VALETA, MALTA / ACCESSWIRE / January 22, 2021 / Decentralized finance is the new hype in the cryptocurrency space with DEXes mushrooming at a fast rate. The decentralized finance projects provide excellent investment opportunities to digital currency enthusiasts, and some are already earning handsomely. Investors now have full control of their digital assets, and they can lock them over a certain period and earn rewards on them.
Despite that, DeFi platforms still have their share of disadvantages. For instance, there is the risk of manipulating token prices by whales, a problem that DYP already provided a solution.
What is DYP?
DeFi Yield Protocol (DYP) is a decentralized exchange platform with the uniqueness of allowing users to become liquidity providers (LPs) and earn rewards in Ethereum rather than the native tokens. It provides a solution to the risks inherent in Yield Farming by changing the earning model for investors. Rewarding investors in Ethereum protects them from the volatility of tokens, and at the same time, the platform ensures the tokens' value remains stable through its anti-manipulation capabilities.
In just 29 days, DYP liquidity providers made 1,162 Ethereum in rewards, an equivalent of $1,439,403. The earnings were an improvement from what they had earned in December in just ten days, and with its features and staking protocol, investors are in for more.
DYP Staking Protocol
The DYP Staking protocol is up and running, allowing liquidity providers to earn ETH rewards through smart contracts and Metamask wallet. The platform also launched its dAPP in December 2020 and listed on Bithumb Global and Uniswap.
Currently supported DYP staking pools include DYP/USDT, DYP/WBTC, DYP/USDC, and DYP/ETH.
Listing the dApp on Uniswap allows investors to earn passive income when they deposit Uniswap liquidity provider tokens on any DYP staking pools. Each staking pool pair offers investors different rewards ranging from 30,000 DYP to 100,000 DYP depending on the duration. The lockup durations are 3, 30, 60, 90, and 120 days. Investors who lock up their assets for longer periods receive higher rewards.
Each staking pool has a smart contract protocol which serves as the anti-manipulation feature. It automatically converts DYP rewards into ETH every 24 hours and distributes it directly. In case the DYP token value gets affected by over -2.5%, then DYP gets swapped to ETH up to the amount that will not affect the price. The remaining DYP tokens will be distributed the following day along with the daily rewards. The process can go on, but any undistributed tokens can then get voted for via the governance vault for either distribution or burning after seven days.
DYP token rewards will come from staking or liquidity provision and other activities like providing referrals to friends. Users who invite their friends to use DYP tokens will earn 5% of their referrals' rewards directly to their wallets.
The platform plans to introduce a re-investment option in its staking pool that will increase the income of users. The feature means that investors can add their daily earnings from staking and referrals to the staking pool at zero fees.
DYP and ETH Mining Pools
The DYP platform utilizes smart contracts in the implementation of direct rewards in Ethereum made to investors. It brings value to the Ethereum ecosystem and provides an opportunity for interaction with Ethereum miners. Ethereum miners interacting with DYP smart contracts will also earn a monthly reward. They will receive 10% of their monthly ETH income in DYP tokens. However, the arrangement with the Ethereum miners will materialize after attaining the required hash rate of 250GH/s.
The platform currently has the backing of an Ethereum mining farm with a hash rate of 35GH/s.
What's Next for DYP Users?
Soon, the ecosystem is set to get better and give users more functionality. Currently, development is on for the DYP Earn Vault, an automatic yield farming contract that supports a specific token deposit. The protocols will then automate yield farming by moving the depositing user's funds to the most profitable platform. Of the profits, 75% is distributed to the liquidity providers, while the remaining 25% is used to buy back our protocol governance token in order to add liquidity. It will offer rewards in ETH, WBTC, USDC, USDT, DAI + extra DYP rewards for each pool.
Users can also expect more DYP tools, including custom DEX tools dashboard and DEX project information for DYP DEX users. The information will include trading charts, decentralized real-time information like Uniswap projects, and their unique features. Additionally, the DYP tools will support access to Uniswap projects via direct functions. The tools will generally be useful to investors in all listed Uniswap projects.
Further, the tools will provide a homepage, listing all the top tokens with their direct links on Uniswap and other exchanges. The DYP tools will list the projects on the homepage based on their trust scores in a decentralized manner. Activities such as community voting, liking and disliking features will also be accessible via the DYP tools, but only to token holders.
Lastly, token developers will also have a DYP liquidity locker that will allow locking of Uniswap liquidity for multiple pools and multiple vesting lockers for Uniswap liquidity. They will also do multiple lockers, but with distinct unlock times and DYP token purchase, and lock until liquidity gets unlocked.
DeFi Yield Protocol curves itself out as a unique DeFi platform that solves decentralized finance and Yield Farming problems and boosts the earning capacity of all parties interacting with it. Investors can use the platform and the DYP token without the fear of manipulations like the recent Sushiswap dump. The token founder swapped Sushi tokens for Ethereum, causing a major crash.
The platform's staking pools allow anyone to provide liquidity and earn rewards. The ecosystem uses smart contracts, thereby eliminating human intervention when distributing earnings. The anti-manipulation feature protects the staking pool's rewards, plus their stability is maintained through deflationary options. Investors' earning capacity can also increase daily from re-staking rewards or providing referrals to the DYP token.
The entire ecosystem is a hub for decentralized revenue-generation with unmatched asset security from both the anti-manipulation feature and the audited smart contracts. Besides, the platform is just getting started so users will be in for more functionality soon.
SOURCE: DYP Finance