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Avalanche supports Platypus DeFi stablecoin

The Platypus DeFi protocol brings its stablecoin to the Avalanche blockchain.

By Mike Hesp
• 3 min read
Avalanche supports Platypus DeFi stablecoin

The Platypus DeFi protocol is bringing its stablecoin to the Avalanche blockchain. A lot of features are designed to improve the user experience.

Avalanche confirmed in a blog post that it will support the stablecoin USP, created by Platypus DeFi. The DeFi protocol has launched its beta on Avalanche. Users will now have access to features "that are available when swapping stablecoins".

"Platypus will be implemented as a smart contract designed to prioritize censorship-resistance, security, self-preservation, and maximum capital efficiency," the company said.

This is meant to "eliminate the volatile risk of loss for liquidity providers and minimize slippage for traders." Users of the Platypus app can look forward to a large number of new features, he adds. These reportedly include providing single‑sided liquidity, an improved interface and protocol design, and Liquid Mining.

"Platypus believes that seamless asset swaps and one-way liquidity provision are crucial for the long-term progress of the entire Avalanche ecosystem," Platypus’ Mr. Beavertail explains. The new StableSwap brings users "significant benefits, less slip, higher scalability, and a better user experience," the statement says.

Slippage refers to the situation where the price at which an order is executed does not match the price at which the order was requested. The Platypus stablecoin (USP) traded at US$1 last summer in 2022 but has since struggled to maintain stability. Whether Avalanche’s USP can help restore stability to the stablecoin remains to be seen.

Additionally, Avalanche recently announced a collaboration with Amazon Web Services (AWS). As a result, AVAX’s price initially surged and is now up nearly 40% over the past 7 days.

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