DeFi Yield Protocol Liquidity Providers Earn $204,718 in ETH in just 10 days Staking DYP

The Defi yield protocol (DYP) allows all users to provide liquidity while earning returns in DYP, the native ERC-20 token token underpinning the project. 

The DYP token has been available for purchase and trading on leading Defi platform Uniswap for some time, with liquidity locked for one year with UniCrypt.

Contracts for DYP are routinely audited by PeckShield and the Blockchain Consilium and rely on SecurityOracle. These safeguards help protect the decentralized network from smart contract bugs that can result in security breaches such as flash loan attacks.

The DYP interface is also quite simplified, enabling both novel and professional yield farmers to use the protocol and earn lucrative rewards. The secure and user-friendly nature of the DYP platform guarantees users the best experience in open finance.

What’s more, DYP’s governance dApp gives full control of the protocol to the community, which votes on vital upgrades such as new liquidity pools and fees. This governance mechanism promotes transparency and fairness and deters nefarious actors from infiltrating the network.

The DYP Staking Protocol is Live!

DYP has now unveiled its unique staking protocol that allows users to provide liquidity and earn rewards via the ETH smart contract integrated with the Metamask wallet. Now all crypto enthusiasts can earn some free ETH by staking their tokens on DYP.

DYP staking pools allow token holders to activate Ethereum rewards and access a wide range of benefits via the DYP staking and governance dApp. The protocol amassed $36M in total value locked (TVL) just over a week after launch and looks sure to spur some interest in the market by rewarding stakers in Ethereum. As of this article’s writing, TVL stands at just over $46M.

To celebrate the staking dApp launch and the listing on Uniswap and Bithumb Global, the DYP team has announced it will give away $1000 worth of ETH. The protocol supports several staking pools; DYP/ETH, DYP/USDT, DYP/WBTC, and DYP/USDC pools are currently available to users.

Investors can start earning passive income by depositing liquidity provider tokens (Uniswap LP tokens) into the available DYP staking pools. To access the staking dApp and choose your staking pool, click on app.dyp.finance and connect your Metamask wallet. 

Each pool comes with four distinct staking options and offers rewards starting from 30.000 DYP up to 100.000 DYP each month, depending on the lock time (minimum of three days up to 90 days). 

Essentially, DYP functions like most other Defi tokens in terms of staking and governance, although it raises the bar with its new strategy that pushes ROI to the maximum. 

For one, the platform stands out because of its issues rewards paid in Ethereum directly, a feature that helps ease inflation while integrating additional value in the ETH ecosystem.  

Moreover, all DYP staking pools feature an integrated anti-manipulation feature that guarantees a minimum of 2.5% slippage. This tech allows staking pools to maintain token price stability while offering a secure and streamlined process for end-users. 

DYP Moves to Solve Issues Plaguing DeFi

The dev team behind DYP set out to solve the biggest problem plaguing the Defi space, which is whales’ power to control DeFi networks. One famous example of such a whale attack was the recent Sushi dump where the anonymous founder of SushiSwap dumped his tokens for ETH.

The DYP protocol prevents such occurrences by automatically converting all DYP tokens to ETH. The system then distributes the rewards to liquidity providers in a fair way to all pool participants.

In detail, the DYP system automatically converts all pool rewards from DYP to ETH at 00:00 UTC every day; Wrapped Ethereum (WETH) is distributed as a reward to the liquidity providers.

The DYP smart contract is also designed to maintain the DYP token price. Whenever the DYP price fluctuates beyond 2.5% in value, the maximum token amount that doesn’t affect the price is swapped to ETH. The anti-manipulation feature then distributes any remaining DYP tokens in the next day’s rewards. 

If there are still leftover DYP tokens, the protocol’s decentralized governance model kicks in; the DYP governance gets to vote on whether undistributed DYP rewards will be issued to token holders or burned.

As of this article’s writing, DeFi Yield Protocol paid 290 ETH rewards worth $204,718.78 in just 10 days to the liquidity providers.