Platypus Finance is a new type of automated money maker for stableswap. It boasts low slippage and a user-friendly interface. As per the developer, the existing issues in stableswap such as closed liquidity and bad user experience are not present with the platform. It works on the Avalanche blockchain.
The DEX is an open liquidity single-sided AMM with autonomous risk management based on the coverage ratio allowing for maximum capital efficiency. This DEX was launched in the third quarter of 2021. Duckbill is the founder of the platform. There are no further details on the team members, their expertise, the location address, and more.
Platypus Finance overview
Some of the significant features of this platform are:
- It uses open liquidity and is a single-sided AMM with autonomous risk management that uses a coverage ratio ensuring a boost in the vehicle efficiency.
- Asset Liability Management is the basis of the design of the DEX.
- The DEX uses a slippage of a single variant model in the place of invariant curves.
- The flexible pool composition allows every asset to scale naturally based on the organic supply present.
- PTP is the native token of the platform. The total supply is 300,000,000.
- It supports the Metamask and Wallet Connect wallets, Funding is possible with crypto coins or tokens only.
How does Platypus Finance work?
The company allows for the following:
- You can stake the native token to generate the voting escrow token which boosts the APR when you stake your dollar-pegged stablecoins.
- Cross-asset swaps can be done where you choose a token pair and enter the inPut and output amount.
- You can create a liquidity pool by depositing any of the four tokens available on the DEX’s stablecoin pool. The liquidity generated the governance token PTP.
- The platform delivers PTP via the base pool, boosting pool, and AVAX-PTP pool.
What can you buy on Platypus Finance?
The DEX works on the Avalanche blockchain. You can purchase and trade the PTP tokens on the TraderJoe platform. The tokens available for trading on the platform are: DAI.e, FRAX, MIM, USDC, USDC.e, UST, AVAX, YUSD, WAVAX, and sAVAX.
Is Platypus Finance safe?
As per the vendor, the platform tracks the exchange rate of each token via Chainlink ensuring liquidity providers’ deposits are protected in case of unpegging. It uses oracle as an additional security layer for LP.
Platypus Finance fees, compatible wallets, and transactions
Metamask and Wallet Connect are the compatible wallets for this DEX. The fee structure for the platform is as follows:
- The swap fee also known as haircut costs 0.01% for a stable swap.
- A deposit arbitrate fee when coverage is more than 100%.
- A withdrawal arbitrage fee when the coverage is less than 100% is another fee implemented by the DEX.
What are the ways to trade on Platypus Finance?
For trading, the following considerations should be adhered to:
- The native token AVAX is needed for paying a gas fee for every transaction.
- A transaction fee of 0.01% is collected for providing liquidity.
- The deposit and withdrawal fee are based on the pool’s coverage.
Here are the steps to swap on the DEX:
- Choose the swap mode on the platform and choose the token you want to trade using the drop-down menu
- Input or output the amount and click on the Approve button to start trading
- Check all the input info is correct and click the Swap button
- In the pop-up window that appears check the info you have added
On confirmation of the swap, the trade immediately enters a settlement period of less than a second. For staking here are the steps to follow:
- Install the wallet and link to the avalanche network
- Launch the dApp and you need to confirm the connection between the platypus and metamask wallet
- Open the Metamask and switch to the Avalanche network
- Choose import tokens and import custom token
- Double-check that the PTP token is identified and then choose the add custom token
For support, the vendor provides documents, FAQ, whitepaper, and links to Twitter, Medium, Telegram, and Discord.
Should you trade with Platypus Finance?
Platypus Finance summaryPlatypus Finance summary
- Low slippage and open liquidity
- Low transaction fee
- Improve efficiency
- No verified track record
- Very few supported tokens