Shark Tank star Mark Cuban recently aired his thoughts on Ethereum’s upcoming “Merge” upgrade. He pointed out how Ethereum’s utility as a smart contract platform and as a deflationary asset are at odds. In an interview with Altcoin Daily on Sunday, Cuban explained that there is an inverse relationship between deflation and utilization of Ethereum. “If utilization goes up, and the value of a token goes up, then the cost to do something goes up,” he explained. “So you have…
The yield farming aggregator platform “DeFi Yield Protocol” (DYP) has officially launched its updated buyback, farming, and staking pools. These pools live across multiple chains including Ethereum, Avalanche, and Binance Smart Chain (BSC).
Ethereum’s buyback pool allows holders to earn up to 350% APY in DYP, by staking WETH, WBTC, USDC, USDT, DAI, or LINK.
Meanwhile, Avalanche’s buyback pool offers up to 145% APY. Staking options include WAVAX, USDC.e, USDT.e, WETH.e, PNG, QI, DAI.e, XAVA, WBTC.e, or LINK.e.
Finally, the BSC buyback pool offers up to 100% APY. Users can stake with WBNB, BTCB, ETH, BUSD, or CAKE.
Upon deposit into these pools, the user’s funds will be converted into a mixture of DYP and iDYP tokens, and placed into a staking contract. Staker’s rewards can vary from 30% to 350% APY depending on the selected chain and the length of time they choose to lock up their tokens (0-90 days). All rewards are distributed in DYP when withdrawn.
If old users need to withdraw their assets from the V1 farming pool, they will be left with two items. These include DYP, and whichever cryptocurrency/ token they initially deposited on their respective chain.
With this, DYP users gain greater opportunities to maximize future yield. Those initial tokens can be redeposited into the new farming pool!
On Ethereum, users can deposit ETH, WBTC, USDC, or USDT to earn rewards. Avalanche’s farming pools will accept AVAX, while BSC’s pool accepts WBNB, BTCB, ETH, BUSD, or CAKE. These rewards can come in the form of WETH,WAVAX, WBNB, or USDT. 75% of this deposit will be placed in its associated iDYP LP, while the other 25% is put toward DYP staking for up to 200% APY.
Rewards are automatically converted from iDYP into WETH, WAVAX, or WBNB respectively by the smart contract, as a shield against the former’s price volatility. When withdrawing funds, the total initial deposit will be given back to the despositer, +25% extra rewards in DYP.
Staking one’s DYP can earn holders up to 130% APY on Avalanche, 550% APY on Ethereum and 50% APY on BSC. No impermanent loss is involved. As with the buyback pools, users that invest their tokens for longer periods of time will receive the best rates. They may also opt to use the “reinvest” function, automatically storing their gains back into the staking pool for compound interest.
DYP even included a referral program. Those that refer friends and family to DYP get 5% of their friends’ staked assets as a reward.
Within a week of launching, the buyback, farming, and staking pools had accumulated over $90 million in deposits. DYP rewarded its contributors with 15,867 AVAX, 7,997 BNB, and 9,032 ETH, totaling $44,149,334 in tokens at the time. Currently, the highest APY available on the protocol is 625%.
Defi Yield Protocol (DYP) is a multi-purpose platform that may be used for staking, yield farming, NFTs, and a variety of other trading options.
DYP uniquely rewards its users with ETH – a first in the DeFi industry. Anti-manipulation protection is also available. This ensures that people receiving incentives through less reliable platform native tokens, like iDYP, have a stable payout.
DYP’s decentralized tool dashboard assists investors in making informed decisions, by incorporating decentralized scoring, trust vote systems, and yield farm data.
The protocol has exciting projects planned for the upcoming months. These include V2 of its NFT Dapp on BSC / ETH/ Avalanche, and a launchpad for high-quality projects on all three chains.