Bitcoin News and Finance
DeFi Yield Protocol (DYP) Witnesses Massive Growth Following Binance Smart Chain Integration Skip to main content

DeFi Yield Protocol (DYP) Witnesses Massive Growth Following Binance Smart Chain Integration

Image
KEBB | Official ₿itcoin News
DeFi Yield Protocol (DYP) Witnesses Massive Growth Following Binance Smart Chain Integration

DeFi Yield Protocol (DYP) continues to attain popularity within the decentralized finance sector. Since the launch of the staking dAPP three months ago, DYP Protocol has experienced massive growth in its community.

DeFi Yield Protocol

The yield farming platform has over $39 million locked in its ETH staking contract and has paid 7,064 ETH worth over $14 million to liquidity providers. DYP has also experienced a 20x increase in liquidity on popular decentralized exchange Uniswap. At the moment, more than $21,000,000 in liquidity on Uniswap on the DYP/ETH. DYP has also expanded its ecosystem with the integration of Binance Smart Chain (BSC) in February.

DeFi Yield Protocol (DYP) allows users that provide liquidity to earn decent returns. It also utilizes an anti-manipulation feature that prevents whales from manipulating the price of its native token, DYP.

This is by converting all DYP rewards into ETH daily and sending distributing it directly to holders wallets. This ensures that the liquidity protocol is sustainable and rewards are generated without affecting the price. Thus liquidity providers can provide liquidity providers and earn ETH with minimal risk.

This development was followed with the launch of a staking and governance dApp for users to provide liquidity on the Binance Smart Chain. The staking dApp enables users to add liquidity to one of the pools from PancakeSwape: DYP/BNB, DYP/ETH, and DYP/BUSD.

Each pool has four different staking options with liquidity rewards ranging from 30,000 DYP to 100,000 DYP monthly. Also, the rewards depend on the lock time from a minimum of three up to 90 days.

Users can also choose between three different cryptocurrencies for rewards, including ETH, BNB, or DYP. In addition, DYP token is now available on BSC as well as Ethereum enabling cross-chain compatibility for users in the DYP ecosystem.

Like the Ethereum version of DYP, all pool rewards issued on DYP BSC are automatically converted to BNB by the smart contract and distributed to token holders. If the price of DYP is not affected by more than -2.5%, the maximum value of DYP that does not affect the price will be changed to BNB and added to the next day’s reward.

If this continues for seven days and there are undistributed DYP BSC rewards, a governance vote will be held to distribute to the token holders or burn the tokens from circulation.

DYP Ethereum/ Binance Smart Chain Bridge

DeFi Yield Protocol (DYP) has launched a bridge that enables users to swap their DYP tokens between the Ethereum and Binance Smart Chain networks. The cross-platform bridge is designed to ensure easy conversion of assets from ERC-20 to Bep 20 tokens.

DYP holders are required to visit the bridge platform and follow a few steps to swap their tokens. The popular wallet MetaMask is supported on the bridge platform, and users will need to connect their wallets to the bridge. The maximum amount of DYP tokens that can be swapped per wallet in 24 hours is 10,000 DYP tokens.

It should be noted that this is a significant development for DYP protocol as it means that users can easily swap tokens across the two popular smart contract networks. The DeFi sector is expanding into cross-chain compatibility, and DYP protocol has adapted to this new trend.

More Developments Expected in Q2

DYP protocol continues to expand, with the development team set to release more products in the second quarter of 2021. The long-awaited DYP Earn Vault is in the final stages and will be expected to launch once the security audit reports are confirmed.

DYP tools, a decentralized tools dashboard that provides information about DeFi projects, will also be launched in the second quarter of the year. Other products under development include a new user interface design and a DYP NFT dApp that will enable the creation and development of NFTs on its platform. To learn more about DeFi Yield Protocol, visit the website https://dyp.finance/.

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Labels:

Comments

Post a Comment

Thank you for sharing your thoughts.

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

KEBB | Official ₿itcoin News
On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

KEBB | Official ₿itcoin News
Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

KEBB | Official ₿itcoin News
The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

KEBB | Official ₿itcoin News
Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
1 comment
Read more

Trezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets

KEBB | Official ₿itcoin News
This week, the hardware wallet manufacturer Trezor, and the non-custodial bitcoin wallet with a built-in Coinjoin mixer, Wasabi, revealed the two teams are working together to introduce Coinjoin mixing into hardware wallets. On Sunday, Wasabi tweeted “hardware wallet Coinjoins are coming next year with our friends at [Trezor].” Trezor Says Company Is ‘Working on a Coinjoin Implementation’ According to Trezor and Wasabi , a form of Coinjoin mixing is coming to hardware wallets in the near future. Coinjoin is a privacy-enhancing process that is leveraged to anonymize transfers on a blockchain. Basically, the scheme involves a number of parties transacting together and mixing their unspent transaction outputs (UTXOs) in a pool to obfuscate the origin of all the funds. On Sunday, Wasabi’s official Twitter account tweeted about adding the privacy-enhancing scheme to hardware wallets. In the thread, someone asked Wasabi when they would release an “album,” and Trezor replied : “Hi, we’...
Post a Comment
Read more

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

KEBB | Official ₿itcoin News
One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin” or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency Grand Theft Auto 6, one of the biggest gaming franchises, will feature an in-game cryptocurrency for payments according to insiders. The game will allow the player to accept cryptocurrency payments from big shot contractors who want to remain anonymous. Industry insider Tom Henderson leaked the news on Twitter earlier this week. He stated: I heard recently that in GTA 6, some missions will reward you in bitcoin instead of cash for completing some missions. The stock market feature will return, with the addition of a broker for different cryptocurrencies. If GTA 6 incorporate...
Post a Comment
Read more

Grayscale Considering 25 More Crypto Assets for Investment Products

KEBB | Official ₿itcoin News
Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets Added to List of Coins Under Consideration for Grayscale’s Investment Products Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management. The company explained that the “Assets Under Consideration” list comprises “some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.” Grayscale detailed: Wit...
Post a Comment
Read more

Cardano’s Cfund First Capital Goes to Israeli Fintech Startup Coti

KEBB | Official ₿itcoin News
This latest move to broaden cooperation between Cardano and Coti builds upon previous collaborations as the former seeks to upgrade its payment solution on top of the former’s expanding financial infrastructure. Strategic Investment Marks First Allocation for New Ecosystem Venture Fund One of the earliest proposed use cases for blockchain was the democratization of financial services, namely by reaching unbanked and underbanked communities worldwide. From remittance payments, access to credit facilities, or even just digital wallet solutions, advancements across the blockchain landscape have finally made this vision a reality. Among them, Coti is developing the enterprise-grade base layer for the rest to build atop of. Coti, which is short for “currency of the internet,” operates a fintech platform that supports stakeholder-driven payment solutions and empowers these stakeholders to digitize any currency. This aim aligns with Cardano’s ambitions of affordably and instantaneously ...
3 comments
Read more
Blogarama - Blog Directory