Following the massively successful lockdrop event, we've spent the past few months actively working on one of the key parts of our system. Today we are ready to introduce the Unit protocol, a decentralized borrowing protocol that allows users to obtain liquidity from a large variety of tokens by minting $USDP stablecoin. $COL token will still be used as an additional collateral for any debt created in the system and its distribution parameters will remain unchanged. You can take a look at our new site at unit.xyz.
We came to realization that the previous name "The PayCash" does not capture the core concept of the project and is not suitable for the protocol. Concentrating human and financial resources on a decentralized borrowing protocol will allow us to speed up the development and release of the product. We are eager to share a draft version of our whitepaper today and we are looking forward to your feedback.
Right now, most of the contracts are finished and the protocol development nears the internal testing stage. When we are confident that things work as designed, we will be ready to deploy the contracts to testnet along with a simple Dapp interface and propose our community to check it out. During that stage, we are going to iterate on a user-friendly interface for the Dapp and prepare everything ready for a code audit.