VALLETTA, Malta, April 08, 2021 (GLOBE NEWSWIRE) -- DYP Finance is introducing its bridge between the Binance Smart Chain and its host protocol, the Ethereum network. The protocol has achieved great lengths in transforming the DeFi space for safer options for users in a short while.
DYP grabbed crypto enthusiasts' attention as a liquidity providing protocol allowing anyone to participate in the process and get their rewards for the first time in Ethereum. It also offers lucrative returns of up to 269% APY while utilizing its pools.
Furthermore, its anti-manipulation feature adds juice to its unique narrative, offering more confidence in decentralized finance. The protocol directly converts its DYP tokens into ETH rewards with minimal price changes.
The over-the-top growth it has seen so far is only seeing its beginning as the protocol prepares to unleash new tools for all users. It now boasts over $19M in liquidity on Uniswap and still rising, standing at a 20x uptrend since its launch.
In other sectors, the protocol has distributed over $14.87 million in Ethereum to liquidity providers (LP), totaling about 7139 ETH.
Its integration with the BSC is one more step towards the right growth direction and more support from its users as it increases liquidity to DYP. Additionally, it is the gateway to more developments laying ahead of its roadmap for the near future.
How Users Will Benefit from the Binance Smart Chain
Thus far, DYP stands as a user-friendly protocol with a simplified UI to assist new LPs on the platform. This factor differs from many DeFi protocols in the crypto market today, which favor pro DeFi users only.
Having added $510,000 in liquidity on PancakeSwap, users can now utilize the DYP/ETH, DYP/BUSD, and DYP/BNB pools on the protocol. LPs can further choose between the three rewards: BNB, ETH, or DYP.
The primary purpose of the DYP on BSC is for the protocol’s staking program and its governance dApp. The DYP smart contract on BSC is 0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17.
The contract will help swap DYP for BNB to mitigate risks for all LPs receiving rewards from BSC. Furthermore, DeFi Yield Protocol will transform all DYP rewards from liquidity pools into BNB every 24 hours to reduce price volatility.
It is worth noting that if the DYP prices are affected by more than -2.5%, then the protocol will convert the maximum tokens that do not affect the price into BNB. The protocol will distribute the remaining rewards on the following day under those circumstances.
Depending on whether all the rewards will be distributed in 7 days or not, the governance will vote to either issue the remaining rewards to token holders or burn them.
Start Providing Liquidity as an LP on BSC
To begin liquidity provision and earn rewards, you have to purchase and deposit PancakeSwap liquidity tokens into their respective pools.
You can then choose from the four staking options ranging from 30,000 DYP to 100,000 DYP. The staking periods on the pools vary from 3 days to 90 days for any liquidity provider to earn. You need to wait for the staking period to end before withdrawing your funds to get your rewards.
Users can rest easy with DYP's provision of a well-detailed guide on how to leverage the bridge between its protocol and BSC. For more details, click here.
Taking Advantage of What DYP Has to Offer
Besides having a chance to stake and earn on the protocol, DYP continues to favor its community's contribution to its progress. In that case, it holds governance rights on high standards, with DYP token holders getting a chance to vote on significant decisions on the platform.
Now, DeFi users can acquire their DYP on the platform or swap ETH for the tokens to earn an exciting position on the governance team. All you need to do is take the next step and get on the platform to learn more about what it has to offer and start earning today!
Media Contacts -
SOURCE: DYP Finance
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