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Decentralized internet infrastructure protocol Deeper Network has announced further staking incentives for its native DPR token.
In an April 29 announcement, Deeper Network stated that users would now be able to stake their DPR tokens and the USDC stablecoin in order to earn more DPR.
The staking can be done on Uniswap where a DPR-USDC liquidity provider token will be issued from the pool. Initial responses have been positive with one user stating:
“I’ve been staking for a little over a week now and let’s just say wow the returns are insane. Hodling $dpr for the long run can’t wait for further updates and milestones reached,”
Stake your DPR & USDC to earn $DPR tokens! 💰 If you don't know how, find step by step here: https://t.co/1qsTHrmpIX pic.twitter.com/H48cfr1rtZ
— Deeper Network (@deeper_network) April 29, 2021
As reported by Altcoin Buzz, Deeper Network launched staking on its own platform earlier this month with annual percentage yields as high as 1,800%.
$6 Million in TVL
According to Uniswap analytics, there is currently $6 million in liquidity for the pair and a daily volume of $700 million.
According to the official Twitter channel, Deeper Network is a blockchain-powered all-in-one solution that connects to VPN hardware to solve censorship, cybersecurity concerns, and freedom of internet access via a Web3 gateway.
It is aiming to decentralize the DNS (domain name service) system that currently controls pretty much the entire internet. It uses DPN (Decentralized Private Network) hardware and software in order to achieve this.
The platform has received a W3 Foundation grant to build critical infrastructure related to Substrate, the framework that powers the Polkadot ecosystem.
Its tokens were launched on April 8 in an initial DEX offering (IDO) through the TokenSoft security token platform and made available on TokenPocket, a mobile multi-chain crypto wallet provider.
The DPR token serves as the “gas” at the heart of Deeper Network, incentivizing users to share bandwidth by using its Proof of Credit consensus algorithm.
The wallet must be used to access staking pools on Uniswap, and a guide has been published to walk users through the process.
DPR Price Outlook
At the time of publication, DPR tokens were trading up 9.4% on the day at $0.1597, according to CoinGecko. The token hit an all-time high a few days after launch on April 12 of $0.334 but has retreated over 50% since.
The price of DPR tokens at the time of the IDO was around $0.02, so it has made around 635% since then.
Uniswap has seen its own native UNI token surge to new peaks recently, with the ATH coming on April 29 at $43.76.