Presenting Echidna 2.0

Published on: 05.04.2022

Echidna team is excited to unveil Echidna 2.0 to its community. This next phase of upgrades to Echidna Finance will focus on revitalizing user experience and incentives on the platform.

Key changes are summarized as follows:

ecdPTP staking base emission increased by 2.75x
Weekly ecdPTP buybacks with 60% of platform fees
ECD-AVAX veECD Boosted Pool will be decommissioned
Rebrand + UI/UX Overhaul

Echidna 2.0 Key Changes

Adjustments to ecdPTP staking emissions
5 April 2022, 2pm UTC
🌌 2.75x increase to base emission rate of ecdPTP staking
🌌 Maximum veECD boost of ecdPTP staking reduced to 3x

PTP deposits are essential to its protocol’s long term success. Echidna will increase its base emissions for ecdPTP staking by 2.75x while reducing the maximum boost for ecdPTP staking from 5x to 3x. This adjustment creates a net APR increase for all ecdPTP stakers to attract more deposits. New users can enjoy higher APRs until they become comfortable with veECD boosting, while veterans can reap the benefits of higher max yields.

Here is how this adjustment will affect you as a user:

💢 User with Max Boost

Your maximum APR will increase as a result of the increase to base emissions:
💡 Old: Base APR = 100%; Max Boost = 100 x 5 = 500%
💡 New: Base APR = 275%; Max Boost = 275 x 3 = 825%

💢 User with 3x Boost

The boost multiplier is reduced linearly. i.e. you can calculate your new boost multiplier by dividing your current multiplier by 5 and then multiplying it by 3:

Old: Base APR = 100%; Boosted APR = 300%
New Boost Multiplier = (3 / 5)*3 = 1.8x
New: Base APR = 275%; Boosted APR = 495%

Peg restoration with 60% of platform fees

Echidna has been conducting ecdPTP buybacks using 60% of the platform fees for the past 3 weeks (~15K PTP). They have increased incentives for ecdPTP staking to further stabilize the peg. Echidna is confident an increased ROI for ecdPTP staking discourages ecdPTP to PTP reversals, which stabilizes the ecdPTP-PTP peg and encourages future PTP conversions. The team will continue to monitor this ratio and make adjustments accordingly. Buybacks will be automated in the near future.

AVAX veECD Boosted Farm Decommissioned

The ECD — AVAX farm will be decommissioned from the platform to focus the rewards on ecdPTP staking and the Trader Joe farm. Emissions for this farm will cease on 5 April 2022 2pm UTC. Echidna have extended the double reward farm on Trader Joe for another 30 days with 3M ECD tokens emitted until 30 Apr 2022.

Rebrand

Echidna is also thrilled to unveil its latest brand identity. They decided to rebrand along with its UI/UX revamp to better communicate the reliability, professionalism, and innovation that Echidna embodies as the ultimate yield booster for Platypus Finance.