DeFi Yield Protocol (DYP) Witnesses Massive Growth Following Binance Smart Chain Integration
DeFi Yield Protocol (DYP) continues to attain popularity within the decentralized finance sector. Since the launch of the staking dAPP three months ago, DYP Protocol has experienced massive growth in its community.
DeFi Yield Protocol
The yield farming platform has over $39 million locked in its ETH staking contract and has paid 7,064 ETH worth over $14 million to liquidity providers. DYP has also experienced a 20x increase in liquidity on popular decentralized exchange Uniswap. At the moment, more than $21,000,000 in liquidity on Uniswap on the DYP/ETH. DYP has also expanded its ecosystem with the integration of Binance Smart Chain (BSC) in February.
DeFi Yield Protocol (DYP) allows users that provide liquidity to earn decent returns. It also utilizes an anti-manipulation feature that prevents whales from manipulating the price of its native token, DYP.
This is by converting all DYP rewards into ETH daily and sending distributing it directly to holders wallets. This ensures that the liquidity protocol is sustainable and rewards are generated without affecting the price. Thus liquidity providers can provide liquidity providers and earn ETH with minimal risk.
This development was followed with the launch of a staking and governance dApp for users to provide liquidity on the Binance Smart Chain. The staking dApp enables users to add liquidity to one of the pools from PancakeSwape: DYP/BNB, DYP/ETH, and DYP/BUSD.
Each pool has four different staking options with liquidity rewards ranging from 30,000 DYP to 100,000 DYP monthly. Also, the rewards depend on the lock time from a minimum of three up to 90 days.
Users can also choose between three different cryptocurrencies for rewards, including ETH, BNB, or DYP. In addition, DYP token is now available on BSC as well as Ethereum enabling cross-chain compatibility for users in the DYP ecosystem.
Like the Ethereum version of DYP, all pool rewards issued on DYP BSC are automatically converted to BNB by the smart contract and distributed 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 will be changed to BNB and added to the next day’s reward.
If this continues for seven days and there are undistributed DYP BSC rewards, a governance vote will be held to distribute to the token holders or burn the tokens from circulation.
DYP Ethereum/ Binance Smart Chain Bridge
DeFi Yield Protocol (DYP) has launched a bridge that enables users to swap 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 are required to visit the bridge platform and follow a few steps to swap their tokens. The popular wallet MetaMask is supported on the bridge platform, and users will need to connect their wallets to the bridge. The maximum amount of DYP tokens that can be swapped per wallet in 24 hours is 10,000 DYP tokens.
It should be noted that this is a significant development for DYP protocol as it means that users can easily swap tokens across the two popular smart contract networks. The DeFi sector is expanding into cross-chain compatibility, and DYP protocol has adapted to this new trend.
More Developments Expected in Q2
DYP protocol continues to expand, with the development team set to release more products in the second quarter of 2021. The long-awaited DYP Earn Vault is in the final stages and will be expected to launch once the security audit reports are confirmed.
DYP tools, a decentralized tools dashboard that provides information about DeFi projects, will also be launched in the second quarter of the year. Other products under development include a new user interface design and a DYP NFT dApp that will enable the creation and development of NFTs on its platform. To learn more about DeFi Yield Protocol, visit the website https://dyp.finance/.