Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
DeFi Yield Protocol (DYP) has teamed up with KyberDMM DEX to increase token liquidity on Avalanche. In a two-month-long campaign, users may earn up to $300,000 in $DYP and $KNC liquidity mining rewards.
DYP and KyberDMM for Increased Liquidity
KyberDMM (Kyber Dynamic Market Maker) is a cutting-edge, capital-efficient DEX protocol. Its primary goal is to increase liquidity with amplified pools and maximize returns for liquidity providers (LPs) with dynamic fees.
The protocol’s main liquidity mining campaign is “Rainmaker,” running on the Avalanche network. At the time of writing, Rainmaker produces $5.8 million in rewards for LPs. Nevertheless, the Kyber community and KyberDAO constantly search for promising projects on Avalanche to run joint liquidity mining campaigns.
One of these projects is DeFi Yield Protocol (DYP), a unique ecosystem of DeFi services. The protocol provides solutions for yield farming, staking, and NFTs, among others. Also, it enables users to leverage its advanced trading tools and increase their capital.
One of the many aspects that set DYP apart from other protocols is its anti-manipulation feature. Simply put, the protocol maintains stability and equal access to liquidity by reducing the risk of crypto whale manipulation.
DeFi Yield Protocol requires users to have $DYP tokens to enter its ecosystem. The token also fuels all the products and tools on the protocol, including transaction fees, staking, and yield farming, among others.
The new partnership between the two protocols will allow $DYP liquidity providers to maximize their rewards capital. And, they can do so thanks to three essential features:
Amplified Liquidity Pools
These pools allow for exceptionally high capital efficiency. For instance, users will be able to achieve better liquidity and rates than on AMMs. And, the best part about it is that they can succeed with fewer tokens.
In these pools, the fees do not have a permanent value. Instead, they react to market conditions and optimize returns for liquidity providers.
Better Reliability & Security
Users can count on a high level of security thanks to a successful ChainSecurity audit. Also, insurance of up to $20M by Unslashed Finance increases its reliability.
Liquidity Mining Details
The first phase started on October 5 at 23:00 EDT (11:00 GMT +8). From there on, liquidity providers can deposit any amount of liquidity to the DYP-WAVAX pool on KyberDMM on Avalanche. Also, this first stage began at start block 5229000, and it will end at block 8018000.
Lastly, users can only get rewards in DYP during this phase. That’s because KNC tokens are not available on Avalanche at the moment. However, they should be part of the rewards in the second phase. For the latter stage, the two protocols have not yet released the start dates or further details.
By providing liquidity to the DYP-WAVAX pool on KyberDMM on Avalanche, users can unlock their share of the $300,000 in $DYP and $KNC.
DYP New Contracts Coming Soon
The partnership with KyberDMM is not the only good news on DYP’s agenda. The protocol has recently announced the imminent release of new contracts. Following an ongoing auditing process, the team should deploy contracts with improved strategies and a better UI. These features should improve user experience across the board.
Here is what we know so far about the new contracts from DYP!
This contract will be available on Ethereum, Binance Smart Chain, and Avalanche. It will automatically add liquidity and deposit LP using one asset.
Users will be able to deposit only a single asset (i.e., ETH), and the smart contract will do all the work. In return, they only need to tap “Approve” and “Deposit” on the project dApp.
Additionally, users will be able to withdraw by burning LP tokens and retrieve the initial deposit asset or another one. An option to re-invest pending rewards will also be available. Lastly, the contract will put constant buying pressure on DYP for each deposit.
This new contract is an optimized version that will put constant buying pressure on DYP for each deposit. Above all, it will reduce the transaction fees.
Similar to the Stake contract, the Buyback contract will reduce transaction fees. Additionally, it will provide users with options to re-invest pending rewards.
This contract will bring new functions to change farm, stake, and buyback contracts, depending on community vote.
DYP will release all the new contracts on Binance Smart Chain first. Next, they will be available on Ethereum and Avalanche, depending on the end date of the current contracts.