How To Use Echidna Finance?

Echidna Finance is the ultimate yield-boosting protocol for Platypus Finance – Avalanche’s native stable swap, and today Avaxholic will show you how to use this platform in this article.

What Is Echidna Finance?

Echidna Finance is the ultimate yield-boosting protocol for Platypus Finance. It aggregates PTP and stakes them into Platypus permanently to build their vePTP treasury. Anyone can leverage the treasury to maximize their stablecoin APRs on Platypus without owning PTP.

There are three main use cases for the Echidna platform:

  • As a stablecoin holder, users wish to generate passive income from their stable assets, whether he or she is already a user of Platypus or not.
  • As a Platypus liquidity provider, users wish to maximize their stablecoin APRs without holding PTP if possible.
  • As a PTP holder, users wish to unlock utility and earn extra passive income for their PTP.

Read more:

How To Use Echidna Finance?

Please complete all the following operations in the web browser, Google Chrome is recommended.

Preparation

Before we begin, we need to have the Metamask wallet installed and connected to a network (for this tutorial, Avaxholic will be using the AVAX token of Avalanche).

Download Metamask here: https://metamask.io/download/

To further details, read more:

What Is Metamask Wallet? How To Use Metamask

How Do I Get Started?

If your wallet is already configured for Avalanche, your first stop will be to https://www.echidna.finance/ to access the website.

Then, click on Launch DApp and connect to your wallet.

Choose Metamask icon

Staking Platypus LP In Echidna Finance

  • Step 1: Choose a stablecoin pool based on your current holdings by click on Pools. The interface for the USDT.e pool is shown below.
  • Step 2: Execute the deposit transaction

After you connect your wallet, the dApp will automatically detect your stablecoin and LP token balance. By design, all deposit operations require two transactions: first an Approve transaction, then the actual Deposit transaction.

You must complete both actions to deposit your LP tokens. This is a standard implementation for transferring ERC20 tokens and is not specific to Echidna.

By choosing Approve, the system will charge a small fee. And if you agree, click Confirm.

After that, you may view the details of your transaction. Once the amount has been approved, you may deposit the actual funds.

  • Step 3: Confirm the deposit

Once the amount has been approved, the Deposit LP button will become operational. You can deposit your LP tokens by clicking on it.

Once this second transaction is confirmed, the detail of your deposited assets will appear below the pool list.

Furthermore, you can claim rewards at any point, either pool-by-pool by clicking the black Claim button or by clicking on Claim All LP Rewards to claim rewards from all pools collectively.

So you finish staking Platypus LP In Echidna Finance, waiting to make a profit on the platform!

Conclusion

All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.

Join the Avaxholic chat group now to discuss the hot issues of the DeFi market with the Avaxholic admin team!!!

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