DeFi Yield Protocol exceeded $ 63 million in locked-down total value (TVL). Its users have now won over $ 3.8 million in Ethereum (ETH) rewards.
According to CoinGecko data, the DYP utility token is currently trading at $ 4.52 after rising to $ 4.99 on January 25, 2020. It is currently available in Uniswap, Bithumb and Hotbit.
DYP.Finance’s management dApp and staking attempt
At the end of December, the DeFi Yield Protocol introduced dApp management to enable the community to work on all offers.
The anti-manipulation feature aimed to prevent whales from taking over the network, creating a level playing field for individual investors. All rewards are automatically converted to Ethereum (ETH), ensuring a high level of transparency.
By providing liquidity to the DeFi Return Protocol with Uniswap LP tokens, its users can earn staking rewards in ETH. All non-distributed rewards are distributed based on community voting after a seven-day period. In the event of a fluctuating movement of more than 2.5 percent, any amount that will not affect the market will be exchanged for Ethereum.
There are currently four staking pools (DYP-WBTC, DYP-USDC, DYP-ETH, DYP-USDT).
Staking options differ from one pool to another, with an annual percentage rate ranging from 248.66 percent to 692.64 percent. The pool with the highest APY has the highest minimum lockout period of 90 days. It is possible to reinvest in one’s rewards at no additional cost.
There are also four productivity farm pools with an APR of up to 35 percent. The lockout period ranges from 30 days to 120 days.
The protocol’s new recommendation system allows you to receive five percent of the rewards of new people you bring in for staking DYP tokens.
The team behind DYP.Finance plans to introduce a zero-fee pool for Ethereum mining in the first quarter of 2021.
Miners will be able to receive a 10 percent bonus each month by interacting with the smart DYP smart contract.
The pool will not be started until the hashrate of 250 GH / s is reached.