucket CDP

Our verdict on Bucket CDP

6.6/10

Bucket CDP suits Sui users who want to borrow a dollar stablecoin against their holdings at a predictable fixed cost. Its strengths are the simple CDP design, multiple collateral options and a track record since 2023 with about $14.7M locked. The main caveats are real-time liquidation, which can punish thin collateral buffers, unpublished fee and ratio details, and community criticism of a liquidation-threshold announcement. Borrow conservatively and read the app's terms first.

Score breakdown

How Bucket CDP scores

Security: 6.2/10
Ease of use: 7.0/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Bucket CDP?

Bucket Protocol is a CDP lending protocol on the Sui blockchain. Users lock collateral and borrow BUCK, a USD-pegged stablecoin, at a fixed cost. It has been tracked since July 2023 and currently holds about $14.7M in total value locked.

One profile describes the company as unfunded and based in Taipei, Taiwan, founded in 2023. The protocol is also associated with a BUT token, which is described as supporting governance, DeFi collaboration and CDP adoption on Sui.

The main appeal is a simple, fixed-cost borrowing model inside the Sui ecosystem. The main caution is that CDPs liquidate collateral automatically, and community discussion has questioned how Bucket handled liquidation thresholds.

How Bucket CDP works

Bucket is a collateralized debt position protocol. You lock an asset such as a Sui-ecosystem token in a vault and mint BUCK, a stablecoin meant to track the US dollar. You always owe more value in collateral than you borrow, which is what makes the system over-collateralized.

If the value of your collateral falls too far relative to your debt, the protocol liquidates it to cover the loan. Bucket describes this as a real-time liquidation mechanism, aimed at keeping the system secure and capital efficient. To get your collateral back you repay the borrowed BUCK.

The protocol also includes flash loan services, which are described as helping keep BUCK close to its peg. Borrowing costs are fixed rather than variable, so a borrower knows the rate in advance.

6 features

Key features

Collateralized stablecoin loans

Users deposit supported assets as collateral and borrow BUCK, a USD-pegged stablecoin, against them.

Fixed borrowing cost

Borrowing is priced at a fixed, low cost rather than a floating rate, which makes the cost of a loan easier to predict.

Multiple collateral assets

The protocol accepts several assets as collateral, not just one, giving borrowers more choice on Sui.

Real-time liquidation

A real-time liquidation mechanism is designed to protect the system and keep capital efficient.

Inbuilt flash loans

Built-in flash loans are described as a way to support the price stability of BUCK.

Governance token and rewards

The BUT token is described as supporting community governance and CDP adoption on Sui, and a leaderboard rewards program has been announced.

Pros and cons

What we like

Fixed borrowing cost makes loan pricing predictable.
Supports multiple collateral assets on Sui.
Real-time liquidation is designed to protect the system and keep capital efficient.
Inbuilt flash loans are meant to help hold the BUCK peg.
Around $14.7M TVL and tracking since July 2023 give it an operating history.
Two audits are listed for the protocol.

Watch out for

Concentrated on a single chain, so it depends on the health of the Sui ecosystem.
Liquidation is real-time, so a sharp price drop can close a position quickly if collateral is thin.
A community thread on Reddit criticised an announcement about liquidation thresholds, which points to communication and trust concerns.
The exact interest rate, minimum collateral ratios and liquidation penalties are not stated in the project's public summary.
The two audits are listed but not named, so their scope cannot be checked here.
Branding is inconsistent across sources: some describe the stablecoin as BUCK, while the homepage tagline mentions USDB.

Bucket CDP fees

Bucket describes its borrowing cost as fixed and low, but the exact rate is not stated in the material available. Rates, collateral ratios and any liquidation penalty are shown in the app for each collateral type.

Users also pay normal Sui network gas fees when opening, adjusting or closing positions. Any swap costs when moving between BUCK and other assets depend on the venue used.

Is Bucket CDP safe?

Two audits are listed, but the auditors and findings are not named. As with any smart-contract protocol, audits lower risk without removing it, and a bug or oracle failure could affect deposited collateral.

The main user-side risk is liquidation: if collateral value falls below the required ratio, it can be sold to cover the debt. A Reddit thread criticised a Bucket announcement about liquidation thresholds and used the word rugpull; this is a community allegation and not a confirmed finding. The project does not publish regulatory status. Anyone borrowing should size positions conservatively.

6 steps

How to get started with Bucket CDP

1
Check that using DeFi lending protocols is allowed where you live.
2
Set up a Sui-compatible wallet and fund it with a supported collateral asset plus a small amount of SUI for gas.
3
Open the Bucket app from the official website and connect the wallet.
4
Review the fixed borrowing rate, the minimum collateral ratio and the liquidation terms for your chosen collateral.
5
Deposit collateral and mint BUCK, borrowing well below the maximum to leave a buffer against price drops.
6
Monitor your position and repay BUCK or add collateral if the ratio gets close to the liquidation level.

Open Bucket CDP

Who Bucket CDP is for

Bucket is for Sui holders who want liquidity without selling their assets and who understand over-collateralized loans and liquidation risk. It is less suitable for beginners who have not used DeFi borrowing, or for anyone unable to monitor their position.

Bucket CDP FAQs

What is Bucket Protocol?

Bucket Protocol is a collateralized debt position (CDP) protocol on the Sui blockchain. Users deposit supported assets and borrow the USD-pegged stablecoin BUCK against them. Borrowing costs are described as fixed and low.

How do I borrow BUCK?

You deposit supported collateral into a vault and mint BUCK against it. Because the loan is over-collateralized, the value of the collateral must stay above the debt by the required margin. If it falls below, the position can be liquidated.

Which blockchain does Bucket use?

The protocol is listed as running on Sui only. It supports multiple collateral assets, though the full list is not given.

What are the fees?

The project describes a fixed borrowing cost but public sources do not give the exact percentage. Check the app before opening a position, and remember that network gas fees on Sui apply separately.

Is Bucket Protocol safe?

Two audits are listed for the protocol, although the auditors and scope are not named. Audits reduce but do not remove smart-contract risk, and a CDP can still liquidate your collateral if prices move against you.

Has Bucket faced any controversy?

A Reddit thread used the word rugpull about a Bucket announcement regarding liquidation thresholds. That is a community allegation tied to a governance and risk-parameter change, not an established finding, but it shows users should read announcements closely.

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