The DeFi Performance Protocol (DYP) continues to gain popularity in the decentralized financial sector. Since the DYP protocol launched three months ago, it has seen significant growth in the community.
The agricultural crop platform entered into an ETH contract and paid 7,064 ETH worth more than $14 million to the lenders. DYP has also seen a 20-fold increase in liquidity on the popular decentralized exchange Uniswap. Uniswap liquidity on DYP/ETH currently exceeds $21,000,000. DYP also expanded its ecosystem with the integration of Binance Smart Chain (BSC) in February.
The DeFi Yield Protocol (DYP) allows cash users to earn a decent return. It also uses an anti-manipulation feature that prevents whales from manipulating the price of their native token, DYP.
This is done by converting all DYP rewards into ETH on a daily basis and sending them directly to portfolio holders. This ensures that the liquidity protocol is sustainable and that rewards are generated without affecting price. This allows liquidity providers to provide liquidity and earn ETH with minimal risk.
This was followed by the introduction of stacking and Dapp management for users to provide liquidity in a Binance smart financial chain. The dApp course allows users to add money to any of the PancakeSwape pools: DYP/BNB, DYP/ETH and DYP/BUSD.
Each pool has four different betting options with liquidity bonuses ranging from DYP 30,000 to DYP 100,000 per month. Moreover, the reward depends on the blocking period of at least three to 90 days.
Users can also choose between three different crypto-currencies for rewards, including ETH, BNB or DYP. In addition, the DYP token is now available on both BSC and Ethereum, enabling interoperability between targets for users in the DYP ecosystem.
As with the Ethereum version of DYP, all pool rewards issued on DYP BSC are automatically converted to BNB in a smart contract and distributed to token holders. If the DYP rate is affected by no more than -2.5%, the maximum value of DYP not affected by the rate is changed to NBB and added to the next day’s award.
If this persists for seven days and there are unallocated BSC DYP allocations, a management vote will be held to allocate token holders or burn tokens from the draw.
DYP Ethereum/Binance Smart Chain Bridge
DeFi Yield Protocol (DYP) has launched a bridge that allows users to exchange their DYP tokens between the Ethereum and Binance smart chain networks. The cross-platform gateway is designed to easily convert assets from ERC-20 tokens to Bep 20 tokens.
DYP holders must go to the relay platform and follow a few steps to redeem tokens. The popular wallet MetaMask is supported by the Bridge platform, and users need to connect their wallet to the Bridge. The maximum number of DYP tokens that can be exchanged in a wallet within 24 hours is 10,000 DYP tokens.
It should be noted that this is an important development of the DYP protocol, as it means that users can easily exchange tokens on two popular smart contract networks. TheFi industry is evolving towards inter-channel interoperability and the DYP protocol has adapted to this new trend.
New developments expected in Q2
The DYP protocol is under development. The development team plans to launch more products in the second quarter of 2021. The long-awaited DYP Earn Vault is in its final stages and is expected to go live as soon as the safety audit reports are confirmed.
The DYP tools, a decentralized dashboard that provides information on DeFi’s projects, will also be launched in the second quarter of the year. Other products in development include a new user interface design and the DYP NFT dApp, which allows NFTs to be created and developed on their platform. For more information on the DeFi performance protocol, see https://dyp.finance/.
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