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DeFi Yield Protocol (DYP) Launches Staking Pools on Binance Smart Chain

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Mon, 04/12/2021 - 15:33
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Vladislav Sopov
DeFi Yield Protocol (DYP), an easy-to-use yield farming ecosystem, launched staking pools on Binance Smart Chain. How can "farmers" benefit from it?
DeFi Yield Protocol (DYP) Launches Staking Pools on Binance Smart Chain
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While initially launched on Ethereum (ETH) blockchain, a new-gen staking and yield farming framework, DeFi Yield Protocol (DYP), is now present on Binance's smart contract environment, Binance Smart Chain (BSC).

Yield farming, reconsidered: DeFi Yield Protocol introduces DYP Tools

Within the DeFi Yield Protocol, all instruments for the farming of multiple assets are integrated into the decentralized tools dashboard (DYP Tools). Besides an advanced user experience, it catalyzes interest in DYP, a native core asset of the  DeFi Yield Protocol (DYP).

DYP Finance launches on Binance Smart Chain
Image via Twitter

According to a statement by the project team, with DYP Tools integration, DeFi Yield Protocol will evolve into a one-stop hub for decentralized financial protocols.

Devs from DeFi Yield Protocol (DYP) decided to launch on Binance Smart Chain after the success of the Ethereum-based version. In total, DYP liquidity providers have earned more than 7,000 Ethers (equal to $14 million) during the first three months of staking dApp activation. This hype is nowhere near an end as net DYP liquidity on Uniswap (UNI) surpasses $19 million at the moment.

Meanwhile, due to extremely high Ethereum (ETH) fees, the transaction costs at Uniswap (UNI) went ballistic. As a result, to reduce the expenses for the community,  DeFi Yield Protocol (DYP) launched a BSC-based version. Migration between ERC-20 and BSC DYP token is organized through a seamless bridge.

$510K is already added to PancakeSwap (CAKE)

Initial liquidity injection to  PancakeSwap (CAKE), a flagship BSC-based DEX surpassed half a million dollars. Three liquidity pools are activated: DYP/BNB, DYP/ETH and DYP/BUSD. As a result, DeFi Yield Protocol (DYP) users can obtain rewards in Ethers, Binance Coins (BNB) and DYP tokens.

The DYP token contract address is 0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17; all "yield farmers" should be cautious to avoid sending money to impersonators.

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In order to protect users from DYP price volatility spikes, DYP tokens are swapped to BNB in an automated manner.

DeFi Yield Protocol (DYP) offers a flexible rewards policy. DYP can be locked for any period between three days and three months. Depending on the lock-up time, the rewards pool amount varies from 30,000 DYP up to 100,000 DYP per month.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)