Platypus Launches Stableswap on Avalanche
Platypus Finance, a single-side AMM (decentralized exchange) designed for exchanging stablecoins, has launched its Beta application on Avalanche, expanding the tools available to users swapping between stablecoins.
Platypus is implemented as a set of smart contracts, designed to prioritize censorship resistance, security, self-custody and maximum capital efficiency. It features single-token provision, which eliminates impermanent loss risk for liquidity providers, and minimizes slippage for traders.
An overview of what users can expect on the Platypus app:
1. Platypus allows users to provide unilateral liquidity. Instead of having pools of token pairs, Platypus uses accounts of tokens to record assets and liabilities. This design allows for single-sided liquidity provision. For Avalanche users, this translates into a much smoother user experience when providing liquidity.
2. Platypus makes significant improvements to the standard stableswap AMM model by using a single-variant slippage function. Along with other improvements, this results in much better capital efficiency. For Avalanche users, this means that they will incur lower slippage when swapping between stablecoins.
3. Overall, Platypus focuses on offering a much simpler UX to their users through their improved interface and protocol design.
4. Liquidity mining will become available. The accepted stablecoins are USDT.e, USDC.e, DAI.e, and MIM.
5. Liquidity providers will earn PTP (Platypus native token) from the Base Pool by depositing any of the four listed stablecoins (for now).
6. Staking PTP will also enable liquidity providers to receive rewards from the Platypus Boosting Pool.
‘’Platypus envisions that seamless asset exchange and single-sided liquidity provision are crucial to the long-term progression of the entire ecosystem of Avalanche. Our novel StableSwap helps enlighten the narrative of DeFi 2.0 and brings critical benefits to users including: lower slippage, higher scalability and better user experience, — ’’ Mr. Beavertail, Platypus Smart Contract Lead
About Platypus
Platypus pioneers a new kind of stableswap which enables an open, single-sided liquidity pool. Users can exchange between assets and farm interest seamlessly in our Avalanche-powered protocol. Designed for maximum capital efficiency and minimum slippage, Platypus offers a compelling alternative to other DEXes on the market.
About Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.
