The DeFi Yield Protocol (DYP) is a leading blockchain-based DeFi project that offers crypto users the ability to provide liquidity and earn rewards directly in ETH.
The platform has an anti-manipulation feature that converts DYP rewards into ETH without excessively affecting the token price, thus facilitating users to earn rewards with minimal risks.
Since the launch of the DYP staking dApp this past January, liquidity providers (LPs) on the platform have earned 7,064.11 ETH worth $14,870,593.42.
At the same time, the innovative DeFi project’s liquidity from Uniswap has exploded 20 fold since the launch of the staking dApp to hit a whopping $19 million.
DYP boasts a user-friendly and straightforward interface that can accommodate both novice and pro yield farmers.
The protocol now plans to introduce the DYP Tools to serve as the core feature of the entire DeFi ecosystem. The decentralized tool’s dashboard will launch soon, increasing the use case for DYP native tokens.
The tools will serve as a decentralized hub for the entire DeFi ecosystem, providing innovative solutions such as a liquidity locker for all projects.
The DYP tools will also integrate a decentralized trust score for any new venture, helping the DeFi community avoid rug pulls.
DYP Protocol Has Gone to Binance Smart Chain!
The latest development for the DYP project is the integration with BSC, allowing LPs to choose between three different types of rewards: ETH, BNB, or DYP.
The integration of BSC for the DeFi Yield Protocol staking and governance dApp is expected to enhance the entire DYP community’s liquidity and pave the path for other developments shortly!
Moreover, the DYP token is now available on Binance Chain, allowing more crypto enthusiasts to access the DYP ecosystem.
Earn Rewards For Locking Liquidity on BSC
DYP users can now add liquidity to any of the available pools PancakeSwap (DYP/BNB, DYP/ETH and DYP/BUSD) and receive lucrative rewards in ETH, BNB, or DYP. Users have already added $510K worth of liquidity to PancakeSwap.
To become a liquidity provider and start earning liquidity, investors must deposit PancakeSwap LP tokens into any of the four available pools mentioned above.
Each pool offers four different staking options, with monthly yields starting from 30.000 DYP up to 100.000 depending on the lock time (minimum 3 days up to 90 days).
Smart contracts will automatically convert all pool rewards from DYP to BNB every 24 hours to maintain the DYP token price stability. Then, ETH/BNB/DYP is distributed to the LPs, who can choose which token they want to receive as rewards.
Smart contracts allow for a -2.5% slippage on the DYP price. Suppose the price is affected by more than this percentage. In that case, the maximum DYP amount that does not affect the price is automatically swapped to BNB, with the remaining amount distributed in the next day’s rewards.
DYP governance gets to vote on whether to burn or disburse any undistributed DYP rewards to token holders after seven days.
How to Swap DYP to the BSC Network
If you own DYP tokens on Ethereum Network, you can easily add liquidity to a PancakeSwap pool and start earning WBNB rewards.
To do so, you should visit the DeFi Yield Protocol Bridge to swap the tokens from the ETH to the BSC network. Here is a detailed tutorial on implementing the swap via your metamask wallet and start earning rewards on BSC.
It is important to note that the maximum amount you can swap per wallet every 24 hours is 10,000 DYP. If you wish to swop your tokens from BSC back to ETH, you need to follow the same steps in the tutorial.