Platypus, the AVAX-native stable swap, has secured a total of 3.3 million US dollars in its financing round led by Three Arrows Capital and DeFiance along with other high-ranking investors such as Mechanism and CMS Holdings.
The high level of interest from these strong names in the crypto industry speaks volumes about the importance of platypus for the crypto space and DeFi. The long-term vision of Platypus, a recipient of Avalanche X grants, is to become the dominant stable swap on Avalanche, offering the highest performing service of its kind in the crypto space. To this end, the founder of platypus has confirmed the following:
“There is room for improvement in the current stable swap technology. Fortunately, we managed to locate them by developing a product that could offer merchants a much better user experience and also greater stability, breaking the hurdles of the past with a novel technology that in itself is a statement of ingenuity is in the DeFi area. To that end, our main goal is to make the most of our resources and the amazing help we have been given to push the boundaries of what Platypus can do. Our goal is to offer users a truly inimitable DeFi platform. “
A valuable addition to Avalanche and DeFi
Platypus has developed a new generation of single-sided stable swap for improved capital efficiency, scalability and user experience. The team behind this groundbreaking protocol aims to establish a dominant stableswap on Avalanche and even DeFi in general. Their endeavors are supported by strong technological foundations that provide workable solutions to the most difficult, yet common, problems of the earlier stablewap.
What makes platypus unique
Platypus has been noticed by some of the top investors in the crypto space, companies that have a tradition of investing in breakthrough platforms that bring much-needed liquidity into the DeFi space.
The groundbreaking design of Platypus sets the precedent for unilateral liquidity provision and defines the concept of liquidity balance through a novel approach that puts liability at the heart of its technology as opposed to older AMMs that rely on liquidity. This shift enables the integration of new assets, more use cases for the unilateral LP token, and organic growth of assets based on supply and demand. All of these innovations are neatly packaged in a sleek user interface to provide a comfortable experience for users.
From an investor’s point of view
Three Arrows Capital is a titan of the crypto space and one of the leading investor hedge funds that have invested in representative projects within the sphere, including Avalanche, Ethereum, Aave, dYdX, Traderjoe and more.
“Platypus is at the forefront of a DeFi Stableswap AMM and we are incredibly excited to support them. We see Platypus as one of the catalysts for the Avalanche ecosystem to take off and attract more users. ”
Said Kyle Davies, co-founder of Three Arrows Capital.
DeFiance Capital is another leading investor for Platypus. In its core strategy, DeFiance considers projects that can meet three mandatory criteria: a superior value proposition compared to traditional finances, a visible product-market fit and a clear increase in token value.
For this reason, one can conclude that Platypus brings a value proposition to the DeFi area, meets the criteria of the perfect product-market-fit and represents a valuable investment.
“DeFiance is excited to support Platypus Finance in their mission to create a sleek DeFi primitive from the ground up. It is one of the most innovative DeFi protocols in Avalanche and their stableswap protocol allows for less slippage along with unilateral LP capability and provides a powerful feature for DeFi users. “
Said Arthur Cheong – Founding Partner at DeFiance Capital
The investors
A total of eighteen well-known companies took part in the financing round for Platypus: 0xVenturesDAO, 3AC, Avalanche Foundation, Avalaunch, Avatar, AVenturesDAO, Benqi, CMS Holdings, Colony, DeFiance, GBV, Hailstone Venture, Keychain Capital, Mechanism, Muhabbit, TPS Capital, Valhalla Capital, YieldYak.
Contact
For further updates, Platypus can be reached via the following social media channels:
Website, Twitter, Medium, Discord and Telegram
