PRESS RELEASE. DeFi Yield Protocol (DYP) is a decentralized yield farming platform that allows liquidity providers to earn rewards in Ethereum and its native token DYP. It offers a solution to the risk involved in Yield Farming by offering different options for investors to earn while maintaining full decentralization of its platform.
DYP users can bank on the anti-manipulation feature that ensures that the volatility of tokens is controlled and prevents whales from taking over its token price mechanism (DYP).
Massive Earning Potentials via Staking Pool
DYP has been able to generate massive buzz since its launch in 2020. The yield farming protocol launched its staking pool in December, and liquidity providers have earned immense rewards on their stakes.
As of Feb 3, 2021, over $63 million worth of crypto-assets have been staked in DYP smart contracts making it one of the fastest-growing yield farming platforms. DYP has distributed over 2,575 ETH worth around $4,206,003 since its launch.
The defi platform distributes an average of 106 ETH ($170,000) in rewards to liquidity providers daily. This and other fundamentals have attracted liquidity farmers to the platform. The anti-manipulation features mentioned earlier are crucial as it ensures that dividends distributed to liquidity providers are fair and transparent.
Integrated into the DYP smart contract, the anti-manipulation feature converts all DYP rewards generated from the staking pool to Ethereum daily at 00:00 before distributing it to liquidity providers. This is important since users receive their rewards in Ethereum, which is less prone to volatility than the native DYP token.
DYP also integrates an internal mechanism to curb inflation. If the price of DYP fluctuates by more than 2.5%, the smart contract generates a maximum amount of DYP that will not affect the price. In surplus, the remaining rewards are locked and allocated as part of the next day’s reward. At the end of seven days, if excess rewards remain, the community will hold a governance vote to determine whether to burn or distribute tokens.
How to Stake and earn on DYP
Users can begin supplying their liquidity tokens from Uniswap (Uniswap LP tokens) into the corresponding list of pools. DYP currently has four liquidity pools supported, DYP-ETH, DYP-WBTC, DYP-USDC, and DYP-USDT.
Each pool offers four different staking options with rewards ranging from 30,000 DYP up to 100,000 DYP Monthly depending on the lock period (3 days up to 90 days). Dividends are paid directly to users’ wallets, and investors can earn yields on their assets. Currently, the APY for the DYP staking pool is between 248% and 692%.
More earning potentials with dApp Farming Platform
DYP continues to expand earning opportunities within its ecosystem and recently launched a farming dApp that offers fixed rewards for investors. The staking platform offers a staking opportunity for investors to earn DYP tokens for fixed percentage rewards.
The earnings are based on the lock-period duration, and users can stake their DYP tokens from 30 days to 120 days. DYP further revealed that locking DYP tokens for 30 days attracts a 20 APR, while those that lock for 120 days receive a maximum of 35%. The newly launched farming dApp also integrates a referral system that offers rewards of 5% of referred friends’ stake.
Since its launch of the farming dApp, DYP token holders have already staked over $1 million within the staking pool.
DYP Ecosystem Expected to expand in 2021
DYP development team has continued to build products that are expected to be launched before the end of the first quarter of the year. DYP Earn Vault is in the last stages of development and will offer automated earnings for stakers. The vault is expected to support Ethereum, Wrapped Bitcoin, and Stablecoins.
DYP is also developing a tools dashboard that will transform its ecosystem. The DYP tools will feature a trust score that grades defi projects listed on Uniswap based on multiple parameters. Traders and investors will be able to analyze projects and make informed investment decisions.
To learn more about DeFi Yield Protocol follow these links: www.dyp.finance | Twitter | Discord | Telegram | Github | Medium
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