Decentralized Finance, or DeFi for short, is all the rage today as one of the most versatile uses of cryptocurrency’s underlying blockchain technology. It is poised to become an alternative to the traditional financial system and is able to offer even those without a bank access to financial services at low cost, while at the same time offering attractive investment opportunities for all.
One of the platforms leading the DeFi revolution is DYP – DeFi Yield Protocol. The platform provides investors with a range of DeFi tools, with which they can earn rewards for their contribution to the network. The products available on HetFi Yield Protocol include Staking, Yield Farming and Pool Mining, with more to come.
DYP is designed to be completely secure and transparent, with all smart contracts subject to strict security audits. In addition, DYP also includes some of the best risk management procedures to prevent manipulation by the whales. DeFi Yield Protocol is built on the Ethereum blockchain and managed by its native DYP tokens.
DeFi products on DYP
Staking out is a mainstay on almost all DeFi products, and it’s no different on DYP either. On DYP, users can stake their liquidity provider tokens in one of 4 pools: DYP-ETH, DTP-WBTC, DYP-USDC and DYP-USDT and receive Ethereum rewards. Furthermore, 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 allow users to lock their funds for a minimum of 3 days up to a maximum of 90 days.
Likewise DYP agricultural pools allow investors to lock their funds for durations ranging from a month to 4 months to earn rewards. The return for investing in DYP Farming starts from 20% APR to 35% APR. Furthermore, these rewards can be reinvested using a built-in feature for better returns.
Since the launch of the DYP Strike and Yield Farming dApp, the platform has received a lot of attention from the crypto community. In a short period of time, DYP’s stakeout and farming pools have secured total locked-in values of more than $ 61.5 million and $ 1.12 million, respectively. To date, the platform has paid out more than 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 in the DYP ecosystem to the benefit of investors through it DYP ETH Mining pool. The upcoming zero-fee mining pool offers DYP token holders the opportunity to participate in the mining process and earn an additional 10% monthly bonus on top of their mining rewards. With the participation whitelisting process already in place, the DYP ETH mining pool will go live once they reach 250 GH / s hashrate.
DYP anti-manipulation function
The anti-manipulation function integrated into the platform makes DYP stand out from the crowd. It ensures that 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 in their favor. The platform achieves this goal by automatically converting DYP rewards generated by the Stakeout and Farming pools into ETH every day at 00:00 UTC before being distributed to liquidity providers. In the event of a significant drop in the DYP price below 2.5%, the smart contract ensures that the maximum number of DYP swap during that period does not further affect the price. Remaining tokens will be exchanged to ETH in the following days over a period of one week. In the event that the system cannot do this within the allotted time, the governance process will decide whether to distribute the remaining tokens to token holders or burn them.
The Anti-Manipulation feature also covers the soon to be launched DYP Mining Pool by limiting mining pool bonus distribution to -2.5% price impact.
More coming soon …
The year 2021 will witness many new developments in the DeFi Yield Protocol as the project plans to launch a suite of DeFi tools that will allow investors to access and analyze crypto market information. Another new addition is the DYP Earn Vault – an automated yield farming contract that will be combined with a DYP governance token buyback program to increase 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 the store include the migration from Uniswap, new partnerships, the development of DYP Apps, built-in insurance for DYP liquidity providers and more.