DYP: Creates a Stable Platform to Create Liquidity in DeFi Space
The DeFi Yield Protocol (DYP) is a unique blockchain-based on DeFi project. By using the platform, crypto users are offered the ability to provide liquidity and earn rewards in ETH. The platform also uses an anti-manipulation feature to convert DYP rewards into ETH and send them directly to holders’ wallets.
The goal is to make the liquidity protocol sustainable and ensure rewards are generated without excessively affecting the token price. Therefore, users can earn rewards with minimal risks. DYP is different from other DeFi user interfaces, the DYP interface is quite simple which accommodates new and expert yield users.
DYP is Expanding Quickly
The main feature of DeFi Yield Protocol is the dashboard of the platform, which is DYP Tools. It provides a decentralized trust score for all the DeFi projects to increase the use case for DYP tokens, and provide a liquidity locker for any DeFi project, which helps to protect the DeFi community.
Since the launch of the staking dAPP three months ago, the platform has experienced massive growth which has earned 7,064.11 ETH worth around $14 million USD. Meanwhile, the innovative DeFi project’s liquidity from Uniswap has experienced a 20x increase to hit an impressive $19 million.
The latest development for DYP projects is the integration with the Binance Smart Chain by launching a staking and governance dApp for users to provide liquidity on it. The integration is expected to enhance the entire DYP community’s liquidity and pave the way for other developments soon.
The Binance Smart Chain is a blockchain architecture founded by Binance to support developers or users to set up decentralized applications and virtual assets.
If you want to buy the DYP token, it is now available on BSC as well as on Ethereum, opening access to more users to the DYP ecosystem.
Staking Pools Tutorial on Binance Smart Chain (BSC)
At the moment, the DYP protocol has successfully become a part of the Binance Smart Chain with its staking dApp. DYP has added $510,000 USD worth of liquidity to PancakeSwap.
The staking dApp allows users to choose between three different types of rewards: ETH, BNB, or DYP and can used to add liquidity to one of the following pools on PancakeSwap: DYP/BNB, DYP/ETH, and DYP/BUSD.
As mentioned, DYP converts all rewards to ETH in order to minimize price fluctuations. The same process is applicable for users in the BSC ecosystem, where rewards will be swapped to BNB every 24 hours.
When the DYP price is affected by more than a -2.5% movement, the maximum DYP amount that does not affect the price will be swapped to BNB, and the remaining amount will be distributed in the next day’s rewards.
All pool rewards are automatically converted from DYP to BNB by the smart contract as so to lower the risk of DYP price volatility, while ETH/BNB/DYP is distributed as a reward to the liquidity providers.
How To Get Started
The users can choose between three different types of rewards: ETH, BNB, or DYP.
To start providing liquidity provision as an LP and earn rewards on the Binance Smart Chain, users have to purchase and deposit PancakeSwap liquidity tokens into their respective pools.
The corresponding initial list of pools includes DYP/BNB, DYP/ETH, and DYP/BUSD. By swapping DYP tokens from the Ethereum Network to the Binance Chain with Bridge protocol, users can enter the markets.
Each pool offers four different staking options, with rewards starting from 30.000 DYP up to 100.000 DYP each month, depending on the lock time from a minimum of three days up to 90 days.
After visiting the protocol’s staking app, users should click ‘’CONNECT WALLET’’ and log in to their MetaMask wallets and select the DYP/BNB pool on the staking app.
In this step, users will select their preferred locking and rewards pool option, which are from 30.000 DYP for three days to 100.000 DYP for a 90-day lock period.
The DYP/BNB pool has the following options:
- A DYP/BNB pool with three days Locking and Pool Rewards of 30.000 DYP/month
- A DYP/BNB pool with 30 days Locking and Pool Rewards of 45.000 DYP/month
- A DYP/BNB pool with 60 days Locking and Pool Rewards of 75.000 DYP/month
- A DYP/BNB Pool with 90 days Locking and Pool Rewards of 100.000 DYP/month
Then click ADD LIQUIDITY to add liquidity on PancakeSwap to the DYP-BNB pool.
After adding the amount of DYP/BNB users wished to, users need to click Approve DYP and sign the transaction with MetaMask then click Supply.
Next, sign the transaction using the MetaMask wallet and finalize it by first clicking MAX followed by the approve DYP option, then APPROVE.
Finally, click STAKE and claim BNB rewards within 24 hours.
Using DeFi Yield Protocol Bridge
DYP created a bridge that allows users to swap their DYP tokens between the Ethereum and Binance Smart Chain networks. The platform bridge is working to help to convert assets from ERC-20 to Bep 20 tokens more easily.
DYP holders have to visit the bridge platform and follow a few steps to swap their tokens.
Users will need a MetaMask wallet, which is also supported on the bridge platform, to connect their wallets to the bridge. The maximum amount of DYP tokens that users can swap per wallet in 24 hours is 10,000.
To start swapping DYP tokens from Ethereum Network to Binance Smart Chain Network, users need to visit this page.
After that, they should click ‘’CONNECT WALLET’’ and log into their MetaMask wallet. Once clicking APPROVE TO add the Binance Smart Chain Network, there is a pop-up from MetaMask to ask users if want to Switch the network to Binance Smart Chain.
Choose CANCEL in case prefer to swap DYP tokens from Ethereum Network to Binance Smart Chain Network. Then, input the number of tokens that wish to swap from Ethereum to Binance Smart Chain Network.
For the next step, users need to click APPROVE then waiting for the transaction to be confirmed. Once the process is confirmed, they will continue to click DEPOSIT and wait for a transaction hash for the deposit.
After 12 confirmations on the Ethereum Network, they will be able to withdraw the DYP tokens to your Binance Smart Chain Wallet.
At that time, users need to change the Network from Ethereum to Binance Smart Chain Mainnet in order to complete the swap. The WITHDRAW button will be enabled once the transaction has been confirmed on Ethereum Network.
The tokens will arrive at users Binance Smart Chain after clicking WITHDRAW and the transaction is confirmed. Users can be able to swap DYP tokens from the Binance Smart Chain to the Ethereum Network by following the same steps.
The cross-platform bridge is a significant development for the DYP protocol because it helps users easily swapping tokens across the two popular smart contract networks.
More Developments Are Coming from DYP
The development team of the DYP protocol is planning to launch more products in the second quarter of 2021. DYP Earn Vault is ready for release once the security audit reports are done.
Also, a decentralized tools dashboard that provides information about DeFi projects called DYP tools will be expected to launch in the second quarter of the year after GETH node sync is completed.
In addition, there are other products under development including DYP NFT dApp v1.0 and a new user interface design DYP New UI Design that will allow to create and develop NFTs on its platform.
If you want to stay up to date on other great ideas that DYP is bringing to the marketplace, you can keep up with the company with its Medium account!
The post DYP: Creates a Stable Platform to Create Liquidity in DeFi Space appeared first on Blockonomi.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow
