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Platypus Finance reviews

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Reviewed by Yunis
9 October 2022 (Updated 8 June 2023)

Platypus Finance Crypto Platform

Platypus Finance is an innovative stablecoin Defi protocol. Built on the Avalanche network, it brings a fresh perspective to the DeFi scene, aiming to optimize the trading of stable cryptocurrencies. While we don't know much about the team behind this endeavor, except for its anonymous founder Mr. Duckbill, what truly matters is their unique approach to the world of stablecoins and stableswaps.

As we often compare crypto exchanges and platforms, transparency is a key factor. So while the anonymity of the team might raise eyebrows, the project has attracted some serious VC investors like Three Arrow Capital and Defiance Capital. It's also backed by Avalanche's official launchpad platform, Avalaunch, and others like BenQi, AVentures DAO, and Valhalla Capital.

To get more technical, the protocol's native token PTP was launched via an ICO-style fundraising on Avalaunch. These PTP tokens are then used for staking and locking on the platform, which yield vePTP tokens. What's neat here is that these vePTP tokens can be used to boost the yield on deposits. So, if you're looking to earn yield, this is certainly a platform to consider.

The protocol's web-app is easy on the eyes, and it supports a good number of wallets, including Metamask, Coinbase Wallet, Trust Wallet, Core Wallet, and WalletConnect. The process is simple: you can swap different stablecoins at a low fee. They even support Avax coin which isn't a stablecoin. If you stake your stablecoins and hold PTP tokens, the more vePTP you have, the better rewards you get from the platform.

Now, let's talk about safety. Platypus provides audit reports on its website, and there are independent audit reports by Omniscia, Hacken, and CeltiK out there on the internet. But remember, even with a positive audit, no crypto platform is foolproof. Platypus has faced some challenges and has been hacked that led to an $8 million loss due to a coding error. It was also hit during the Luna crash as Luna's stablecoin UST was a supported stablecoin on its platform.

But what sets Platypus apart in the sea of crypto exchanges is its unique asset liability management (ALM). This approach helps liquidity providers, making sure they get back the same amount they deposited, even if the token ratio in a pool changes. This is a game-changer and could redefine liquidity equilibrium in DeFi protocols.

Furthermore, Platypus focuses on price slippage rather than defining the price itself. This approach allows it to expand its services to other areas like lending and stablecoin. It offers solutions to issues like capital inefficiencies and idle assets, allowing single-sided liquidity provision, and enabling depositors to borrow stablecoins, turning idle assets into liquid ones.

To sum it up, Platypus Finance is a compelling platform in the DeFi space. Its user-friendly interface, innovative approach to managing liquidity, and unique features make it stand out. It merges stableswap and stablecoin, offering users a chance to stake their stablecoins, mint USP, and get liquid assets. By doing so, Platypus is pushing the boundaries of DeFi, offering lower slippage, higher scalability, and a more secure trading experience.

Platypus Finance Key Data

Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange cross No
Pro exchange marketplace cross No
Margin trading cross No
Fast account verification tick Yes
Futures exchange cross No
Chain agnostic cross No
Know your customer cross No
Credit check cross No
Investment Strategy
DeFi products tick Yes
Key People
CEO & Founder

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Platypus Finance Contact Details

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