Already on Ethereum and coming to Binance Smart Chain
DeFi Yield Protocol, or DYP Finance, is a platform that allows investors to earn passive income through staking, farming and participating in ETH mining pools. The native DYP token is the main pair for all the activity on the platform.
Liquidity is provided through Uniswap, and the DYP farming pools have seen a 1000% increase in liquidity in recent weeks. By staking your tokens in these pools, liquidity providers earn DYP. This token can be used to provide liquidity, but also allows holders to vote on governance decisions.
On DYP Finance users can find four different staking pools for DYP-ETH, DYP-USDT, DYP-USDC and DYP-WBTC.
In addition there are DYP farming pools. These pools have a lock-in for at least 30 days and a maximum of 120 days. The yield is between 20 and 35% APR.
Even though liquidity providers earn DYP, interestingly they earn their rewards in ETH. Every day the smart contract tries to convert the DYP rewards to ETH as long as the value of DYP doesn’t drop more than 2.5%. This is their way to battle market manipulation from whales, which would protect smaller investors.
The smart contract will keep trying to convert DYP rewards every day at 00:00 UTC. If rewards aren’t paid after seven days, the protocol governance will vote on whether the remaining DYP will be distributed or burned. Burning obviously increases the price and would re-enable payments.This way DYP offers an unique token on DeFi rewards.
Binance Smart Chain support is coming
In the coming weeks the team at DYP Finance will integrate Binance Smart Chain into their platform. DYP will come to PancakeSwap! They are building a bridge between the Ethereum and BSC blockchains, allowing users to easily transfer their funds.
On PancakeSwap they will offer three different pools: DYP/wBNB, DYP/wETH and DYP/BUSD. Rewards for these pools will be paid in wBNB, wETH and DYP. In addition there will be a special governance contract tailored to the activity on the Binance Smart Chain.
DeFi on Binance Smart Chain is growing rapidly. BSC recorded $745 billion in volume in February. Also in terms of active wallets, BSC is outperforming the competition on Ethereum. At the moment DeFi on Ethereum is still more valuable though, with a TVL of more than $51 billion.
