What is Echidna Finance?
Read about our mission to become The Ultimate PTP Yield Boosting Protocol!
If you are reading this, you probably have heard of or used Platypus Finance. With over $700m TVL in under 4 days, Platypus is perhaps the most innovative DeFi protocol we have seen. The Echidna team are big fans of its efficiency and elegance.
The team believes there is a unique opportunity to build a Convex like protocol for Platypus. Doing so would simplify the yield farming process while increasing total return for all users.
Building On Platy-nomics
Platypus is an obvious choice for yield farmers seeking new opportunities to generate consistent, stable returns. Single sided liquidity provision, high APR via a time based boosting mechanism (up to >400%) and advanced UI are all great reasons for being a Platypus LP. Here is a quick breakdown of the pros and cons of Platypus in our opinion:
Pros
- Double digit APR achievable via stablecoins
- Rewards boosting with staking PTP for time based vePTP accumulation
- Single sided liquidity provision is more accessible and hassle free for users
- Singular LP rewards token is more liquid and ideal for transactions (vs 3crv)
Cons
- vePTP withdrawal penalty (vePTP returns to zero upon unstaking ANY amount)
- Staked PTP becomes completely illiquid with withdrawal penalty
- User must wait 10 months and constantly rebalance capital allocation to optimize returns
- Acquiring PTP for rewards boosting exposes yield farmer to PTP price volatility
- Requires user to constantly claim vePTP to maximize yields and pay for gas
Echidna’s Mission
At Echidna Finance, our mission is to become the ultimate PTP yield boosting protocol. We want to provide everyone with the highest possible PTP yields minus the drawbacks. With this in mind, we arrive at the following objectives:
1/ Build the largest treasury of PTP for vePTP accumulation
2/ Provide highest possible yields from farming on Platypus
- Maximise boosted rewards for LPs immediately by bypassing the 10 month vePTP accumulation period
- Provide additional return via our native ECD token and additional PTP rewards
3/ Simplify yield farming process on Platypus
- Users do not need to constantly claim vePTP and pay gas fees
- Users do not need to worry about capital allocation. They can keep all funds in stablecoins and also enjoy maximum boosted rewards
4/ Improve user liquidity
- Users can freely withdraw their PTP without losing rewards boost
- Capital allocated to PTP for yield boosting can be used elsewhere
Looking Ahead
We will do our best to continue building upon the innovation Platypus has brought to Avalanche. The team will quickly be rolling out further information on our project so please stay tuned!
About Platypus
Platypus is the first single sided open liquidity pool DeFi solution which optimizes scalability and slippage while providing one of the best user interfaces. To learn more about Platypus:
- https://medium.com/platypus-finance/platypus-the-stableswap-to-redefine-defi-df5b40e8dbcb
- https://medium.com/platypus-finance/stableswap-the-classic-and-the-vanguard-a29ec3a6b5c0
- https://medium.com/platypus-finance/platypuss-asset-liability-management-eli5-92a1ee85b17
- https://medium.com/platypus-finance/swapping-slippage-4fcdec340237
