Decentralized Finance, DeFi in short, is a rage these days as one of the most versatile applications of cryptocurrency’s underlying blockchain technology. Poised to become an alternative to the traditional financial system, it is capable of providing even the unbanked with access to financial services at a low cost, while simultaneously presenting attractive investment opportunities to everyone.
One of the platforms spearheading the DeFi revolution is DYP – DeFi Yield Protocol. The platform offers a range of DeFi instruments to investors, allowing them to earn rewards for their contribution to the network. The products available on DeFi Yield Protocol include Staking, Yield Farming and Pool Mining, with more on its way.
DYP is designed to be completely secure and transparent, with all smart contracts subjected to stringent security audits. In addition, DYP also incorporates some of the best risk management procedures to prevent manipulation by the whales. Built on the Ethereum blockchain, DeFi Yield Protocol is governed by its native DYP tokens.
DeFi Products on DYP
Staking is a mainstay on almost all DeFi products, and it is no different on DYP either. On DYP, users can stake their liquidity provider tokens into any of the 4 pools: DYP-ETH, DTP-WBTC, DYP-USDC and DYP-USDT and receive Ethereum rewards. Further, they can choose from 4 different staking options within each pool to receive rewards ranging from 30,000 DYP to 100,000 DYP per month. The flexible staking options on DYP allows users to lock their funds for a minimum of 3 days to a maximum of 90 days.
Similarly, DYP Farming Pools allow investors to lock their funds for a duration ranging from one month to 4 months to earn rewards. The returns for investing in DYP Farming starts from 20% APR to 35% APR. Further, these rewards can be reinvested using an inbuilt function for improved returns.
Since the launch of the DYP Staking and Yield Farming dApp, the platform has gained a lot of attention from the crypto community. In a short period of time, DYP’s staking and farming pools have secured total locked values of over $61.5 million and $1.12 million, respectively. So far, the platform has paid out over 2,469.60 ETHs worth more than $3.6 million to liquidity providers. Currently, daily rewards exceed 100 ETH on DYP.
DYP ETH Mining Pool
The DYP team is not new to ETH mining as they have been involved in it for a long time. Now, they are bringing their expertise into the DYP ecosystem for the benefit of investors by launching the DYP ETH Mining Pool. The upcoming zero-fee mining pool offers an opportunity for DYP tokenholders to take part in the mining process and earn an additional 10% monthly bonus on top of their mining rewards. With the whitelisting process for participation already in place, the DYP ETH Mining pool will go live as soon as they achieve 250 GH/s hashrate.
DYP Anti-Manipulation Feature
The anti-manipulation feature incorporated into the platform makes DYP stand apart from the rest. It ensures the network’s liquidity is always fair to all participants, by preventing whales – those with more resources or tokens from influencing the price of DYP token to their advantage. The platform achieves this objective by automatically converting DYP rewards generated by the staking and farming pools to ETH every day at 00:00 UTC before distributing it among liquidity providers. In case of a significant drop in DYP price extending below 2.5%, the smart contract ensures that the maximum number of DYP swapped during that period doesn’t affect the price any further. Leftover tokens will be swapped to ETH in the following days, over a period of one week. In case, the system is unable to do so within the stipulated time, the governance process will decide whether the leftover tokens will be distributed to token holders or burned.
The Anti-Manipulation feature also covers the soon to be launched DYP Mining Pool by capping the distribution of mining pool bonus to -2.5% price impact.
More to come soon…
The year 2021 will witness a lot of new developments in the DeFi Yield Protocol as the project plans to launch a suite of DeFi tools that allow investors to access and analyze crypto market information. Another new addition will be the DYP Earn Vault – an automated yield farming contract that will be paired with a DYP governance token buyback program to enhanced liquidity. The Staking and Farming programs will also be expanded to include support for new tokens, with rewards offered in ETH, WBTC, USDC, USDT, DAI and the platform’s own DYP.
Other notable developments in store include migration from Uniswap, new partnerships, DYP Apps development, built-in insurance for DYP liquidity providers and more.
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Author: Thomas Delahunty