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-tamper feature that converts DYP rewards into ETH without unduly affecting the price of the token, making it easy for users to earn rewards with minimal risks.
Since the launch of the DYP share dApp last January, liquidity providers (LPs) on the platform have earned 7,064.11 ETH worth $ 14,870,593.42.
At the same time, the liquidity of Uniswap’s groundbreaking DeFi project has multiplied by 20 since the launch of the participation dApp to reach a whopping $ 19 million.
DYP has a simple and easy-to-use interface that can suit both novice and professional farmers.
The protocol now plans to introduce the DYP tools to serve as the main feature of the entire DeFi ecosystem. The decentralized tool dashboard will launch soon, increasing the use case for native DYP tokens.
The tools will serve as a decentralized hub for the entire DeFi ecosystem, providing innovative solutions as a liquidity locker for all projects.
The DYP tools will also integrate a decentralized trust score for any startup, helping the DeFi community avoid carpet pulls.
DYP protocol has moved to Binance Smart Chain!
The latest development of 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 Governance and Participation dApp is expected to improve the liquidity of the entire DYP community and pave the way for other developments shortly.
Additionally, the DYP token is now available on the Binance Chain, allowing more crypto enthusiasts to access the DYP ecosystem.
Get rewarded for locking in liquidity in 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 $ 510K of liquidity to PancakeSwap.
To become a liquidity provider and start earning liquidity, investors need to deposit PancakeSwap LP tokens in any of the four available pools mentioned above.
Each group offers four different betting options, with monthly returns from DYP 30,000 to 100,000 depending on the lock time (minimum 3 days up to 90 days).
Smart contracts will automatically convert all group rewards from DYP to BNB every 24 hours to maintain DYP token price stability. Then ETH / BNB / DYP is distributed to LPs, who can choose which token they want to receive as a reward.
Smart contracts allow a -2.5% slippage in the DYP price. Assume that the price is affected by more than this percentage. In that case, the maximum amount of DYP that does not affect the price is automatically changed to BNB, and the remaining amount is distributed in the rewards of the following day.
DYP governance can vote on whether to burn or disburse undistributed DYP rewards to token holders after seven days.
How to change DYP to BSC network
If you own DYP tokens on the Ethereum Network, you can easily add liquidity to a PancakeSwap pool and start earning WBNB rewards.
To do so, you need to visit the DeFi Yield Protocol Bridge to exchange the ETH tokens to the BSC network. Here is a detailed tutorial on how to implement the exchange through your metamask wallet and start earning rewards at BSC.
It is important to note that the maximum amount you can exchange per wallet every 24 hours is 10,000 DYP. If you want to transfer your tokens from BSC to ETH, you have to follow the same steps in the tutorial.
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