The DeFi Yield Protocol, a yield farming aggregator platform, has officially launched its revised buyback, farming, and staking pools. These pools exist on a variety of blockchains, including Ethereum, Avalanche, and the BSC .
By staking WETH, WBTC, USDC, USDT, DAI, or LINK in Ethereum’s repurchase pool, holders can earn up to 350 percent APY in DYP.
Avalanche’s buyback pool, on the other hand, pays up to 145 percent APY. WAVAX, USDC.e, USDT.e, WETH.e, PNG, QI, DAI.e, XAVA, WBTC.e, or LINK.e are some of the staking choices.
Finally, the BSC buyback pool pays up to 100 percent annual percentage yield. WBNB, BTCB, ETH, BUSD, and CAKE are all options for stakes.
The user’s funds will be converted into a mix of DYP and iDYP tokens and deposited into a staking contract when they deposit into these pools. Staker’s returns range from 30% to 350% APY, depending on the chain chosen and the amount of time customers want to keep their tokens locked away (0-90 days). When a prize is withdrawn, it is distributed in DYP.
If older users need to get their money out of the V1 farming pool, they’ll be left with two options. These include DYP as well as whatever cryptocurrency/token they originally put on their respective chains.
DYP consumers will have more options to maximise future yield as a result of this. Those first tokens can be redeposited in the new farming pool!
Users can earn incentives on Ethereum by depositing ETH, WBTC, USDC, or USDT. Avax will be accepted in Avalanche’s farming pools, whereas WBNB, BTCB, ETH, BUSD, or CAKE will be accepted in BSC’s pool. WETH, WAVAX, WBNB, or USDT can be used to redeem these incentives. 75 percent of this contribution will be invested in the iDYP LP, while the remaining 25% will be used for DYP staking at up to 200 percent APY.
The smart contract automatically converts rewards from iDYP to WETH, WAVAX, or WBNB, as a safeguard against the former’s price fluctuation. When withdrawing cash, the entire initial investment will be returned to the depositor, plus a 25% bonus in DYP.
Holders of DYP can earn up to 130 percent APY on Avalanche, 550 percent APY on Ethereum, and 50 percent APY on BSC by staking their coins. There is no temporary loss involved. Users who spend their tokens for longer periods of time will obtain the best rates, much like with the buyback pools. They can also use the “reinvest” feature, which will automatically store their profits in the staking pool for compound interest.
A recommendation scheme was also included in DYP. Those who refer friends and relatives to DYP are rewarded with 5% of their friends’ staked assets.
The buyback, farming, and staking pools had gathered almost $90 million in contributions within a week of its inception. Contributors were given 15,867 AVAX, 7,997 BNB, and 9,032 ETH, for a total of $44,149,334 in tokens. Currently, the protocol’s highest available APY is 625 percent.
What is DYP?
Defi Yield Protocol (DYP) is a multi-purpose platform that may be used for staking, yield farming, NFTs, and other types of trade.
DYP is the first DeFi company to offer its consumers ETH as a prize. There’s also anti-manipulation protection. This ensures that people who receive rewards via less trustworthy platform native tokens, such as iDYP, receive a consistent payout.
By merging decentralised scoring, trust voting mechanisms, and yield farm data, DYP’s decentralised tool dashboard supports investors in making informed judgments.
The protocol has a number of intriguing projects in the works for the coming months. These include a launchpad for high-quality projects on all three chains, as well as a V2 of its NFT Dapp on BSC, ETH, and Avalanche.