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Bucket Protocol V2 Review 2026: A Sui CDP Stablecoin Lender

Bucket Protocol V2 is a collateralized debt position (CDP) protocol on Sui that lets users borrow a stablecoin against crypto collateral. It holds about $27.8 million in TVL, but audit and fee details are not public reviewed.

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit Bucket Protocol V2

Our verdict on Bucket Protocol V2

6.5/10

Bucket Protocol V2 suits Sui users who want to borrow a stablecoin against their crypto without selling it. Its strengths are a focused CDP design, multi-asset collateral, fixed low-cost borrowing and meaningful TVL. The main caveats are that DefiLlama lists no audits, rates and liquidation terms are not public reviewed, and the stablecoin naming is inconsistent across sources. Check the documentation and borrow conservatively.

Score breakdown

How Bucket Protocol V2 scores

Security: 6.0/10
Ease of use: 7.0/10
Fees: n/a
Features: n/a

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 Protocol V2?

Bucket Protocol V2 is a collateralized debt position protocol on Sui. Users deposit supported crypto assets and borrow a stablecoin against them. DefiLlama describes it as the leading CDP protocol in the Sui ecosystem.

DefiLlama shows about $27.8 million in total value locked and a 7-day change of -0.7%. The V2 listing dates from 8 September 2025. The project's Twitter handle is bucket_protocol.

The sources are not fully consistent on naming. DefiLlama calls the stablecoin BUCK, while the homepage metadata refers to USDB. A Google result about the V2 upgrade also mentions a governance token (BKT) and a savings module (sUSDB), whereas DefiLlama lists no token. Readers should confirm current details on the official site.

How Bucket Protocol V2 works

A CDP protocol lets you lock crypto as collateral and borrow a stablecoin against it. You can borrow only up to a limit set by the collateral's value. The loan is typically repaid in the same stablecoin to get the collateral back.

Bucket Protocol runs this model on Sui. DefiLlama says it supports multiple collateral assets and issues its stablecoin loans at a fixed low cost. If collateral value falls too far relative to the debt, a liquidation mechanism closes the position. Bucket describes this as real-time.

The protocol also has built-in flash loans, which DefiLlama says help keep the stablecoin's price stable. Per a Google result, the V2 upgrade added a governance token (BKT), a savings module (sUSDB) and an upgraded liquidation engine.

6 features

Key features

Multi-asset collateral CDPs

Users deposit supported assets as collateral and borrow a stablecoin against them. DefiLlama says multiple collateral assets are supported.

Fixed low-cost borrowing

Loans are described as extended at a fixed low cost rather than a floating rate. The specific rate is not given publicly.

Real-time liquidation engine

The protocol describes a real-time liquidation system aimed at security and capital efficiency.

Inbuilt flash loans

Built-in flash loans are described as helping keep the stablecoin's price stable.

sUSDB savings module

A Google snippet says the V2 upgrade added a savings module called sUSDB, alongside a governance token and an enhanced liquidation engine.

Leaderboard and rewards

A Medium post mentions a leaderboard that boosts rewards for positioning deposits and LP staking, plus a refreshed V2 web app.

Pros and cons

What we like

Focused on one job: borrowing a stablecoin against collateral on Sui
Supports multiple collateral assets, according to DefiLlama
Fixed low-cost borrowing is described rather than a floating rate
Inbuilt flash loans and real-time liquidation are part of the design
Meaningful TVL of about $27.8 million with a stable 7-day trend

Watch out for

DefiLlama lists no audits for this listing, so users must check the team's own documentation for audit reports
Naming is inconsistent in the sources: the homepage metadata refers to USDB while DefiLlama refers to BUCK, which can confuse new users
Concentrated on one chain (Sui), so it inherits Sui's smart-contract and ecosystem risk
As with any CDP, collateral can be liquidated if its price falls and the position becomes under-collateralized
Specific borrowing rates, collateral ratios and liquidation penalties are not public reviewed, so costs cannot be compared with rivals
Its homepage available was minimal, so product details rely on third-party descriptions

Bucket Protocol V2 fees

Fees are not published publicly reviewed. DefiLlama says the protocol extends stablecoin loans at a fixed low cost, but gives no rate, opening fee, redemption fee or liquidation penalty.

Users would see the actual borrow rate and any fees in the official web app before opening a position. Sui network gas fees would also apply to transactions, and these are separate from protocol charges.

Is Bucket Protocol V2 safe?

DefiLlama lists no audits for this entry. Readers should check the official documentation for audit reports and bug bounty information before depositing. Like all DeFi protocols, it carries smart-contract risk, oracle risk and the risk of a stablecoin losing its peg.

CDP borrowing is non-custodial in principle, since collateral sits in smart contracts rather than with a company. The main user-side risk is liquidation if collateral prices drop. No incidents or regulatory actions appear reviewed, but that is an absence of information, not proof of a clean record.

6 steps

How to get started with Bucket Protocol V2

1
Read the official documentation to confirm the current stablecoin name, supported collateral and any audit reports.
2
Set up a wallet that supports the Sui network and fund it with a supported collateral asset plus a small amount of SUI for gas.
3
Open the official web app and connect the wallet, checking that you are on the correct domain.
4
Review the borrow rate, collateral ratio and liquidation terms shown before opening a position.
5
Deposit collateral and borrow only a conservative amount, leaving a wide buffer against price drops.
6
Monitor your position regularly and repay or add collateral if prices move against you.

Open Bucket Protocol V2

Who Bucket Protocol V2 is for

Bucket Protocol V2 is aimed at Sui users who hold crypto and want stablecoin liquidity without selling. It suits people who understand liquidation risk and can monitor a loan. Complete beginners should start with small amounts and read the documentation first.

Bucket Protocol V2 FAQs

What is Bucket Protocol V2?

Bucket Protocol is a CDP protocol on the Sui blockchain. Users lock supported assets as collateral and borrow a stablecoin against them. DefiLlama describes it as a leading CDP protocol in the Sui ecosystem.

Which stablecoin does Bucket Protocol issue?

The DefiLlama description names the stablecoin BUCK, while the homepage metadata refers to USDB. The project does not explain the relationship, so check the official documentation for the current name and details of the stablecoin.

Is Bucket Protocol V2 audited?

DefiLlama lists no audits for this entry. That does not prove none exist, but readers should look for audit reports in the project's own documentation before depositing funds.

How much value is locked in Bucket Protocol V2?

DefiLlama shows around $27.8 million in TVL on Sui, with a 7-day change of -0.7%. It has been listed there since 8 September 2025. TVL changes with market prices, so check the live figure.

Does Bucket Protocol have a token?

A Google result describing the V2 upgrade mentions a governance token called BKT, while DefiLlama lists no token for this entry. Confirm the token's status and details on the official site before relying on either source.

What is the main risk of borrowing on Bucket?

If the value of your collateral falls too far relative to your debt, the position can be liquidated. Bucket describes a real-time liquidation mechanism, but the exact thresholds and penalties are not public reviewed.

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