A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…
DeFi Yield Protocol (DYP) – a yield farming aggregator platform – recently announced its new pools for staking, buyback, and farming on Binance Smart Chain (BSC). Each pool is offering remarkably high APRs of 50%, 100%, and up to 1150% respectively.
These pools arrive at a critical moment for DYP, which analysts predict will surge by orders of magnitude in the weeks to come.
DYP’s New Pools
According to a company statement, the Buyback pool will allow users to deposit various cryptos or tokens to begin earning. These include WBNB, BTCB, ETH, BUSD, or CAKE.
Upon deposit, the assets convert into a mix of DYP and iDYP tokens and reach a staking contract. Users can then earn 30% to 100% APR, depending on how long they choose to lock up their tokens. Lastly, the protocol distributes all rewards in DYP upon withdrawal.
Farming will provide another method for users to profit from their WBNB, ETH, or BUSD holdings. After depositing one of the platform’s supported assets, users can start earning WBNB, ETH, and DYP as their rewards.
To protect from iDYP’s price volatility, all pool rewards automatically convert into WBNB. However, liquidity providers may also choose rewards in ETH. Upon withdrawal, the protocol will return 75% of a user’s in the original deposit asset and 25% in DYP.
Finally, staking lets DYP holders earn up to 50% APR with no impermanent loss. Like the buyback pool, the yield rate depends on how long users choose to lock up their holdings. It includes an integrated “reinvest” function, automatically distributing rewards back into the staking pool to compound one’s earnings.
The staking pool also features a referral program. This feature will grant 5% of the referred party’s staked earnings back to the person who referred to the Defi Yield Protocol. Also, it gives users the chance to profit from helping market Defi Yield Protocol to friends and family, at no gas fee.
Altogether, the buyback, farming, and staking pools accrued over $40 million in deposits within a week after launch. As a reward, DYP paid 15,867 AVAX, 7,997 BNB, and 9,032 ETH to its respective, amounting to $44,149,334 worth of tokens at the time, With such lucrative payouts, its clear to see why users – and analysts – would be bullish about the platform.
DYP Ready to Pump, According to Analysts
CryptoBusy and Crypto Hustle – cryptocurrency traders and YouTubers – released a collaborative analysis video earlier this month. They offered their predictions for which altcoins would see the greatest returns during this bull cycle. Trading for about $0.72 at the time, Busy said that DYP was “potentially a 100x altcoin or higher”.
“Great team, great whitepaper, great roadmap, and great technology behind this as well,” said the Youtuber.
Busy called attention to DYP’s anti-manipulation mechanism – which protects against the volatility of platform-native tokens used for rewards, such as BNB and AVAX – among other unique features.
Shortly afterward, fellow trader CryptoRevolution deemed DYP a “gem” investment in his mid-November video, “Parabolic Altcoin Picks.” After investing in early November, the Youtuber saw 70% personal gains in DYP after only ten days.
Revolution anticipated that DYP would reach $1.28, or even $1.56 – over double its current market price. This is due to the large number of updates launching on Defi Yield Protocol in the weeks to come. They inspire the YouTuber’s confidence in its future success. Besides an upcoming NFTs marketplace, DYP will also introduce NFT dApps. Also, the protocol will launch specialized staking pools on Avalanche and Ethereum, equivalent to their new pools on BSC.
What is Defi Yield Protocol?
Defi Yield Protocol (DYP) is a multi-purpose platform for staking, yield farming, NFTs, and various trading solutions.
Uniquely, DYP is the first Defi platform to reward users in Ether. It also features anti-manipulation protection. This protects the rewarding stability for those receiving rewards in not-so-stable platform native tokens, such as iDYP.
The platform primarily functions as a decentralized tool dashboard. It includes decentralized scores, trust vote systems, and yield farm data to help investors make informed decisions.