The DeFi is meant to break the chains of TradFi. This requires innovative and daring products to be launched, and tested. We have seen many groundbreaking protocols such as Ethereum, Avalanche, Maker DAO, Uniswap, and Curve that share the same mindset and goals. Platypus was among these groundbreaking protocols that had the potential to break the chains of TradFi. It reached over 1b$ in TVL at its peak. However, some setbacks have prevented Platypus from becoming mainstream.
At Stable Jack, we are committed to revolutionizing the stablecoin ecosystem with our yield-bearing stablecoin. As we approach the mainnet launch of our product, we are excited to announce a significant development towards achieving our goal.
We are pleased to announce that Stable Jack is taking over Platypus. As part of this takeover, the Platypus team will transfer the protocol treasury and the stable swap product to Stable Jack.
Platypus will be rebranded and reorganized under the Stable Jack umbrella.
$PTP and $vePTP Conversion to $JACK
As part of the takeover plan of Platypus, Stable Jack allocates the 10% $JACK supply to $PTP and $vePTP holders to convert their assets into $JACK tokens.The allocation will be divided into two:
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$PTP holders — 8.4% of total $JACK supply
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$vePTP holders — 1.6% of total $JACK supply
All of the addresses that hold $PTP or $vePTP are eligible for the conversion, which will happen at the $JACK TGE.
How to convert your assets into $JACK?
The snapshot for $vePTP holders will be taken on June 17th, 2024. $vePTP holders will be able to claim their $JACK tokens once TGE is done. Unclaimed tokens will be distributed to the users who claim their rewards. If you hold $vePTP, you do not need to take any action.
In order to be eligible for the conversion, $PTP holders need to lock their tokens through the link:
$PTP holders will be allocated $JACK tokens based on the total amount that is locked into the contract, so unlocked $PTPs will not be eligible for the conversion. As a result, the total allocation that an individual will receive will be decided after the snapshot has been taken. The snapshot for $PTP holders will be taken on June 17th, 2024. The conversion will take place after the $JACK token TGE.
What’s next?
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The Platypus frontend will be temporarily disabled until the necessary optimizations are implemented by the Stable Jack team. During this period, users can still withdraw their liquidity using the current frontend. After the frontend is disabled, users will be able to interact with the protocol directly through the smart contract.
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Stable Jack will relaunch the stable swap following a new roadmap.
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We will support the ongoing legal case as part of our agreement.
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We invite the Platypus community to join the Stable Jack Discord channel to stay informed about the acquisition and the future of Stable Jack.
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Platypus's Twitter account will be converted into Stable Jack account soon.
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The liquidity from AVAX-PTP pool on Trader Joe will be withdrawn after the snapshot.
This takeover positions Stable Jack to revolutionize the stablecoin ecosystem with a unique combination of stablecoin and stable swap.
To learn more about Stable Jack and to ask any questions, please follow our social media channels: