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DYP Launches CAWS Staking Pool After Completing DeFi Audit Report
Defi Yield Protocol (DYP) has launched a staking pool for its “Cats and Watches Society” (CAWS) NFT collection. The yield farming aggregator will reportedly provide up to 50% APR to CAWS stakers, denominated in ETH.
Earning Yield on NFTs?
NFT staking differs from cryptocurrency staking through the so-called “proof of stake” consensus mechanism. Rather than securing a network, “staking” an NFT is simply locking up one’s holdings with a platform to earn rewards.
The 50% APR rewarded to CAWS stakers is notably high. Anyone that holds part of the collection can begin staking, and those that don’t may still mint their own cat. According to DYP’s site, just 4,512 of 10,000 CAWS have been minted so far. Each mint costs 0.08 ETH – $181.2 at the time of writing, down from $240 when the mint began.
The collection – which launched last month – features randomly-generated cats with 235 varying perks. It’s known for its greater utility compared to legacy NFT collections, like staking, and access to minting fees. They will also come with in-game benefits within the upcoming DYP metaverse.
Besides its NFT staking platform, DYP also announced its completion of an audit from Blockchain Consilium last week. Blockchain Consilium is a blockchain security firm that helps locate bugs and exploits within smart contract protocols.
Furthermore, DYP updated its tokenomics structure on Thursday, allowing DYP tokens to trade directly on centralized exchanges.
Previously, protocol users had to transfer their DYP tokens between networks using their bridge service, and then deposit to a CEX. However, their users may now make direct DYP transfers to Gate.io. Furthermore, the platform’s most recent upgrades allow users to transparently view the total circulating supply of DYP across multiple chains.
Finally, the team has decided to purchase 3.6 million DYP within the last 90 days to add to their treasury. The funds, worth about $450,000 at the time, should ensure the community that DYP is a long-term project.