Fee Sharing: What You Need To Know
There have been questions around the topic of Fee Sharing on Platypus. This article aims to address any questions you may have about Fee Sharing.
We are committed to listening to the feedback from our community in regards to transparency, and in order to respond to their requests, we will be gradually releasing more information. We value our OG and all users, thus the fee sharing arrangement will be the first element that we make public.
We have accumulated a surplus of two million dollars as of January 2023. And we have not yet distributed the fee to our users in the first year in order to ensure the solvency of our pool in the early stages, thereby safeguarding all of our users.
As we transition to the next stage, we would like to disclose our plan for the allocation of any excess resources.
Surplus Distribution
We have a surplus that is to be divided between our pool and our users. We have decided that 30% of the surplus will remain in our asset contract to guarantee solvency of the pool, while the remaining 70% will be distributed among our users.
30% of this 70% will be allocated to our OG (who have staked PTP before the release of the PTP locking model) after the USP launch. A snapshot will be taken one hour before the commencement of the PTP locking model, meaning that the vePTP of this snapshot will not be affected by the new locking model.
Note: The OG airdrop will be distributed over 9 months and in order to be eligible to claim the airdrop, users have to keep the same amount/ more vePTP in their wallet.
Update:
You can check your snapshotted vePTP balance here: https://bit.ly/3YcHaI3
The remaining 70% of this 70% will be used to buy back PTP and to be used on our voting gauges in several separate instances. All vePTP holders will be able to vote on the certain pools to receive these fee distributions as bribes.
Our way of distributing this surplus is by minting USP and then distributing the fees in USP among users.
Final Words
We are grateful for your patience as we take steps to enhance our level of transparency. We appreciate your understanding and support as we strive to make our communication more open and accessible.
With this fee sharing plan, we are demonstrating our commitment to both our OG supporters and new joiners. By allocating 30% exclusively to OG and distributing the remaining 70% among all vePTP holders, we are able to strike a balance between recognizing our loyal supporters and providing opportunity to new members of the community.
The release of the snapshot and vesting schedule will follow shortly after the launch of USP. Stay tuned!
