The New Locking Mechanism on Platypus

Published by AVAX on

We’re bringing in more options and flexibility. Learn about our new locking and staking model.

Before the full launch of USP, we’re thrilled to introduce our new PTP locking model. We know you’re all excited, so we won’t keep things too mysterious. The new locking mechanism is expected to launch in mid-January!

About the new locking model

Basically, this new model allows users to instantly gain vePTP for specific time frames. Users can also extend their locking period and lock more PTP for ultimate flexibility to suit individual needs.

The generation rate of vePTP will be the same as the staking model, i.e., 1 staked PTP generates 0.014 vePTP every hour. For example, if you lock your PTP for 10 months, you will get 100x vePTP of your locked PTP. The max cap for locking is 12 months, which means that the max cap for the locking model is now 120x.

Will the staking model stay the same?

Previously, the max cap for staking was 100x. This time, we’re increasing it to 180x — which means that existing PTP stakers can continuously obtain more vePTP. Moreover, NFTs are exclusive to the staking model only, except for the Gifted NFT, which applies to both. Even though gifted NFTs are only equipable for staking positions, we still recommend users who lock to stake a small amount of PTP to enjoy the instant benefit of Gifted. With the help of NFTs, you can speed up the vePTP generation rate and get 180x vePTP (or more if you have a pudgy NFT)!

Why is Platypus introducing a new model?

We love providing our users with more options and flexibility. This is our way of catering to an expanding scope of users, allowing more newcomers to be onboarded easily.

OG users can still benefit from this update, as the max cap for staking has been increased, they are now able to generate more vePTP by staking on the long term.

Final Words

The much-anticipated airdrops and fee sharing are coming soon; lock to gain instant vePTP as soon as you can! Lit spoiler: we will announce the arrangement of the Hummus airdrop in January; mega wow!

And before we leave, we will have some educational content coming soon. Stay tuned!

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Categories: DEFI_NEWS