Platypus Staking Guide
We will show you how to liquidity mine through our Base Pool and Boosting Pool.
Greetings Platypuses!
Early on we dove deep into the liquidity mining mechanism on Platypus from the ELI5 Part I and Part II.
With our beta launch around the corner, we prepared this simple guide to show you how to liquidity mine through our Base Pool and Boosting Pool. Let’s go!
Some Preparatory Steps
- Install Metamask and connect to Avalanche Network. You can refer to a step by step video from Avalanche: here.
- When you launch our dApp, you will be prompted to confirm the connection between Platypus and your Metamask wallet by a pop-up. Click ‘confirm’.
- Platypus uses AVAX (C-chain) for gas fees so remember to fund your account with AVAX to deposit or swap coins on Platypus.
You will also need to import $PTP as a custom token:
- Start by opening Metamask and switch to the Avalanche Network.
- Select ‘Import Tokens’, and then ‘Import Custom Token’. Copy the Avalanche C-Chain contract and token information of $PTP token shown below:
[ 0x22d4002028f537599be9f666d1c4fa138522f9c8 ]
Symbol: PTP
Decimal: 18 - Double check that $PTP is detected and select ‘Add Custom Token’
Now, let’s move on to actually using Platypus. Remember, the images are just mock-ups. Always check live prices and APRs on Platypus platform.
1 — Generate $PTP From Base Pool
After connecting with your wallet, you’ll find a list of the supported staking pools. From the dashboard, you’ll find all the important details, which include your staked deposits, unclaimed PTP rewards and the current APR.
Deposit and Staking LP Tokens
- Navigate to the “Pool” tab in the Platypus app
- Click “Deposit” to deposit your stablecoins. After you authenticate the transaction, our LP token will appear in your wallet.
3. Click on the navy ‘Stake’ button below the ‘Withdraw’ button to access the expandable menu shown below.
4. Click on the white ‘Stake’ button on the far left and input the amount of the LP token you wish to deposit
5. Click “Stake All” to complete the staking process. You will start earning PTP!
Collecting PTP
Over time, you will be able to see the amount of $PTP your deposit has earned
- Click on the navy ‘Stake’ button below the ‘Withdraw’ button to access the expandable menu shown below
- Click on the white ‘Claim’ button on the far left. Your earned PTP will be indicated as follows
- Click on the greenish blue ‘Claim’ button to claim your rewards!
*Note that there’s going to be a gas fee involved if you decide to authorize the claim
Unstake LP Tokens and Withdrawing Liquidity
- Click on the navy ‘Stake’ button below the ‘Withdraw’ button to access the expandable menu shown below
- Click on the white ‘Unstake’ button on the far left.
- Click ‘Unstake All’ to unstake your stablecoins. Your accumulated PTP rewards will be simultaneously withdrawn
- Finally, click the “Withdraw” button to withdraw your liquidity back into your wallet
Note: A pop-up will appear reminding you to first complete the steps above to unstake the LP token when attempting to withdraw the stablecoin asset being staked.
2 — Stake PTP To Farm vePTP
Depositors can earn additional rewards from the Booster Pool by staking PTP tokens. To boost your APR, head to the vePTP menu.
Note that every 0.014 vePTP is generated from 1 staked PTP on an hourly basis with the maximum vePTP held from a deposit is equal to 100 times the PTP staked.
- Click on the green Stake button shown above, input the amount of your PTP to stake and click “Stake”.
2. Once confirmed and completed, your staked PTP tokens will start to boost your yield.
3. Remember to claim vePTP, so it will start to boost your yield.
To add more tokens, you can always click on the “Stake PTP” button again. From this moment, you begin to accrue vePTP rewards every second. In the vePTP staking menu, you’ll find your vePTP balance, the mine rate of vePTP per hour and the amount of claimable vePTP.
3. To redeem your vePTP tokens, simply click “Claim vePTP”. A gas commission gets charged for this so you’ll need to confirm the action in Metamask.
4. After the selected amount of PTP tokens is added, your booster APR % will appear as green text.
(Note: You can withdraw your staked PTP tokens any time. However, your accumulated vePTP will drop to 0 as soon as you unstake any amount. vePTP is neither transferable nor tradable)
Unstake PTP
- If you wish to unstake your PTP, start by clicking the ‘Unstake’ button in white
2. The following window will appear. It will show your delegated PTP tokens and vePTP tokens you forfeit upon unstaking. To confirm the transaction, click ‘Unstake’ to proceed
(Note: You can withdraw your staked PTP tokens any time. However, your accumulated vePTP will drop to 0 as soon as you unstake any amount. vePTP is neither transferable nor tradable)
3. You’re all set!
ProTip — Platypus platform will never ask you for your seed phrase. Never share the seed phrase of your wallet with anyone. Neither Platypus nor any other entity could assist you if your seed phrase is stolen, the responsibility for keeping the wallet safe is entirely on you.
About Platypus
Platypus is a novel StableSwap built to redefine DeFi exclusively on Avalanche. One of our first innovations is the easy integration of multiple assets into the same liquidity pool for shared liquidity. The architecture aims to maximize capital efficiency and minimize slippage.
