Deployment of veECD Boosted Farming

Published on: 03.03.2022

Echidna is delighted to announce the deployment of veECD boosted farming. Users can supply LPs for ECD / AVAX or ecdPTP / PTP on Echidna to receive incentivised emissions via ECD. Farming emissions can also be boosted up to 5x by locking ECD for veECD. These secondary pools will be on the “Deposit LP / Stables” page of our dApp.

Echidna is focused on creating value and utility for tokens in their ecosystem. They are confident the addition of productive strategies involving ECD and PTP will continue to drive value for Echidna & Platypus users.

Pool & Farm Details

ecdPTP / PTP Pool + Boosted Farm

The ecdPTP / PTP pool gives users the flexibility to swap their ecdPTP back to PTP while offering arbitrage opportunities for PTP conversions to ecdPTP. Echidna has created a boosted farm for this pool on our platform.

1. ecdPTP / PTP pool available on Trader Joe

2. Supply ecdPTP and PTP to get LP tokens

3. Deposit LP tokens at Echidna to farm ECD.

4. Boost rewards up to 5x by locking ECD for veECD

ECD / AVAX Pool + Boosted Farm

The ECD / AVAX pool was seeded and deployed at Trader Joe during our Rocket Joe launch. Echidna has created a boosted farm for this pool on our platform.

Supply ECD and AVAX to Trader Joe pool get LP tokens
Deposit LP tokens at Echidna to farm ECD
Boost rewards up to 5x by locking ECD for veECD

veECD Boosting Breakdown

ECD holders can lock their ECD for veECD on Echidna’s platform.The more tokens you lock and the longer your lock duration, the more veECD you receive (and the bigger your boosting power). A boost multiplier is applied to your ECD emissions based on your veECD balance. Your boosting power decays linearly over time as your veECD approaches expiration.

The variables in the formula are defined for your reference:

1. LP Provided — # of LP tokens deposited

2. Total Liquidity — total # of LP tokens deposited

3. Voting Balance — amount of veECD you currently possess

4. Voting Total — aggregate amount of veECD

This formula calculates your boosting weight by taking the smaller amount of two values.

To calculate your boost multiplier, divide your boosting weight by the # of LP tokens you have provided, and multiply the result by 5. The boost multiplier is applied to your ECD emissions and is subject to change based on other LP deposits and ECD locks.

What happens when more people lock ECD? How does that affect my boosting?

In addition to time decay, new deposits and ECD locks also affect your boost multiplier since the % of your LPs and veECD will decrease accordingly.

The system will recalculate your boost multiplier for a specific pool and apply it to your emissions whenever you interact with that pool via a deposit, claim, or withdrawal. This means your multiplier rebases every time there is an interaction.

How is my boost applied? Can I boost more than one pool?

The boost multiplier is pool specific given the various factors that influence its calculation (aggregate TVL, your TVL, aggregate veECD etc.).

Next Steps

Trader Joe Double Reward Farm commences March 2, 2022 6pm UTC for 30 days. Rocket Joe participants will be able to direct deposit LP tokens into the double rewards farm with one click. Other users can also take advantage of the APYs by following the steps below:

1. Supply ECD and AVAX to Trader Joe pool to get LP tokens

2. Deposit LP tokens into double rewards farm to farm ECD & JOE

About Echidna Finance

Echidna Finance is the ultimate yield boosting protocol for Platypus Finance. Echidna aggregates PTP and stakes then into Platypus permanently to build our vePTP treasury. Anyone can leverage our treasury to maximize their stablecoin APRs on Platypus without owning PTP.