Platypus Decentralization initiatives

Published on: 17.02.2022

Early Stage of Platypus Finance

Platypus Finance was designed as a decentralized StableSwap from its inception. They are still rolling out their core features during their beta, including liquidity gauge voting, new stablecoin pools, factories, and our governance system. The team will maintain an element of control similar to other protocols at this stage of the roadmap to ensure they deliver these features as efficiently as possible. They will fully transition to decentralized governance once their work is complete.

Next Steps

(1) Effective immediately, they are changing their multisig to 5 out of 9 across various external signers:

4 Platypus Stakeholders: Mr Duckbill, Mr Beavertail, Mr Otterfoot & Mr Venom

5 Key AVAX DeFi Stakeholders: Traderjoe (0xmurloc), Pangolin (Justin), Benqi (DiamondRock), Yield Yak (Yak Man) and Avalaunch (Mark)

(2) Their core contracts are now public on github. They are open to contributions from the community.

(3) In Q2, governance and voting features will be deployed to further decentralize of their protocol’s decision making process. Platypus will eventually transition to a stage where the protocol is governed by the community

What’s Coming Soon?

It is an exciting time to be a Platypus user. Upcoming native USDT pool deployment, more stablecoin listings, airdrops from protocols participating in the PTP wars etc. All of these contribute to their growth and advance of their goal of becoming the dominant stableswap on Avalanche.