DeFi Yield Protocol (DYP) Features on The Binance Smart Chain (BSC)
The decentralized finance network is gradually gaining popularity, supporting protocols like DeFi Yield Protocol (DYP), an ecosystem enabling users to provide liquidity and receive ETH rewards in return. DYP also stabilizes its native token (DYP Token) by employing an anti-manipulation feature that automatically converts DYP rewards into Ethereum.
Currently, the DYP protocol has successfully managed to feature on the Binance Smart Chain for its staking dApp. The Binance Smart Chain is a blockchain architecture founded by Binance to enable developers or users to establish decentralized applications and virtual assets.
Therefore, merging with the BSC chain will boost DYP’s liquidity levels by leveraging a fast trading and exchange network. Asides from Ethereum, the DYP token is now on the Binance Smart Chain giving more access to the digital asset while attracting more users to the DeFi protocol.
How to Start
As mentioned earlier, DYP counters price fluctuations by converting all rewards to ETH. The same process is applicable for users utilizing the BSC ecosystem, where rewards will be swapped to BNB, adding the reward options to three digital tokens (ETH, DYP, and BNB).
Once the DYP price sways beyond the -2.5% mark, the platform will swap a certain amount of BNB tokens that don’t affect DYP’s price. The remaining DYP rewards are set aside to be allocated the following day. To start adding liquidity and receiving WBNB rewards, users need to follow the following procedure:
- Swap your DYP tokens from the Ethereum Network to the Binance Chain using Bridge protocol. Users without the DYP tokens can acquire them on PnacakeSwap. After that, visit the protocol’s staking app.
- Users should connect and log in to their MetaMask wallets and select the DYP/BNB pool on the staking app.
- At this point, users will select their preferred locking and rewards pool option, which ranges from 30.000 DYP for three days to 100.000 DYP for a 90 day lock period.
- On the PancakeSwap page, add liquidity to the DYP/BNB pool. Users need to add a similar amount of DYP in BNB. Sign the transaction using the MetaMask wallet and finalize it by selecting MAX followed by the approve DYP option.
- Finally, click STAKE and claim BNB rewards within 24 hours. Rewards will keep updating once investors select the claim option.
It is important to note that users will only unstake based on the lock period they select, which starts from 3, 30, 60, or 90 days.
DYP farming pools hold various staking options as rewards start from 20% APR to 35% APR, all with a lock period of between 30 to 120 days. Referring friends to stake the DYP token automatically earns 5% of their rewards with zero gas fees.
What’s more, DYP holders can participate in governance activities where they can vote on token burning, pool additions, partnerships, to mention but a few. Enabling governance rights gives users the chance to actively participate in making crucial decisions that will propel the DYP ecosystem forward.
DYP has accomplished most of its targets ever since it was first established in the third quarter of 2020. The goals it successfully executed include founding DYP’s ERC-20 token smart contract., token crowd sale, DYP exchange listing, smart contract audit, introducing DYP governance, liquidity locking, and many more.
The DeFi platform now hopes to launch products such as the DYP NFT dApp, DYP lending, in-built insurance for DYP LP, and a new user interface. An Earn Vault feature is also underway, which will transfer a user’s deposited funds to other profitable ecosystems.
Once it is in motion, 25% of the rewards will be used to buy back the platform’s native token. In comparison, 75% will be allocated to the liquidity providers after converting the rewards to Ethereum.