Hummus Exchange and Platypus Finance complete groundbreaking DeFi licensing agreement!
The Hummus Exchange team is excited to announce that a licensing agreement has been finalized with the team at Platypus. Platypus will grant to Hummus Exchange a license to fork Platypus.finance code for production use, to be enforced globally. This agreement will bring Platypus’ stableswap and staking innovations to the many DeFi users on the Metis blockchain.
In exchange, Hummus will set aside 10% of total $HUM supply for the Platypus team, to be delivered in weekly installments over the course of 12 months.
Also as part of the agreement, all contracts created by Hummus were submitted for review by Platypus before going live. Additionally, a time lock of 48 hours will be required on all upgradeable contracts. This arrangement will allow for maximum security and transparency for all stakeholders involved.
This licensing deal represents a major milestone for the entire DeFi sector. The Hummus team chose to emulate the Platypus model as it is the most innovative solution for low slippage stable swaps. The benefits go beyond just capital efficiency for users. Liquidity providers also benefit from the simplicity of single sided staking of their preferred stable coin, as well as the ability to earn boosted yield via the “ve” token model. Platypus developed something truly brilliant and their model can now benefit users on Metis to multiple chains. This licensing agreement, and any that should follow it, will reward the Platypus team for their contribution to the improvement of decentralized finance.
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The Hummus team is grateful to the Platypus team for their diligence and professionalism in openly communicating with us throughout the negotiations. This is a big step forward for Hummus and for DeFi on the Metis blockchain. The Hummus team looks forward to working with Platypus and developing a strong relationship going forward.