Merhaba Platypus’lar! Fee Sharing düzeni için hazırlık tamamlanmaya yaklaşıyor! Ekibimiz, fee sharing’i 2023 Ağustos sonuna kadar dağıtmayı hedefliyor. Önümüzdeki dağıtıma ilişkin önemli güncellemeleri sizinle paylaşmamıza hazırlanın.

Fee Dağıtımı için Revize Edilmiş Yaklaşım

Topluluğumuzu daha da faydalandırmak için yaklaşımımızı geliştirdik. Detaylı bir değerlendirmenin ardından, elde edilen ücretle $PTP satın alımı yapmama kararı aldık. Bu şekilde front-running (yapılacağı önceden bilinen işlemler öncesinde oluşacak hacimli hareketler) işlemlerinin risklerini önlemiş ve toplanan ücretlerin değerini korumuş olacağız.

Bunun yerine, topladığımız çeşitli tokenlar üzerinden ücretleri dağıtmayı tercih ediyoruz. Bu yaklaşım, daha fazla istikrar sağlar ve toplanan ücretlerin değerini korur.

Airdrop Kontratları Güncellemesi

Ücret dağıtımı için çoklu token talep sürecini desteklemek için airdrop kontratlarını güncelleme üzerinde çalışıyoruz. Teknik ekibimiz, sözleşmenin güvenliği ve verimliliği için denetleme sürecinde yer alıyor. Sözleşme denetlendikten ve arayüz güncellendikten sonra Fee Sharing düzenini başlatmaya hazır olacağız.

Son Sözler

Topluluğu ilerlemelerden haberdar tutacağız ve Fee Sharing’in dağıtımını hazır olduğu anda duyuracağız. Güncellemeler için takipte kalın ve heyecanınızı koruyun!

Platypus’u Takip Edin
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Fee Sharing Güncellemesi: Dağıtım Hazırlığı ve Gözden Geçirilmiş Yaklaşım was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Hey Platypuses! The preparation for the Fee Sharing arrangement is nearing completion! Our team is targeting to deploy the fee sharing by the end of August 2023. Get ready, as we spill the beans on important updates into the upcoming deployment.

Revised Approach for Fee Distribution

We’ve enhanced our approach to benefit our community. After thorough consideration, we decided not to buy back $PTP with the fee accrued, in order to prevent any risks of front-running and ensure that the value of collected fees remains intact.

Instead, we have opted to distribute the fees in a variety of tokens that we have collected. This approach ensures greater stability and maintains the value of the fees collected.

Update on Airdrop Contract

To support the multi-token claiming process for fee distribution, we are currently working on updating the airdrop contract. Our tech team is engaged in auditing the contract to ensure its security and efficiency. Once the contract has been audited and the frontend has been updated, we will be ready to deploy the Fee Sharing arrangement.

Final Words

We will keep the community informed about the progress, and we will announce the deployment of the Fee Sharing arrangement as soon as it is ready. Stay tuned, and keep the fire alive for more updates to come!

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Fee Sharing Update: Deployment Preparation and Revised Approach was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Hello, everyone! The first snapshot vote has successfully passed the consensus check, representing a significant step forward in our mission to improve our platform.This major accomplishment sets the stage for an exciting announcement: the introduction of a Fee Sharing arrangement that we can’t wait to tell you about in this article.

The Arrangement

The Fee Sharing arrangement, as proposed and approved by the community, is designed to prioritize the welfare of vePTP holders. Under this system, 100% of the ongoing fees will be allocated to vePTP holders. To facilitate fee distribution in PTP, we will first buy back PTP tokens before arranging the sharing of fees.

It is important to note that this Fee Sharing only applies to newly generated fees. We have set aside a surplus reserve of 1.4 million to handle compensation needs. For more information about compensation, please refer to this article: https://bit.ly/3xP85Og

Implementation

Implementing these proposed changes requires dedicated time and effort. We estimate that the entire process will take around 3 to 4 months to complete. During this period, we will focus on various aspects of implementation to ensure a smooth transition for our users.

One important part of the implementation involves updating the DApp’s frontend to include a new claim section. This addition will provide a user-friendly interface for users to easily access and claim their entitled benefits within the ecosystem.

Additionally, we will be conducting a PTP buyback program, aiming to repurchase PTP tokens from the market. This initiative will further strengthen the value and stability of the token economy.

We understand the importance of keeping our community updated. We are committed to providing timely information and keeping our users engaged throughout the process.

Final Words

Our goal is to create a strong and fair ecosystem that rewards vePTP holders for their contributions. Through ongoing distributions, buybacks, and airdrops, we aim to empower our community members and strengthen their connection to the platform. Our vision is to foster a vibrant and thriving ecosystem where every participant can enjoy the benefits of their involvement.

As we wrap up this article, we want to express our sincere gratitude to our amazing community for their unwavering support and active engagement in shaping the future of our platform. Stay tuned as we continue working hard to bring these improvements to life!

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Introducing Fee Sharing: Empowering vePTP Holders through Revenue Distribution was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

At Platypus, we believe in the power of community-led decision-making and we’re moving towards a decentralized governance protocol. We’ve always wanted to shift towards a more democratic approach to promote transparency, trust-building, and active participation from users and investors in shaping the protocol’s direction. Through decentralized governance, everyone gets a voice and can see how decisions are made.

TL;DR

• vePTP holders have governance power tied to their vePTP balance in Platypus’s PTP governance framework.
• There are two major parts of the governance process, Temperature Check and Consensus Check.
• Various types of proposals can be submitted for consideration in Platypus governance, such as adding a token to a pool, creating a pool for given tokens, adjusting haircut for pools, adjusting protocol parameters, and proposing new features.
• When proposals move to Snapshot, all vePTP holders can deliberate and decide on the outcome by voting according to their vePTP weights.

Join us on a journey as we unveil our governance process, a path that has been paved with simplicity and ease to guide you every step of the way.

But first, familiarize yourself with the platforms you’ll be interacting with that will allow you to engage in discussions and share your ideas with the community.

Discourse Forum:
Our hub for idea sharing and discussion. Join the conversation and make your voice heard! To post your own ideas, make sure to read at least 30 posts, spend 10 minutes reading, and participate in at least 5 topics.

Snapshot:
This is where the real action happens! Snapshot enables off-chain voting, weighted by the number of vePTP. Although only the Platypus team can submit a proposal on Snapshot, we’re always open to community suggestions. If your proposal passes the Temperature Check, contact the Platypus team by mentioning @admins in your post reply, and we’ll create a snapshot poll for you.

Creating a proposal

Temperature Check

If you are ready to make some changes, start by checking if there is enough will in the community to bring your idea to life. Here’s how:

1. Post your proposal in the Temperature Check category on Discourse and make sure to label it as “Temperature Check — [Your Title Here]”
2. Use the Proposal Structure format and invite other community members to join in on the discussion.
3. Community members can show their support by giving likes and commenting. If your post receives at least 15 votes, you’ll move on to Consensus Check.

Consensus Check

In this step, the discussion gets formal, and we aim to reach a consensus. Here’s how you can perform a consensus check:

1. Use the feedback you received in the Temperature Check post to improve your proposal. To alert the community, create a new post in the Consensus Check category titled “PIP # — [Your Title Here]” and link it to the discussion thread.
2. Contact an admin to create a new Snapshot poll by mentioning @admins in your post reply. It is important to provide the following information in your post reply: The Proposal content, Relevant links, Temperature Check thread and Consensus Check thread.
3. The poll will last for seven days. Make sure you have added the snapshot poll URL to your Consensus Check thread.
4. Stay neutral and respond to any questions or concerns community members have.

The option with the majority of votes wins, and a vePTP yes-vote quorum of 30m and over 50% yes-votes are required for consensus. A one-day timelock is implemented before executing the proposal that passed the consensus test.

If the “Make no change” option wins, the Consensus Check topic will be closed by the admins/moderators.

To resubmit the proposal, a 7-day cool-down period is required. During this time, revisions should be made based on the previous feedback provided by the community.

Our governance forum is the perfect platform for you to share your thoughts, opinions, and ideas. Whether you want to propose a new project, suggest a change, or simply engage in discussions about the future of Platypus, there are endless possibilities.

Types of Proposals

There are various types of proposals that can be submitted for consideration in our governance. And these are proposals for:

• Adding a token to a pool
• Creating a pool for given tokens
• Adjusting haircut for pools
• Adjusting protocol parameters
• New features

Proposal Structure

We love to hear from our community members and we encourage you to submit your proposals for discussion and feedback on the forum. But before you hit that “Post” button, make sure to include the following components in your proposal, listed below in a specific order. This will make it easier for everyone to follow and provide constructive feedback.

Abstract: Start with a snappy summary of your proposal that gets people excited about your idea. Think of it as your elevator pitch — it should be brief, but persuasive.

Motivation: Here’s where you can really let your creative juices flow. Provide detailed explanations that are informative and specific to your proposal. Show how it could benefit Platypus and the community, and address any potential challenges that may arise. Remember, the more well-thought-out and persuasive your proposal is, the more likely it is to garner support.

Next Steps: Don’t leave people hanging! After the Temperature Check is passed, let everyone know what will happen next. If there’s a Snapshot link or any other resources that people need to know about, provide those details here.

References: If you want to really pack a punch with your proposal, include references that support your arguments. Cite other successful projects, relevant research, or anything else that can add credibility to your proposal.

Passing Temperature Check and Consensus Check

To successfully make a change on Platypus, it is crucial to pass both the temperature check and consensus check.

Temperature check

• The proposal needs to gain enough traction by receiving at least 15 votes in the post
• The discussion will last for two days.

Consensus check

• The consensus check involves a formal discussion on the proposal, where feedback from the temperature check post is considered, and the proposal is adjusted accordingly.
• A Snapshot poll is then created, and the vote lasts for seven days.
• There needs to be a 30M vePTP yes-vote quorum and more than 50% yes-vote.
• There is a one-hour delay between the voting period and the day of execution.

Closing Remarks

Platypus governance system is designed to promote transparency, trust-building, and active participation from users and investors in shaping the protocol’s direction. If you want to participate in the governance system, simply join the discourse forum and follow the steps laid down in this article. We believe in community-led decision-making and aim to move towards a more democratic approach.

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Platypus Governance: A Comprehensive Guide was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Imagine a world where the control of a financial ecosystem rests in the hands of its users, where transparency and decentralization reign supreme. This is the realm of DeFi governance, a revolutionary process that empowers stakeholders, from investors to everyday users, to participate in managing and shaping the future of decentralized finance protocols.

What is Governance in DeFi?

DeFi governance is the process by which the community of stakeholders in a DeFi protocol collectively makes decisions about the protocol’s management and development in a transparent and decentralized manner, allowing users and investors to have a say in its direction. Unlike centralized governance, DeFi governance involves a decentralized and community-driven decision-making process, where stakeholders have a direct say in managing and shaping a protocol.

Why is DeFi Governance Important to Platypus?

Shifting from a centralized team to community-led decision-making has always been our goal at Platypus. After experiencing various events in our journey, we are convinced that fully embracing decentralized governance is the important approach for our protocol in this stage. It enables a community-driven approach to decision-making, allowing our protocol to evolve and adapt to user needs while maintaining security and stability. Moreover, it promotes transparency, empowering users to create trustworthy systems that are truly in their control.

What Does DeFi Governance Look Like on Platypus?

Platypus’s DeFi governance includes a forum and Snapshot. In our forum, users can post proposals, suggestions, and ideas. Our founding team will actively participate in the discussion with community members and act as a shepherd to lead the community on the road to decentralization. These proposals will then move to Snapshot where they are voted on by all vePTP holders. More details on the user flow will be shared later.

Wen Towards Decentralization?

We have set our sights on the month of April for the release.

Final Thoughts

As Platypus journey towards decentralization, our commitment to community-driven decision-making remains steadfast. With our governance forum and voting platform, we are creating a transparent and inclusive environment where users have a direct say in the evolution of our protocol. We believe that empowering our community through DeFi governance is not only a step towards decentralization, but also a catalyst for creating trustworthy financial systems.

With unwavering commitment, our founding team is devoted in shepherding the community along the path of decentralization. We are steadfast in our commitment, standing by the community through the years ahead, as dedicated companions, nurturing its progress and ensuring its success.

Together, we are forging a path towards a more inclusive, transparent, and decentralized future for DeFi. Join us on this exciting journey as we embark on the next chapter of our evolution!

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Unleashing the Power of Decentralization: Platypus’ DeFi Governance was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Great news! The first round of claim is now ready, and you can access it starting March 13 at 9:00 am UTC. This round consists of recovered funds, which amounts to around 52% of the original loss. It’s a significant step towards recouping from the unfortunate incident!

Where Can I Claim?

You can claim your compensation at our dedicated compensation page by clicking on the claim button next to ‘My Compensation’ as soon as the compensation goes live.

Link to compensation page: https://airdrop.platypus.finance/usp-compensation

What if my funds were in Vector / Echidna / Yield Yak?

If your funds were in Vector, Echidna, or Yield Yak, your part of the claim has to be claimed in their claim page. We’ve already sent the funds over to them. Just hang tight and keep an eye out for their announcement on the refund process.

What Else Should I Know?

We want to make sure you receive your compensation as soon as possible, so please make sure to claim your funds within one year. If you miss the deadline, the funds will go to our treasury and we’ll let the community decide how they will be managed, through governance.

This is just the beginning, folks. We’re committed to making things right, and we’ll do our best to retrieve lost tokens. Whenever we do, we’ll announce a round of compensation for all affected LPs. Negotiations can take time, but we appreciate your patience and support as we work to get your funds back to you.

PS: Update on Aave

Finally, we’re thrilled to announce that our proposal to Aave is moved to the snapshot voting stage. If we’re successful, we’ll be working with the Aave team closely on the rescue proposal code. We promise to keep the community updated every step of the way. Cheers to progress and a bright future ahead!

First Round of Compensation for Affected LPs is Here! was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

We are pleased to announce that the page for checking your loss value is now available. Access the page to review your loss value now: https://airdrop.platypus.finance/usp-compensation
*Note: You have to sign the message with you wallet before accessing the USP compensation page.

*Update on Mar 3rd:
We would like to inform you that we have updated our post-attack adjustment as of March 3rd. Specifically, for those who have deposited or withdrawn their LPs from our yield aggregators between the attack and pool pause, we will be including these actions in the calculation of their loss value and compensation amount.

We have taken great care to ensure the accuracy of our calculations. However, if you identify any errors on your pre-attack balance or post-attack actions, please submit a Google form along with supporting evidence within 3 days. The form can be found in the section below.

We would love to help you out with understanding each section of the page so that you’re fully informed about our calculations.

Important timestamps

Pre-Attack: Feb-16–2023 07:16:53 PM +UTC (block height: 26343613)

Post-Attack: Feb-16–2023 07:51:08 PM +UTC (block height: 26344650)

Pool Pause: Feb-16–2023 08:46:11 PM +UTC (block height: 26346338)

Compensation Page Walk Through

The page consists of three sections: the overview, the pre-attack net value, and the post-attack adjustments. Each section serves a unique purpose and is designed to provide you with a comprehensive understanding of your loss value.

We hope that this brief description helps you navigate the page more effectively!

Overview

The overview section provides you with essential information about your liability, recovered funds in the first compensation, and the amount of compensation you can expect to receive. Your liability is determined by adding together the “Pre-attack Net Value” and the “Post-attack”.

For a more detailed breakdown of our calculation process, please refer to the following sections.

Pre-attack Net Value

The Pre-attack Net Value section contains a list of your deposit on the main pool, your USP balance, and USP debt at the pre-attack timestamp. Following values have been used to calculate the net value for each user:

• User’s deposited amount of USP in the main pool
• User’s deposited amount of USDC in the main pool
• User’s deposited amount of USDC.e in the main pool
• User’s deposited amount of USDT in the main pool
• User’s deposited amount of USDT.e in the main pool
• User’s deposited amount of BUSD in the main pool
• User’s deposited amount of DAI.e in the main pool
• USP balance in user’s wallet
• USP debt for those who have a borrowing position

To keep things simple, we’re assuming that all stablecoins, including USP, had a value of $1 at the pre-attack timestamp. To calculate your pre-attack net value, we used the following formula:

Pre-attack net value = sum of main pool LP token amount + USP balance - USP Debt

As an example, let’s consider Alice, who has deposited 1000 USDC as collateral in the main pool, borrowed 400 USP, and purchased 200 additional USP, bringing her total USP balance to 600.

To calculate Alice’s pre-attack net value, we use the following formula:

Net Value = Deposited stablecoins including USP + USP Balance — USP Debt — Stability Fee

Using the values from Alice’s account, we can calculate her pre-attack net value as follows:

Net Value = 1000 (from her deposited 1000 USDC) + 600 (from her 600 USP balance) — 400.02 (her 400 USP debt plus stability fee) = 1199.98

Therefore, Alice’s pre-attack net value in the protocol is 1199.98.

Post-attack Adjustment

After the attack, there were many actions taken by users that may have affected their net value. For example, users may have purchased USP at a lower price or repaid their USP borrow position at a higher stability fee. To ensure fair compensation, we have manually examined all post-attack actions on a case-by-case basis, and recorded them in this section.

The post-attack actions taken by users can be categorized as follows:

• Swap stable to USP (Arbitrage)
  Adjustment: The amount of stables that are used to swap for USP will be added to the “pre-attack net value”.
• Swap USP to stable (Panic Sell)
  Adjustment: The amount of other stables should be subtracted from the “pre-attack net value”.
• Repay
  No adjustment is needed as users are not charged the stability fee after the attack. The USP amount they repaid would be refunded as they are already included in the pre-attack snapshot.
• Deposit stables (not including USP) to the main pool
  Adjustment: The deposited amount of stablecoin will be added to the “pre-attack net value”.
• Deposit USP to the main pool
  No adjustment is needed as the USP they had were included in the pre-attack snapshot.
• Withdraw stables from the main pool
  Adjustment: The amount of withdrawn stablecoin will be subtracted from the “pre-attack net value”.
• Withdraw USP from the main pool
  No adjustment is needed.
• Receive main pool LP token from another address
  This also includes withdrawing their LP token from yield aggregators.
  Adjustment: The amount will be added to the “pre-attack net value”. Please note that receiving main pool LP tokens from our Master Platypus contract does not count in this case as it is considered an unstaking action.
• Send main pool LP token to another address
  This also includes depositing their LP token to yield aggregators.
  Adjustment: The amount will be subtracted from the “pre-attack net value”.
  Please note that sending main pool LP tokens to our Master Platypus contract does not count in this case as it is considered a staking action.
• Receive USP from another address
  This also includes withdrawing USP from yield aggregators.
  Adjustment: The amount will be added to the “pre-attack net value”.
• Send USP to another address
  This also includes depositing USP to yield aggregators.
  Adjustment: The amount will be subtracted from the “pre-attack net value”.

What Should You Do If You Find Any Wrong Calculation?

If you find any discrepancies or errors in the calculation of your loss value or in the post-attack action list, please submit a form with supporting evidence within three days of the page going live. The deadline for submission is March 3rd, 11:59 pm UTC.

Google form: https://forms.gle/ZKz8zYEvfYMMVqvq8 .

We would appreciate it if you could provide some supporting evidence to help us better understand the issue. This will allow us to address it as quickly and accurately as possible!

Please note that this page is only intended for LPs of Platypus. Just a little reminder for the LP of our yield aggregators, i.e. Vector, Echidna and Yield Yak, the refund of your deposit will be handled by the relevant platform.

When Will Compensation Be Available?

Our team will dedicated to reviewing and examining all feedback received through the Google form. Once we finalize all calculations, the first compensation will be ready for users to claim within the month of March. We will keep you informed of any future updates regarding the compensation.

Final Words

Our unwavering commitment to our valued users and LPs is paramount, and we want to emphasize that refunds to all affected users remain our top priority. Our team continues to work closely with relevant parties to recover any remaining funds and ensure that our users are well taken care of. We are grateful for your continued support and patience during this challenging time, and we are confident that together, we will emerge stronger than ever.

USP Compensation Page: A Step-by-Step Guide was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Platypus recently suffered a major exploitation resulting in a total loss of $9.1 million from three separate attacks carried out by the same exploiter. The attacks involved the theft of various stablecoins and other assets. Since the incident, our team has been working tirelessly with security experts and other stakeholders to investigate the attacks and devise a plan to recover the lost funds.

In this article, we provide an update on the recovery efforts and the progress made thus far, as well as our plans for the future.

Before we delve into the details of the recent attack on Platypus, we want to reassure everyone that stableswap’s operation has not been and will not be impacted. Our investigation revealed that the bug responsible for the attack was a logic error in the USP solvency check mechanism within the collateral-holding contract.

Details of the Attacks

At 7:16 pm UTC on February 16th, Platypus was exploited, resulting in a significant loss of $9.19 million due to three separate attacks. Details of these attacks will be disclosed in the following paragraphs, and information about the destination of the funds will also be shared.

Before the attack, the Main Pool held assets valued at $13.4 million, including 3.9m USDC, 2.6m USDT, 3.1m USDC.e, 2.1m USDT.e, 773k DAI.e, and 911k BUSD. Please note that the treasury we kept in the pool for pool solvency was excluded.

Exploiter contract: https://snowtrace.io/address/0x67afdd6489d40a01dae65f709367e1b1d18a5322/

Exploit: https://snowtrace.io/tx/0x1266a937c2ccd970e5d7929021eed3ec593a95c68a99b4920c2efa226679b430

Exploiter: https://snowtrace.io/address/0xeff003d64046a6f521ba31f39405cb720e953958

The first attack resulted in the theft of approximately 8.5 million assets, which included 2.4 m USDC, 1.5m USDT, 1.9m USDC.e, 1.2m USDT.e, 691k DAI.e, and 687k BUSD. These assets were subsequently locked in the contract.
https://snowtrace.io/tx/0x1266a937c2ccd970e5d7929021eed3ec593a95c68a99b4920c2efa226679b430

We have contacted the stablecoin issuers immediately to freeze the stolen assets and 1.5m USDT have been frozen. We have also collaborated closely with multiple security teams to conduct an investigation and explore possible solutions to recover the stolen assets. With the assistance of the BlockSec team, we were able to leverage the existing code in the attack contract and retrieve 2.4 million USDC by transferring it from the contract to Platypus’ contract. Due to the contract’s absence of a transfer function, neither the exploiter nor anyone else can access the remaining assets, making them permanently inaccessible.

The second attack resulted in approximately 380k assets being mistakenly sent to the Aave v3 contract, which included 83k USDC, 96k USDT, 69k USDC.e, 79k USDT.e, 26k DAI.e, and 24k BUSD.
https://snowtrace.io/tx/0x919266aa66d7c9a6af02dead5effc1cc68ab7b87890b52e5fc1e20a7041aa84d

We reached out to the Aave team and worked together to find a solution to retrieve the assets that were mistakenly transferred to their contract. After discussions, we submitted a proposal to their governance forum, which will be voted on. Once the proposal is approved, we will partner with the Aave team to create a recovery contract that will transfer the exploited funds from the Aave pool to Platypus’ contract.

The third attack resulted in the theft of assets valued at approximately $287k.

https://snowtrace.io/tx/0x997bfe1fe0284ebbde58fdab7d796aae5e5d3ac1da7b20cf128961e77d35eed4

The exploiter converted the stolen assets into approximately 14,316 AVAX and then bridged the AVAX to ETH on the Ethereum network.

Actions Taken

The Platypus team was promptly alerted to the attacks after the third incident and took immediate action by halting all activity on the main pool and USP. Additionally, several measures were implemented to address the situation:

• Contacting stablecoin issuers to freeze the stolen assets, resulting in the freezing of USDT.
• Working with @zachxbt to analyze his on-chain activity and track down the identity of the exploiter. Zach’s assistance has been invaluable. We are grateful for Zach’s support in this issue.
• Reaching out to Binance to identify the exploiter, who had submitted a USDT withdrawal request using a Binance account that met the KYC requirements. The exploiter’s identity has since been confirmed, Binance and our team have engaged with law enforcement together to pursue further action. A case has been filed in France. We appreciate the prompt responses and support from the Binance team in this matter.
• Working closely with the BlockSec team, the Platypus team was able to successfully recover 2.4 million USDC that had been trapped in the contract from the first attack.
• Contacting Aave team and submitting proposal to their governance forum to rescue 380k assets (~2.8% of pre-attack assets).
• Reaching out to several top-tier legal firms proactively to explore our legal options and determine the best course of action for further actions.

Compensation Plan

After the attack, around 35.4% of the funds remained in the main pool. The surplus that we kept in the main pool will be fully utilized to compensate the affected LPs for their loss. As we have recovered 2.4 million USDC (17.7% of pre-attack assets) from the attack contract, approximately 53.1% of the pool funds will be refunded to all affected LPs. We are currently discussing with various parties to help recreate stablecoins that were trapped in the attack contract. Once any stablecoins are retrieved, we will distribute the reminted tokens to LPs on a pro-rata basis.

At present, we have chosen not to use the 1.4 million treasury to compensate for the LP loss. This decision has been made to prevent any potential legal conflicts. We are in constant communication with stablecoin issuers to recover the lost stablecoins, and to facilitate negotiations, we will not use the treasury for refunds initially. The treasury will be set aside for six months, and if the situation does not improve as we anticipate, the full 1.4 million (10.4% of pre-attack assets) will be distributed to all affected LPs.

This compensation plan ensures that a minimum of 63% of the funds will be distributed to users, regardless of any further update on fund recovery. In addition, if our proposal submitted to Aave is approved and Tether confirms reminting the frozen USDT, we will be able to recover approximately 78% of user’s funds.

The legal process may take some time. However, once we have received the reminted tokens, we will work diligently to distribute them to all affected LPs with all due haste.

Update on Progress

We want to update you on our progress in negotiating with stablecoin issuers to recover the lost tokens for this process.

1.5 million USDT (11.4% of pre-attack assets)

Responded by: Tether
Details: After the attack, 1.5 million USDT were frozen by Tether. We have already contacted legal enforcement, and we are now communicating closely with the Tether team for the reminting process.

2 million USDT.e, 1.9 million USDC.e, 691k DAI.e (28.3% of pre-attack assets)

Responded by: Ava Labs
Details: The .e assets represent the tokens that were transferred from Ethereum to Avalanche via Avalanche Bridge. Upon transferring the native token from Ethereum to Avalanche, the native token is locked and the .e token is minted by Avalanche Bridge. We are currently exploring the possibility of reminting these .e assets with the Ava Labs team. This process is complex and requires a lot of communication and coordination. We have already contacted the general counsel of Ava Labs, and they will be discussing with Tether and Circle to explore potential solutions. We will continue to closely follow up with their team to work towards the best possible outcome.

687k BUSD (5.0% of pre-attack assets)

Respond by: Binance
Details: We have been in communication with Binance to address the issue of the BUSD assets that remain trapped in the attack contract. We are exploring potential solutions with Binance team and will provide updates to the community on our progress in this matter.

Confirmed loss: 14,316 AVAX, aka the loss from the third attack (2.1% of pre-attack assets)

Details: The stolen tokens have been converted to ETH and bridged to Ethereum. Those tokens have been laundered through Tornado Cash and Aztec Protocol.
To cover the loss, we will be utilizing the 1.4m treasury, and the remaining treasury will be fully reserved to refund the affected LPs.

We have been in ongoing discussions and making progress with relevant parties, and after we received legal opinion, it appears that there is a possibility of reminting the approximately 6 million assets that are stuck in the attack contract. However, the decision and timeframe for this process are still dependent on the responsible parties. We are dedicated to working closely with all parties involved and making every effort to recover all funds. Any updates will be shared on our social media channels.

Future actions

In addition to the compensation plan, we would like to share our future plans with our community. We have filed a police case where the exploiter is located, and we will also file a case with the cybersecurity department to take legal action against the exploiter.

We target to relaunch the pool next week. All USP-related functions will be removed. Further progress update will be shared with the community.

Governance will be our top priority after the relaunch of the main pool. We recognize the importance of governance in moving towards decentralization and have committed to building a governance forum where the community can submit proposals and engage with all proposals. We plan to deploy on-chain voting later to ensure that everyone can participate in decision-making in the future.

Moving forward, we intend to submit proposals for any innovative ideas to the governance forum, where the community can collectively make decisions about new features.

Final words

At Platypus, we understand that the recent exploit has been concerning for our community. However, we want to assure you that our core design, the stableswap, remains sound and has been performing well.

As we move towards full decentralization, we believe Platypus will grow stronger in the future. Our team is committed to continuing to present and deliver innovative features that benefit our community. Together, we can build more innovative features and deliver more for the ecosystem.

Update on Recovery Efforts After The Exploitation was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

We know you’ve been eagerly awaiting this moment for a long time, and we’re so excited to finally be able to share the news with you! In this article, we’ll be discussing the details of Fee Sharing, to bring more transparency to our community. We’ll also be giving a special shout out to our OG members, as they’ll be the first to benefit from the Fee Sharing program.

The first airdrop date is on March 6, 9:30 am UTC. It will be distributed in 6 parts, for a span of 9months.

We’ll be giving you the inside scoop on the distribution details. We believe that Fee Sharing is a great way to reward our OG members for their loyalty and dedication to our community. So, without further ado, let’s dive into the details of Fee Sharing.

Where Are We in the Process?

We’re in the process of distributing fees and have already bought back over 200k of PTP from the market. Since we did not go for buying back PTP all in one go, we will do more buybacks in the future.

OG Fee Airdrop Details

The OG fee will be distributed through LP token airdrops in several instances. And it will be collateralized to mint USP and the fee will be distributed in the form of LP-USP.

We will update the confirmed airdrop schedule here soon.

You can go to our airdrop page to claim the fee on the airdrop date: https://airdrop.platypus.finance/

Important reminder

Check the OG snapshot balance here: https://bit.ly/3YcHaI3

Reminder: Please check your vePTP balance and make sure it’s at least the same as recorded on the snapshot. You can switch to the locking model from the staking model, but ensure the vePTP balance is equal to or greater than the snapshotted balance. If you’ve unstaked PTP, lock PTP to retrieve lost vePTP.

Keep in mind that before each airdrop, we’ll check wallet balances. If the vePTP requirements are not met, you won’t be able to claim that round of airdrop, and the fees will be distributed to eligible OGs.

Update on Fee Sharing Distribution was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

We’ve had a ton of updates over the past two months, so we’ve compiled them all here for your convenience. Keep an eye on the second section to stay up to date on all the technical developments we’re working on!

Product Updates Recap

The Unveiling of USP

Platypus is introducing USP, its own native stablecoin. This USD pegged, over-collateralized coin provides an extra layer of protection from the volatility that other stablecoins may experience. To ensure the price of a stablecoin remains stable, collateral is necessary and USP has this covered.

We’ve found a way to combine stableswap and stablecoins to maximize capital efficiency. It utilizes stableswap TVL as LP collateral and the stableswap algorithm to maintain peg. It also has liquidation routing, allowing it to liquidate collateral to any other stablecoin apart from USP.

The Testnet Launch

On December 28th, 2022, the USP testnet was officially launched, allowing testers to try out the features of the platform, such as minting, adding collateral, borrowing USP, and repaying debt. Thank you to all of our testers for taking the time to share your valuable feedback and suggestions with us. The input is crucial in helping us improve and make our product even better. As a reward for participating in the testnet, testers were given a limited edition GALXE NFT.

The New Locking Model

A new model has been introduced that allows users to instantly gain vePTP for specific time frames. The max cap for staking has been increased from 100x to 180x, and users can also extend their locking period to obtain more vePTP.

This update allows both new and existing users to benefit from an expansion of services. New users can be onboarded more easily, while existing users can now earn more vePTP by staking for a longer period of time.

Hummus Airdrop Arrangement

Hummus, the Platypus fork, is offering an airdrop to vePTP holders! 10% of the total HUM supply will be set aside for our token holders and will be distributed bi-weekly over the course of 24 months. The first snapshot will be taken on February 6th at 9am UTC and the airdrop’s vesting will begin the following week.

Fee Sharing Plans

As of January 2023, we have accumulated a surplus of two million dollars, which we have not yet distributed to our users in the first year in order to ensure the pool’s financial stability. Now that we are entering the next phase, we have shared our plans for how we will use any remaining funds.

The surplus we have will be split between our pool and our users. 30% of it will stay in our asset contract to make sure the pool is financially secure, and the other 70% will be given out to our users. The details of the airdrop will be communicated shortly.

Listing of ankrAVAX Pool & axlUSDC Pool

ankrAVAX and axlUSDC were made available on our platform. We are confident that they will be great additions to our platform and will provide our users with an even better experience.

Development In Progress

Dashboard Update

On February 6th, 2023, USP will finally be revealed to the world. We’re currently updating the new USP page in dashboard for optimum user experience.

A new page is being created to display the USP market capitalization, daily USP cost, daily USP supply, daily fees generated from borrowing and liquidation, daily collateral value in US dollars, and daily collateral rate.

New Forum

We will begin creating a forum for our community members to converse about various topics with ease.

More to Borrow

Our platform will soon be offering BTC borrowing. This exciting development will give our users the opportunity to take out loans using this popular cryptocurrency as collateral. We are looking forward to providing this new service.

Platypus Recap: The 2022–2023 Transition was originally published in Platypus.finance on Medium, where people are continuing the conversation by highlighting and responding to this story.