Platypus Announcement

All pools are now live!

You can begin swapping, farming, and voting on @platypusdefi once again.👇🏻
https://app.platypus.finance

Reminder for vePTP holders: To start earning bribes, please make sure to unvote from the old gauges and vote on the new ones.

Platypus Finance has been fully audited by Supremacy!

Full audit can be found at:
https://github.com/SupremacyTeam/publications/blob/main/Supremacy-Audit-Report-PlatypusFinance-v1.0.pdf

🔊Pool Withdrawal Notice

Thank you for your patience, you can now withdraw your deposit on Platypus!

If you have deposited through an aggregator, your share will not be included on this page. Please wait for further announcements from your aggregator.

https://airdrop.platypus.finance/

Update of Pool Withdrawal

The calculation of withdrawal amounts for our LPs has been completed.
Check the withdrawal amount of each wallet here: https://bit.ly/47eWsQt

We aim to provide you with an accurate and seamless experience. If you have any concerns about the calculations, please let us know by submitting a form with all the info here before 11:59 pm UTC on 3 Nov:
https://forms.gle/3NSkXaapyRM4Ujp59


Kindly take note that since not all assets have > 100% coverage ratio, your withdrawal will be in a mix of all tokens in the pool that are worth the same amount as your deposit. If you’ve deposited in the LSD assets pool, your final withdrawal amount will be calculated based on the price ratio of the relevant token pair.

For instance, if you've deposited USDC and USDT, your withdrawal will include USDC, USDT, USDC.e, USDT.e, and DAI.e in relative proportions. If you've deposited yyAVAX only, you'll receive both AVAX and yyAVAX based on the price ratio and proportion in the yyAVAX pool.

Note that the list includes contract addresses as well; for these, we will directly send the funds to the corresponding parties instead of using the airdrop contract

The withdrawal page will be deployed next Mon if there is no submission from the community. If there is any submission regarding the calculation, we will target to deploy the withdrawal page on Wed.

Thank you for your continued support!

An update on the ongoing efforts we are making in response to the recent incident:

1) Our team is currently calculating the precise amount of tokens that each user should be entitled to.

2) We are also including funds from aggregators, and we are working closely with these parties to handle refunds case by case.

Our goal is to distribute the refunds by next week. We will provide further updates as soon as they are available.

Following successful negotiations, we are making good progress and 90% of the funds stolen from the sAVAX pool have now been successfully returned by the exploiter. As promised, Platypus will guarantee that no legal action will be pursued.

Along with the recovery on Oct 12, over 90% of the funds have been recovered. The net loss has been minimized to approximately 18k AVAX. We will release further information on withdrawal arrangement as we progress.

The hash can be found below:
https://snowtrace.io/tx/0x79a62b170247935d71d29258e2f471a3a0075b7965b828dffcd030f97fcec893
https://snowtrace.io/tx/0xac21e8b55a316e6b77406e50fb258355795d83e709bd2fdb4299370fcc3d9bd8
https://snowtrace.io/tx/0x5e1e9c57876f08e0d0be29cdd463e5cda54c1ee3c7d79efb5795a79b5ff1c135

Special thanks to the amazing community for their assistance and the support, which greatly facilitated the swift identification and resolution of the hacking incident, enabling us to respond more promptly and effectively.
We are truly grateful for your support and appreciate all the help you've provided.

Recent Exploit Updates:

Our dev team is currently conducting an investigation to pinpoint the root cause of the exploit. In the interest of safety, our pools will remain halted until we identify and rectify the underlying issue, and our platform undergoes another round of auditing.
Since the duration of this investigation remains uncertain, we will make arrangements for the withdrawal of all existing LPs. Detailed withdrawal instructions will be shared with our community in the coming days.

Furthermore, we are in the process of reaching out to the hacker in an attempt to initiate negotiations. We will provide the community with updates as soon as we have results to share.

Dear Community,
We regret to report security incidents that occurred between 3:29 am and 6:17 am UTC on Oct 12, resulting in a loss of approximately 2.2m from the sAVAX-AVAX pool.

Swiftly, we paused the pool at 6:50 am UTC for investigation. In the meantime, with Supremacy's help, we recovered around 50k sAVAX and 7k AVAX from one of the exploiters successfully.

We're working closely with security experts to identify and rectify vulnerabilities. We will not resume the pool until these issues have been completely resolved, and our security measures have been reinforced.

Your patience and support mean the world to us during this challenging time. Thank you for being an essential part of our community.

Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools.
Further updates will be communicated to the community in a timely manner.
Thank you for your patience and understanding during this time.

Update on USP compensation

We used the reserved treasury to kickstart the 2nd round of compensation today, recovering about 61.7% of the original losses incurred by our LPs during the USP exploit. Please note that volatile asset values have fluctuated since the plan's inception, resulting in a total refund of around 1.3 million.
Compensation Page: https://bit.ly/3KHNN0O

We'd like to express our gratitude to the community for your patience. It's been a bit over six months since the exploit, and some may wonder why this decision took so long. The reason is simple: legal considerations.
Our legal partners stressed the importance of getting approvals before proceeding with the refund. However, we deeply care about our users, so we're moving forward with the refund.

About the secured funds from Aave:
We're actively working to obtain approval from French prosecutors to refund these rescued funds directly to our users. This process is different from our reserved treasury, as these funds were directly involved in the hack. Legal compliance is crucial, and prosecutor's approval is necessary.

About the fund remint from Tether:
We're in constant communication with Tether regarding additional submissions for fund reminting. As soon as there's progress, we'll promptly share updates with the community. Your trust is invaluable, and we're committed to keeping you informed throughout this process.

An update regarding the refund
It has been nearly 6 months since the exploit of USP. As the legal process remains ongoing, we are restricted from accessing funds for refunds without approval from the French prosecutor. We are actively seeking their permission to use rescued funds and the 1.4m treasury reserves for issuing refunds.

In parallel, we are requesting Tether to expedite reminting of USDT lost in the exploit, with the assistance of our lawyer to accelerate this process. For .e assets, we continue pursuing options for reminting.

By end of August, we will share an update on the status of reminting requests and the refund request to the French prosecutor. Thank you for your patience and understanding as we work to make affected users whole again.

Pool Update: All Pools Now Resumed

We have upgraded all relevant proxies and addressed the bug that impacted our protocol. As a result, all of our pools have now been resumed.

A special thank you to BlockSec and peckshield teams for their invaluable support in understanding the attack vector. Their professionalism and collaboration played a vital role in swiftly resolving the issue. We are grateful for their unwavering support.

We would like to express our deep appreciation for your patience and understanding during this challenging time.

We have found some suspicious activities on our Pools.
All pools are 𝗽𝗮𝘂𝘀𝗲𝗱 𝗻𝗼𝘄 while we investigate.
We will share more information later.
Sorry for any inconvenience this may cause.


*Update on the pool pause*
We have identified an arbitrage attack that caused a 4% loss in the main pool. The loss will be fully covered. Pools will remain paused until further notice

We will provide more details once full investigation is completed. Thanks for your understanding

Hey Platypuses! The progress update of fee sharing you've been waiting for is here 🔥.

Targeted deployment 📅: End of August🚀

Explore all the updates and details now: https://bit.ly/44fEDQ5

We've released an article that unveils the Fee Sharing arrangement! 💰✨ Crafted and given the seal of approval by our community, the ongoing fees will be allocated to vePTP holders.

Without further ado, let's dive into it!
https://bit.ly/45d3Ewf

The community proposal regarding Haircut Adjustment (sAVAX, yyAVAX and ankrAVAX pool) is up and running on Snapshot.

Snapshot voting: https://bit.ly/3WbTRm3
Head over to the discussion post at https://bit.ly/41KJd7a

Looking for a place to voice your ideas? Well, we've got just the thing for you!
Join our first community discussion on Discord! Whether you want to share your ideas or give feedback, we wanna hear from you!

📆 11/5 1pm UTC
📍 https://bit.ly/3NRJvWd

Can't wait to see you there!

As a $vePTP holder, you have the power to vote and make a real impact on the future of Platypus.

The community proposal regarding Fee Sharing is now up and running.

🗳 Sanpshot voting: https://bit.ly/42wwJ3M
💬 Head over to the discussion post at https://bit.ly/3nJFBnF

Go to tweet thread for more info!

Are you ready to shape the future of Platypus? Well, the wait is over!
👏 Our Governance is finally live! 👏

Head over to our Discourse & Snapshot and join the fun! Let's build the best Platopia together!
🏛https://bit.ly/41FEZ1k
🗳https://bit.ly/41ZWzwM

Check our tweets more info 👇🏻
https://twitter.com/Platypusdefi/status/1651156536084004866?s=20

Hey Platypuses! Mark your calendars and get ready to rock, because governance is officially coming to us this Wednesday at 9am UTC.

Let's work together to make Platypus the best it can be! 🚀🚀