DeFi Yield Protocol (DYP) Continues to Expand Its Ecosystem
DeFi Yield Protocol has emerged as one of the fastest-growing crypto projects with an expanding ecosystem. DYP allows DeFi users to leverage advanced trading tools to earn yield on their assets while taking advantage of the unique DYP Tools decentralized application.
DYP has attracted the attention of many within the crypto space due to its features that include its unique Anti-manipulation system. The anti-manipulation feature ensures the stability of DYP tokens by automatically converting DYP rewards to Ether (ETH) or BNB by 00:00 UTC daily and distributing rewards to liquidity providers.
Key Developments in DYP Ecosystem
The DYP team continues to develop the ecosystem with major partnerships and integrations into its infrastructure. Some of the high profile developments include:
DYP recently revealed that it has integrated Chainlink Price Feeds on its Ethereum and Binance Smart Chain mainnet. The integration will provide DYP with access to high-quality, tamper-proof price feeds needed to provide the exact value in USD for the rewards paid in ETH and BNB to the liquidity providers via farming pools. Chainlink data feeds will also ensure that DYP values are provided in a fully decentralized way that cannot be manipulated.
According to DYP, the choice of Chainlink is due to its seamless solution that has been tried and tested within the DeFi sector. Chainlink is the choice of several leading DeFi protocols and has proven to be valuable in maintaining the stability and security of smart contracts.
DYP will also use Chainlink in the future to provide additional price feeds for all the farming, staking, and vault pools on its platform.
DYP is also set to expand its ecosystem by building integration with DeFi protocol Avalanche. The expansion will enable users to leverage DYP advanced trading tools on Avalanche. DYP will initially launch three products: DYP Farming, DYP Tools, and DYP NFTs.
As part of the integration, DYP Farming platform will launch a DYP/AVAX pair on Pangolin enabling users to stake their tokens for the different duration (3,30,60,90 days). Rewards are delivered to users in their choice of PNG, AVAX, or wrapped ETH daily.
DYP will also launch its unique NFT marketplace ‘’DYP NFTs’’ on Avalanche. The Marketplace will enable artists and creators to mint, trade, and sell their digital artwork to the Avalanche community at low fees and eco-friendly technology.
Ethereum and Binance Smart Chain Pools
DYP has achieved several milestones and became the first protocol to offer users yield rewards in ETH or BNB. Since its launch in 2020, DYP has paid out 8,455.24 ETH and 4,622.56 BNB worth over $20 million to liquidity providers.
It is also one of the few yield farming platforms that allows users to stake on both Ethereum and Binance Smart Chain Network. Yield farmers can easily stake DYP tokens on one of the supported staking pools. Each pool has four different staking options with rewards starting 20% APR up to 35% APR, depending on the lock time.
The DYP Earn Vault also provides an alternative means for users to earn impressive yields. The Vault is an automated yield farming contract with Compound Protocol integration and support for ETH, WBTC, USDC, USDT, and DAI markets.
The interest from Compound is entirely distributed to the users. A substantial proportion of the profits (75%) is converted ETH and distributed to the liquidity providers, whereas the remainder (25%) is used to buy back our protocol token and burn it.
DYP has developed a unique decentralized tools dashboard called DYP tools that is the first of its kind in the DeFi sector. DYP Tools increase the use cases for DYP Token and the entire DeFi ecosystem. The tool dashboard serves as a liquidity locker for any DeFi project and protects the DeFi community by providing a decentralized trust score for all DeFi.
DYP continues to trail the blaze in the DeFi space, and the launch of the DYP Tools is expected to lead to an adoption of the DYP token and its project within the crypto space.
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