The DeFi Yield Protocol (DYP) continues to enjoy great popularity in the decentralized financial sector. Since the start of using dAPP three months ago, the DYP protocol has seen massive growth in its community.
DeFi yield log
The income farming platform has more than $ 39 million ETH Stake out contract and paid 7,064 ETH Over $ 14 million worth of liquidity providers. DYP also saw a 20-fold increase in liquidity on the popular decentralized exchange Uniswap. Currently more than $ 21,000,000 in liquidity at Uniswap on the DYP /ETH. DYP expanded its ecosystem in February by integrating Binance Smart Chain (BSC).
DeFi Yield Protocol (DYP) enables users who provide liquidity to achieve reasonable returns. It also uses an anti-tampering feature that prevents whales from tampering with the price of their DYP native token.
It does this by converting all of the DYP rewards to ETH Distributed daily and directly to the holders’ wallets. This ensures that the liquidity log is sustainable and that rewards are generated without affecting the price. Thus, liquidity providers can provide and earn liquidity providers ETH with minimal risk.
This development was followed by the introduction of a dApp for staking and governance, with which users can provide liquidity for the Binance Smart Chain. The Staking out dApp allows users to add liquidity to any of PancakeSwape’s pools: DYP /BNB, DYP /ETHand DYP / BUSD.
Each pool has four different bet options with liquidity premiums between DYP 30,000 and DYP 100,000 per month. In addition, the rewards depend on the blocking period of at least three to 90 days.
Users can also choose between three different cryptocurrencies for rewards, including ETH, BNBor DYP. In addition, the DYP token is now available on both BSC and Ethereum and enables users in the DYP ecosystem to have cross-chain compatibility.
As with the Ethereum version of DYP, all pool rewards issued on DYP BSC are automatically converted into BNB distributed through the smart contract and to token holders. If the price of DYP is not affected by more than -2.5%, the maximum value of DYP that does not affect the price is changed to BNB and added to the reward of the next day.
If this continues for seven days and there are undistributed DYP BSC rewards, a governance vote will be held to distribute them to the token holders or to withdraw the tokens from circulation.
DYP Ethereum / Binance Smart Chain Bridge
The DeFi Yield Protocol (DYP) has launched a bridge that allows users to exchange their DYP tokens between the Ethereum and Binance Smart Chain networks. The cross-platform bridge is designed to ensure easy conversion of assets from ERC-20 to Bep 20 tokens.
DYP holders have to visit Bridge platform and follow a few steps to exchange their tokens. The popular wallet MetaMask is supported on the bridge platform and users need to connect their wallets to the bridge. The maximum number of DYP tokens that can be exchanged per wallet within 24 hours is 10,000 DYP tokens.
It should be noted that this is a significant evolution for the DYP protocol as users can easily exchange tokens between the two popular smart contract networks. The DeFi sector is expanding into cross-chain compatibility, and the DYP protocol has adapted to this new trend.
Further developments expected in the second quarter
The DYP protocol is being expanded and the development team is expected to release additional products in the second quarter of 2021. The long-awaited DYP Earn Vault is in its final stages and is expected to launch once the security clearance reports are confirmed.
DYP Tools, a decentralized tool dashboard with information on DeFi projects, will also be introduced in the second quarter of the year. Other products under development are a new design of the user interface and a DYP NFT-dApp, with which NFTs can be created and developed on your platform. To learn more about the DeFi Yield Protocol, visit the website https://dyp.finance/.
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