DeFi Yield Protocol (DYP) is a decentralized protocol that offers crypto holders a way to earn rewards by providing liquidity on its network. Using its native token DYP, holders can provide liquidity on its Ethereum based smart contract and earn rewards.
DYP was launched in the third quarter of 2020 and has witnessed massive growth since then. It currently has over $63 million in TVL (Total locked in Value) and has paid a total of 2,469 ETH ($3,836,415) to liquidity providers during this period. Investors have also earned 100.14 ETH in just 24 hours making it one of the best yield farming protocols in the market.
To start providing liquidity and earning ETH rewards is straightforward. All that is required is to deposit their liquidity provider tokens (Uniswap LP tokens) into the corresponding initial 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 time period (3 days up to 90 days). Once the tokens are staked rewards are paid directly to users wallets and investors are able to earn yields on their assets.
DYP has an anti-manipulation feature which has proven to be a success since its launch. DYP anti-manipulation system automatically converts all pool rewards from supported liquidity pools (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) to ETH every day at 00:00 UTC daily.
Once the conversion is completed, the smart contract distributes rewards to liquidity providers in the form of Ether (ETH). This system ensures that there is no market manipulation by whales and offers price stability and security to DYP token holders.
DYP Launches Farming dApp with referral System
DYP has launched a Farming dApp that enables investors to receive fixed rewards. Each staking pool offers rewards starting from 20% APR to 35% APR depending on the duration locked on the smart contract (a minimum of 30 days up to 120 days.
This development is expected to enable investors to automatically add their daily rewards to the staking pool with 0% fees using the re-invest function. In addition, DYP has integrated a referral system where users are rewarded with 5% of their friend’s reward whenever they stake DYP. so far over $1 million have already been staked in the newly launched Farming dApp.
There are also plans to develop multiple DYP liquidity lockers with different unlock times and support for other vesting lockers for Uniswap liquidity.
DYP ETH Mining Pool In the Last Stages of Deployment
DYP continues to work on creating new products within its ecosystem and is set to roll out its ETH mining pool before the end of the first quarter of 2021. DYP has already invested over $1 million to develop the mining pool which offers participant fixed earning revenues.
According to DYP, participants in the ETH mining pool will receive a 10% monthly reward from the total ETH income earned monthly. Furthermore, users that wish to claim monthly DYP tokens must first join the zero-fee ETH mining pool to be eligible for the rewards.
At the moment, the DYP team is waiting to achieve the required Hashrate to mine an ethereum pool (250 GH/s) before rolling out the mining pool. So far the protocol has clocked 35 GH/s Hashrate from miners.
Other Developments
DYP has also revealed that its DYP Earn Vault will launch in the first quarter of the year. The feature allows users to earn good returns via an automated yield farming contract. 75% of Earn Vault’s profit will be shared among liquidity providers while the remaining 25% is used to buyback DYP governance protocol tokens to improve liquidity.
In addition, the DYP Earn Vault will offer support for five tokens including ETH, WBTC, USDC, USDT and DAI. Liquidity providers will be able to stake their tokens for 3, 30, 60,90 and 120 days.
Also, DYP team will launch DYP tools in the coming weeks to offer improved data control from decentralized exchanges and liquidity providers. The custom DEX tools dashboard will scan data from the open-source resources like Etherscan to help investors make the best investment decisions.
Some of the features that will be integrated into the DEX tool includes the ability of users to explore Uniswap pools/pairs. Investors will also have access to real-time trading charts and feature a decentralized trust score on liquidity projects. The trust score is based on different parameters and will offer an insight to traders about the state of a project.
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Source: https://blockonomi.com/defi-yield-protocol-ecosystem/
