Review Echidna Finance ($ECD) – The Ultimate Yield Boosting Protocol For Platypus Finance

Echidna can draw capital from other blockchains to Avalanche by giving attractive yield farming options for stable assets, hence growing user count and on-chain TVL.

What is Echidna Finance ($ECD)?

Echidna Finance is the protocol that maximizes the yield on Platypus Finance. It aggregates PTP and permanently stakes it in Platypus to fund our vePTP treasury. Without owning PTP, everyone can utilize our treasury to optimize their stablecoin APRs on Platypus. The Echidna platform has three primary use cases:

• As a stablecoin holder, whether or not you utilize Platypus, you want to create passive income from your stable assets.
• You aim to maximize your stablecoin APRs as a Platypus liquidity provider (without holding PTP if possible)
• You intend to unlock utility and generate additional passive revenue for your PTP as a PTP holder.

Outstanding Features

What is the project trying to achieve?

Echidna is dedicated to evolving with Platypus and its users. The team views Platypus as a critical public utility that will increase Avalanche’s user and on-chain TVL while also creating money for Platypus users. Because Echidna will serve as a catalyst for both processes, it must make judgments that maximize public value. In light of this conclusion, Echidna established the following guiding principles:

• Decentralization: No private sale or allocation to any individual or organization will be. This arrangement engineers a fair starting point for all Platypus community members free of nepotism and mercenary influence.
• Accessibility: Echidna will help new investors navigate stablecoin farming on Platypus by becoming a reliable source of information. Our communications will reflect this principle with practical content that is easily understandable. We will also localize our content into various languages to further our principle.
• Community: Echidna will strive to ensure that the exchange of value between us transcends pure financial gain, including information, ideas, camaraderie, and much more.

What is the unique selling point?

Echidna for Liquidity Providers

Stablecoin Holders​

Stablecoin holders can deposit your stablecoins into Platypus directly through Echidna’s Zap feature, which combines stablecoin staking on Platypus and subsequent LP token staking on Echidna into a single process so you can auto-stake your stablecoins conveniently.

Platypus Liquidity Providers​

Platypus LPs can deposit your LP tokens into Echidna to maximize yield without holding any PTP. We remove all complications with capital allocation, rewards claiming, price volatility, and vePTP withdrawal penalties to provide you with a simple, streamlined process for maximizing your returns.

Rewards Distribution​

Echidna distributes 80% of protocol revenue earned from LP tokens via boosted emissions to LP token/stablecoin depositors. For more information see fees.

How Do I Maximise my ROI on Echidna?​

To maximize your returns from stablecoin farming on Echidna:

• Deposit your LP tokens / stablecoins
• Contribute PTP and stake ecdPTP
• Lock ECD for veECD

Echidna for PTP stakers

Echidna creates fungible and tradable token derivatives in return for PTP contributions. PTP holders can deposit their PTP in our treasury and earn additional passive income through the native token, ECD, as well as a share of Echidna’s PTP earnings. Users will soon be able to monetize PTP’s highly valued voting power (through vePTP) via Echidna.

Stablecoin / LP Token Model

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Through our vePTP treasury, users may stake their Platypus LP tokens on Echidna to increase their reward emissions. Additionally, developers designed the Zap function, which streamlines the process of staking stablecoins on Platypus and subsequent LP token staking on Echidna.

Roadmap

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Technical Data

Token Metrics

• Token Name: Echidna Finance
• Ticker: ECD
• Blockchain: Avalanche 
• Token Standard: ARC20 
• Contract: 0xeb8343d5284caec921f035207ca94db6baaacbcd
• Token Type: Utility
• Total Supply: 500,000,000
• Circulating Supply: Updating

Token Allocation

Token Sale

• Echidna token launchs on Rocket Joe. TGE date and time is 27 Feb 2022 6pm UTC
• Stake JOE tokens for rJOE to participate in launch
• Prepare your AVAX tokens at 100 rJOE to 1 AVAX ratio (partial deposits possible i.e. 33 rJOE to 0.33 AVAX)
• Burn rJOE to deposit AVAX during the Deposit Phase
• Farm with your ECD / AVAX LP token after the LP Lock Phase to enjoy double rewards

Token Release Schedule

Token Use Case

ecdPTP (Echidna Platypus token)

• Tokenised deposit of PTP tokens; fixed 1:1 exchange rate with PTP
• Similar to cvxCRV from Convex
• Stake ecdPTP to earn ECD emissions
• PTP to ecdPTP conversion is not directly reversible on Echidna

ECD (Native token)

• Additional liquidity and income for PTP contributors
• Tokenised and fungible vePTP
• Can be swapped for AVAX via ECD/AVAX pool on TraderJoe
• Can be staked into ECD / AVAX pool to receive emissions
• Can be locked for up to 2 years for veECD

veECD (vote-escrow Echidna token)

• Hold to gain voting power on Echidna protocol to vote in Platypus voting gauge
• Hold to earn 5–10% of Echidna protocol revenue (paid in PTP)
• Voting power decays linearly over time as ECD lock period moves closer to expiration. Time lock can be renewed before expiration
• Users can choose to exercise their vote or monetise voting power in the future

Market and Community

Backers

Team

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Partners

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Investors

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Verdict

The Echidna team customized the protocol for Platypus by imitating Platypus’s simplicity and inventiveness while removing its flaws. It eliminates the difficulties associated with capital allocation, reward redemption, and withdrawal penalties, resulting in a simplified approach for optimizing your stablecoin income.

Find more information:

Website: https://www.echidna.finance/

Twitter: https://twitter.com/echidna_finance

Telegram: https://t.me/echidnafinance

Discord: https://discord.com/invite/YaH8yP4X3D

Medium: https://medium.com/@echidnafinance

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Marshall

Coincu Ventures