DeFi Yield Protocol (DYP): A Unique Manipulation-Resistant DeFi Platform

Project Reviews / 21.11.2020

While DeFi isn’t an entirely new concept in the crypto space, DeFi platforms have witnessed enormous growth in recent years. Currently, over $10 billion in digital assets are locked across various DeFi platforms. The DeFi sector’s growth has introduced new products and features as investors are looking to diversify their portfolios. One of these features that have become commonplace in the DeFi sector is DeFi Yield Farming

By rising from $1 billion in February to boasting $4 billion worth of loans by the end of August 2020, DeFi yield farming is strongly hitting the headlines. DeFi yield farming, also referred to as staking, locking up cryptocurrencies on DeFi platforms in return for rewards. The general idea behind yield farming, also known as liquidity mining, is that individuals can earn tokens for using DeFi platforms. 

Of the numerous DeFi platforms that offer yield farming, DYP Finance stands out thanks to its unique features, including the DYP Anti-Manipulation feature, automated vaults coupled with Ethereum mining pool. Here’s an in-depth insight into this unique and outstanding DeFi platform. 

DeFi Yield Protocol Overview

DeFi Yield Protocol is a completely different and unique DeFi protocol that rewards users with DYP tokens for providing liquidity. The platform is built on Ethereum smart contract network and allows users to stake dAPP through the smart contract that is front-end integrated with Trustwallet and Metamask.

To prevent network manipulation whereby crypto whales take control of the network, DYP Finance features an anti-manipulation feature that automatically converts all pool rewards to ETH at 00:00 UTC every day. The platform then distributes the rewards to liquidity providers with all reward payments made in ETH. DYP’s anti-manipulation tool ensures that the pool’s liquidity is not manipulated to favor particular users. 

In essence, DYP seeks to solve major challenges in the DeFi space eliminating price manipulation and providing both token price stability and security to the enthusiastic DeFi end users.     

Unique Features of DeFi Yield Protocol (DYP)

As mentioned earlier, DYP constitutes unique features that set it apart from other DeFi yield farming platforms. Below are some of the unique features of DYP. 

  • DYP Anti-Manipulation Feature

The DYP anti-manipulation feature is an excellent innovation in the DeFi space that eliminates the immense network control and manipulation by “whales,” such as in the case with SushiSwap. To prevent a whale attack, the anti-manipulation features guarantee that the rewards from featured tokens (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) are swapped from DYP to ETH automatically at 00.00 UTC. 

The anti-manipulation feature ensures that every day at 00:00 UTC, the Ethereum smart contract automatically converts 276, 480 DYP (69, 120 DYP per day, per DYP pool) to ETH. The smart contract system only converts the maximum DYP amount that does not affect its price by more than 2.5% when swapped with ETH. The remaining amount is added to the next day’s rewards. If they’re still undistributed after seven days, a governance vote will be held on whether the remaining DYP tokens are distributed to token holders or burnt. 

This feature ensures that staking rewards are automatically distributed to the platform’s liquidity providers fairly and transparently. DYP anti-manipulation feature also conducts frequent security audits of the smart contracts. 

  • Ethereum Mining Pool

Smart contracts are the backbone of any DeFi platform. DYP is built on the Ethereum smart contract, one of the best smart contract protocols available. In addition to providing network immutability and security for the DeFi protocol, Ethereum smart contract offers DYP users access to the ETH mining pool. 

DYP Finance has invested over $ 1 million on their mining farm to meet the community’s needs. DYP is fully backed by an Ethereum Mining Farm with a 35 GH/s hash rate. This means that the platform earns between 67 ETH-150 ETH every month, depending on the Ethereum mining difficulty and gas price.

The platform offers a 10% monthly bonus of the ETH monthly income earned on every Ethereum miner address that interacts with DYP smart contracts and starts using their mining pool. DYP users are charged a 0% fee to join the Ethereum mining pool. The platform will also distribute five million DYP to miners to attract them to the mining pool and grow the platform. 

Additionally, miners who use the ETH mining pool automatically provide liquidity to participating pools and earn more ETH from the DYP rewards and the automated earn vaults. 

  • DYP Earn Vault

DYP Earn Vault is an automatic yield-farming contract that enables users to deposit a particular token and profit from yield-farming strategies. The vault distributes 75% of the profits to the platform’s liquidity providers. The remaining 25% of profit is used to enhance liquidity and maintain token price stability by buying back DYP tokens.  

DYP Token Distribution

DYP recorded overwhelming positive feedback on the launch of the DYP Token Community Crowdsale Whitelist from the community. DYP sold 570 000 DYP tokens worth 2 821.71 ETH during the Whitelisting & Presale round. This showed an enormous interest in the product from the DeFi community. You can participate in the public Crowdsale here

The token distribution is as follows. 

30, 000, 000 DYP have been mined at the beginning of the project and distributed in 2 years. Only 75.30% of DYP tokens i.e. 22,588,800 DYP as follows. 

  • 16,588,800 DYP – DYP liquidity-mining pool rewards
  • 5,000,000 DYP – Ethereum mining pool
  • 1,000,000 DYP locked for one year to Uniswap liquidity on token

How to Stake on DeFi Yield Protocol (DYP)

On DYP, you can stake on 4 participating pools, i.e., DYP-ETH, DYP-USDC, DYP-USDT, and DYP-WBTC pools. Note that these staking pools will be up and running on the 30th of November. 2020. To add liquidity to any pool, such as the DYP-ETH pool, you’ll need to add 1000 DYP and the same amount in ETH at the current market price of 5.25 ETH. 

Final Thoughts

DeFi yield farming is a great way of passively earning in the crypto space. Among the numerous platforms that support yield farming, DeFi Yield Protocol (DYP) stands out thanks to its unique features such as DYP anti-manipulation feature, ETH mining pool, DYP earns vault. Better yet, the platform is fully backed by an Ethereum Mining Farm with a 35GH/s Hashrate, and all smart contracts are audited before use, meaning it’s secure and transparent. By solving some major challenges in the DeFi space, including price manipulation by whales, DYP is the next big thing in the rapidly growing DeFi sector.

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Adam is an outgoing young lad who likes adventures and discovering new things. Despite his boring life, he loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.