Platypus intends to offer users better capital efficiency and lower slippage when swapping between stablecoins.
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:
- 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.
- 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.
- Overall, Platypus focuses on offering a much simpler UX to their users through their improved interface and protocol design.
- Liquidity mining will become available. The accepted stablecoins are USDT.e, USDC.e, DAI.e, and MIM.
- Liquidity providers will earn PTP (Platypus native token) from the Base Pool by depositing any of the four listed stablecoins (for now).
- 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
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.
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Platypus Finance Launches Stableswap Protocol on Avalanche was originally published in Avalanche on Medium, where people are continuing the conversation by highlighting and responding to this story.