The DeFi Yield Protocol (DYP) is a leading blockchain-based DeFi project that enables crypto users to provide liquidity and earn rewards directly at ETH.
The platform has an anti-tampering feature that converts DYP rewards into ETH without unduly influencing the token price, allowing users to earn rewards with minimal risk.
Since the launch of the DYP Staking dApp last January, liquidity providers (LPs) have earned 7,064.11 ETH worth USD 14,870,593.42 on the platform.
At the same time, the liquidity of Uniswap’s innovative DeFi project has exploded 20-fold since the launch of the deployment dApp, reaching a whopping 19 million US dollars.
DYP has a user-friendly and straightforward interface that can accommodate both novice and high-yield farmers.
The protocol now plans to introduce the DYP tools serve as a core feature of the entire DeFi ecosystem. The decentralized tool’s dashboard will launch shortly, expanding the use case for native DYP tokens.
The tools will serve as a decentralized hub for the entire DeFi ecosystem and provide innovative solutions such as a liquidity locker for all projects.
The DYP tools will also incorporate a decentralized trust factor for each new business to help the DeFi community avoid carpet pulls.
The DYP protocol managed to make Smart Chain binance!
The latest development for the DYP project is the integration with BSC so that LPs can choose between three different types of rewards: ETH, BNB or DYP.
The integration of BSC for the DeApp and Governance dApp of the DeFi Yield Protocol is expected to improve the liquidity of the entire DYP community and will soon pave the way for further developments!
In addition, the DYP token is now available on the Binance chain so that more crypto enthusiasts can access the DYP ecosystem.
Earn rewards for locking liquidity with BSC
DYP users can now add liquidity to any of the available PancakeSwap pools (DYP / BNB, DYP / ETH and DYP / BUSD) and receive lucrative rewards in ETH, BNB or DYP. Users have already added liquidity worth $ 510,000 to PancakeSwap.
To become a liquidity provider and earn liquidity, investors must deposit PancakeSwap LP tokens into one of the four available pools above.
Each pool offers four different staking options with monthly yields of 30,000 DYP up to 100,000 depending on the blocking period (at least 3 days to 90 days).
Smart contracts automatically convert all pool awards from DYP to BNB every 24 hours in order to maintain the price stability of the DYP token. Then ETH / BNB / DYP is distributed to the LPs, who can choose which token they want to receive as a reward.
Smart contracts allow the DYP price to drop by -2.5%. Suppose the price is affected by more than this percentage. In this case, the maximum DYP amount, which does not affect the price, is automatically exchanged to BNB, with the remaining amount being distributed among the premiums for the next day.
After seven days, DYP governance can vote on whether undistributed DYP rewards should be burned or paid out to token holders.
How to exchange DYP in the BSC network
If you own DYP tokens on the Ethereum Network, you can easily add liquidity to a PancakeSwap pool and earn WBNB rewards.
To do this, visit the DeFi Yield Protocol Bridge to exchange the tokens from ETH into the BSC network. Here is a detailed tutorial on how to implement exchanges through your Metamask wallet and collect rewards at BSC.
It is important to note that the maximum amount that you can exchange per wallet every 24 hours is DYP 10,000. If you want to exchange your tokens from BSC back to ETH, you have to follow the same steps in the tutorial.