Platypus To Launch Its Stablecoin USP’s Testnet On December 28
- Avalanche-based DEX Platypus announced it would launch its native stablecoin $USP on testnet on December 28.
- USP is an over-collateralized stablecoin. Users can use the LP tokens in the Main Pool as security to create USP.
- With their LP tokens, they can continue to farm on the liquidity pool in the interim. The Platypus stableswap AMM algorithm and the interest rate model keep USP’s peg in place.
The native stablecoin USP of DEX Platypus, which is based in Avalanche, will be live on the testnet on December 28.
The deployment of USP resulted from Platypus’ desire to increase its users’ capital efficiency. Long-standing stablecoin collateral issues are also resolved by USP. The native Platypus Finance stablecoin was created to lessen the scattered assets and fragmented liquidity that are common to many protocols.
USP is a stablecoin that is overcollateralized and pegged to the US dollar. Its distinctive Adaptive Peg Stabilizer adds an extra layer of security in the event of debugging. With the help of the Platypus stableswap AMM algorithm and coverage ratio model, the coin keeps its value on its own.
When using USP, users will have benefits, including maximizing capital efficiency, enabling 20x leverage farming, minimizing smart contract risk, utilizes single-sided collateral.
The native stablecoin of Platypus significantly improves capital efficiency for Avalanche DEX users. Users may relax with little smart contract risk because of the usage of single-sided collateral.
Users can get USP by using up to 20 times leverage to collateralize their LP tokens. Investors can ultimately boost their earning capacity by farming with their USP as a liquid asset. Initially, USP can be minted in the Main Pools LP; however, minting options will soon be available in the Alternative Pools LP.
With the debut of USP as a follow-up to the platform’s release of its Voting Gauge mechanism, Platypus has continued to expand. The function essentially allowed consumers the ability to choose where PTP emissions entered the gauge and to receive incentives in the shape of bribes as they cast their ballots.
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