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Defi Yield Protocol(DYP), a leading provider of Decentralized Finance (Defi) products and services, has announced the launch of its Buyback program. The program, which went live yesterday, August 4, 2021, at 13:00 UTC, integrates a DYP staking component that the project’s customers will find exciting.
Information from DYP’s website and Twitter handle explain that Participants depositing their funds in the buyback contract will earn 100% APR on their investments. The product is available on the Ethereum, Binance Smart Chain (BSC), and Avalanche blockchains. To get started, parties interested in investing in the venture can go to the product’s onboarding page.
About the Buyback
You’ll have to deposit any of these supported assets into the smart contracts. The contract then automatically converts them into DYP before their deposition into a staking contract. After that, the program distributes the rewards automatically, allowing investors to claim them daily.
DYP is a platform providing unique solutions across the Defi landscape. It enables its users to draw from its advanced trading tools for staking, NFT trade, and yield farming. In addition, DYP is the only protocol that rewards its users in ETH. You can find more information on the protocol and its offerings from its website and Twitter handle.
The Buyback Unique Feature
The Buyback supports several digital assets in the mentioned blockchains. For example, Ethereum supports Wrapped Ethereum (WETH), Wrapped Bitcoin (WBTC), USDT, and USDC. You can acquire all of these cryptos from Uniswap or any centralized cryptocurrency exchange.
Similarly, the Binance Smart Chain supports Wrapped BNB (WBNB), ETH, BUSD, and BTCB, BSC’s wrapped version of BTC. Again you may acquire these from PancakeSwap in addition to any other centralized exchange.
And finally, Avalanche supports Wrapped AVAX (WAVAX), wrapped ETH, Wrapped BTC (WBTC), USDT, and PNG. Besides using centralized exchanges, you may buy them from Pangolin also.
The Crypto Community Love it
Crypto lovers have largely met DYP’s announcement with enthusiasm. While lauding the move, a Twitter user going by the handle @Elijah_Asogwa replying to a DYP’s tweet described it as the best way to make passive income. He also commended the DYP community for the tremendous development and held that the product was headed to the moon.
It’s a sentiment that another Twitter user, A_LL, shares. They hold that “The Buyback Program with #DYP Staking integrated100% APR too tempting to miss out.”
Not everyone seems to share in the enthusiasm, though. A crypto enthusiast, @kasimertas1984, couldn’t hide his disappointment with the product. While replying to DYP’s tweet, he said, “Heyy dear Team, Probably you mean sellback. Because The view in the chart shows that more selling was made than bought. It’s an unfortunate situation indeed. #DYP is A big disappointment.”