A large problem in yield farming protocols is that Liquidity Providers (LPs) dump their reward tokens for profit. This results in an inflationary spiral and drastic price decline for most “farming” tokens . DYP aims to solve this problem uniquely and intelligently to maintain its native token prices.
What is DYP?
Defi Yield Protocol (DYP) is a cross-chain Defi protocol that has a range of products, from Yield Farming, Pool Mining, Staking, Earning Vaults, etc. The protocol provides multiple earning possibilities for its users.
The platform recently went live on Binance Smart Chain (BSC) network. LP rewards are converted into any of the user’s choices of BNB, ETH, or DYP every 24hrs. For the first time, Yield Farmers will have the unique ability to receive their rewards in any of their choice coins.
Key Features
Staking Mechanism
Yield Farming
Pool
Earn Vault (Coming Soon)
Governance
Bridge
Referral
Project Composition
DYP is backed by the team’s Ethereum Mining Farm with a 35 GH/s hash rate. This allows the protocol to earn between 65 ETH – 150 ETH every month. DYP is truly unique as the team distributes all earnings from the 1 million dollar mining farm to DYP. DYP, the strategy put in place is to ensure that it never happens to the DYP tokens. For example, at 00:00, all LP rewards are converted into ETH, BNB, or DYP tokens and sent to users. That way, the token price remains protected.
Staking: The staking platform runs both Ethereum and Binance Smart Chain pools.
For ETH staking, participating pools include DYP-ETH, DYP-USDC, DYP-USDT, and DYP-WBTC pools. Every 24hrs, the smart contract will automatically try to convert the DYP rewards to ETH for distribution to LPs.
Participating pools include; DYP-WBNB, DYP-ETH, and DYP-BUSD. Here LPs have the option of receiving their rewards in any of the three coins, ETH, BNB, and DYP, every 24hrs.
At the conversion, the smart contract will convert the DYP rewards to ETH or any user’s choices. If the DYP price is affected by more than 2.5%, then the maximum DYP amount that does not affect the price will be converted with the remaining amount distributed the next day. After seven days, if there are still undistributed DYP rewards, the governance protocol will vote on a decision whether the remaining reward will be distributed to holders or burnt (all burnt tokens are removed from circulation, which effectively retains the price)
Yield Farming: To start earning DYP rewards, users must deposit their DYP tokens into the corresponding list of pools. Each pool will have four different staking options with rewards starting from 20% APR up to 35% APR. This depends on the lock time, ranging from a minimum of thirty days up to one hundred twenty days.
The staking pools are also integrated with a REINVEST function; what this means is that you can automatically add your daily rewards to the staking pool.
Referral System: On the Yield Farming protocol, the DYP Referral is integrated. Should you refer DYP to your friends, 5% of your friend’s rewards will be automatically sent to you whenever your friends stake DYP. You do not need to stake; it’s automatically sent to you for free.
DYP Bridge: The latest integration of the BSC network effectively makes DYP a multi-chain network.
The bridge will allow users to effectively and seamlessly swap DYP between the Ethereum network and the Binance Smart Chain network. Please note that the maximum amount you can swap per wallet every 24 hours is a maximum of 10,000 DYP tokens. It is recommended that you save the transaction hash if you have network issues to enable a later withdrawal.
Mining Pool: Ethereum mining pool & yield farming for miners is the next core feature of DYP for the token to achieve long-term profitability.
Register your interest in the form to join the mining pool whitelist. The team has been mining ETH since 2017 and now wants to help the Ethereum Mining community with their mining pool combined with yield farming.
Every Ethereum Miner address that interacts with the smart contract will get a 10% monthly bonus of the monthly income in DYP. According to the illustration on the pool mining page, let’s say the ETH price is $1000, the DYP price is $5, and your monthly estimated earnings are 1 ETH — that means you will get a monthly bonus of 20 DYP tokens worth $100.
This does not stop here; to claim your monthly DYP tokens, you will first need to join the Ethereum mining pool with 0% fees, meaning you will also earn more ETH monthly! The mining pool and yield farming will provide a monthly DYP bonus alongside a 0% mining fee for all Ethereum Miners.
Earn Vault (coming soon): The DYP Earn Vault is an automated yield farming contract that allows users to deposit a particular token. The protocol automates yield farming strategies by moving providers’ funds between the most profitable platforms. From the profits realized, 75% is converted to ETH and distributed to the liquidity providers, the remaining 25% is used to buy back the protocol governance token to add liquidity.
Governance: Major decisions are voted and decided by the community via the platform token. DYP tokens represent voting shares in the protocol governance. The token allows shared community ownership to create a vibrant, diverse, and dedicated governance to guide the protocol in the future.
Visit the ETH and BSC governance to submit a proposal and to start participating in the protocol governance.
Platform Updates
The bridge to the Binance Smart Chain network is one of the most notable recent platform upgrades. The move will provide greater liquidity to the DYP protocol, in addition to the over $19 million liquidity provided on the Uniswap protocol. This will effectively open up the platform to more significant development, users, and the liquidity available in the BSC ecosystem.
According to the team via the announcement, the protocol has added $510,000 worth of liquidity on PancakeSwap. Users will add their liquidity to one of the following PancakeSwap pools: DYP/BNB, DYP/ETH, and DYP/BUSD. Users will be allowed to choose between three different types of rewards: ETH, BNB, or DYP on the farm.
Source : bsc.news
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