The microscopic theory of the superconducting state in the SU(2) slave
-boson model is developed. We show how the pseudogap and Fermi surface
segments in the normal state develop into a d-wave gap in the superco
nducting state. Even though the superfluid density is of order x (the
doping concentration), the physical properties of the low lying quasip
articles are found to resemble those in BCS theory. Thus the microscop
ic theory lays the foundation for our earlier phenomenological discuss
ion of the unusual superconducting properties in the underdoped cuprat
es.