In a milestone move, the DeFi Yield Protocol (DYP) staking dApp is now live on the Binance Smart Chain (BSC), as per an update on Apr 5.
DYP Staking Service on the Binance Smart Chain (BSC)
The DYP staking service launch on the low-fee, high throughput BSC platform is a step in the right direction. It comes after a code audit by Blockchain Consilium.
DYP Staking services were launched in early Q1 2021 and have grown in stature over time, attracting yield farmers who have cumulatively earned over $14.8 million since activation.
There will be four staking options for each pool in the BSC with monthly rewards ranging from 30k to 100k DYP depending on the lock-up period ranging from three days to three months chosen by liquidity providers staking their liquidity tokens.
LPs can stake their liquidity tokens, received from providing liquidity at their selected DYP pool on PancakeSwap, to the DYP/WBNB, DYP/BUSD, and DYP/ETH pools.
The DYP protocol aims to reward liquidity providers with ETH coins and has integrated an anti-manipulation feature to transparently convert rewards into ETH without a noticeable impact on Ethereum prices.
Launch on BSC a Step in the Right Direction
Launching on the BSC platform is expected to spark even more activity. Notably, BSC is part of the burgeoning Binance ecosystem comprising the Binance Chain, a DEX, CeFi products, and an exchange offering crypto-to-crypto, crypto-to-fiat, and derivative trading, on top of other exciting services.
Uniquely, through the DYP protocol, liquidity providers can trustlessly earn ETH, BNB, or DYP easily without risks.
Here, all a user has to do is to provide liquidity to any of the supported protocols. After that, the platform will convert those rewards in DYP to ETH/BNB coins before disbursing them to LPs wallets.
For faster onboarding, the DYP protocol has made its interface easy to use. It is simplified, making it easy for both new and experienced yield farmers to participate.
Yield Farming DYP in the BSC
As aforementioned, DYP liquidity providers have cumulatively earned over $14.8 million since launch.
Tokens were distributed to LPs in Uniswap, which has grown almost 20X with over $19 million in various DYP pools in Uniswap.
Therefore, the extension to PancakeSwap would help build DYP Protocol’s liquidity besides opening up even more developments in the future.
To jump-start activity and presence in BSC, DYP Protocol has deposited $510k of liquidity to PancakeSwap.
From there, users can choose to provide liquidity to any of the three pools: DYP/BNB, DYP/ETH, and DYP/BUSD, on PancakeSwap and stake their LP tokens with the option of being paid in the DYP Protocol’s token DYP, BNB—the native currency of the Binance Ecosystem, or ETH.
To get started, users can obtain DYP tokens from DYP Protocols on PancakeSwap to supply liquidity and earn LP tokens. However, those with DYP tokens in Ethereum can easily swap them to BEP-20 tokens on the BSC through the recently created bridge. The BSC is compatible with the EVM. Therefore, transactions can be executed straight from MetaMask.
During conversion, the DYP Protocol recommends swappers to save the transaction hash for quick resolution whenever network issues arise. Also, users can swap a maximum of 10k DYP tokens every 24 hours.
Price Stabilization Feature using the more Liquid BNB
Apart from the anti-manipulation feature that safeguards the conversion of rewards to ETH, the DYP Protocol has taken steps to cushion against unexpected DYP volatility.
Accordingly, there will be a trigger set at -2.5 percent. If this is exceeded, then the maximum amount of DYP tokens that won’t affect prices will be converted to BNB.
In that regard, all BSC pools’ DYP rewards will be automatically converted to BNB before being distributed to BNB, ETH, or DYP as per the LP’s selected means of receiving rewards.
Also, assuming LPs don’t claim DYP rewards, the protocol’s governance will vote to either distribute these rewards to owners or burn them.
DYP Protocol Features in the Pipeline
In April, the DYP Protocol plans to launch DYP Tools. The team is waiting for the completion of GETH Node synchronization.
At the same time, the DYP Earn Vault is ready to launch, just awaiting audit results.
Other products set for release include DYP NFT dApp, which is still in development, and a planned overhaul of DYP Protocol’s user interface.