DYP Hits $63 million TVL Within its Staking Protocol

Staking Protocol

Decentralized finance enjoyed a massive breakout year in 2020, dominating headlines as many in the crypto world became aware of the sector. Terms like trustless derivatives, token swapping, lending, staking, and yield farming became popular within the crypto community.

Despite the plethora of options available in DeFi, many investors prefer yield farming protocols to earn interest by providing liquidity.

This leads us to one of the fastest-growing yield farming protocols ‘’DYP’’. DYP, which stands for DeFi Yield Protocol, has made massive inroads in the DeFi sector since its launch in the latter half of 2020. 

$63 million TVL In less than two months of Launch

One of the metrics used to measure how well a DeFi protocol performs is the Total Locked-In Value (TVL). As of Feb 2, 2021, DYP has over $63 million worth of digital assets locked into its smart contracts. The DeFi protocol has also distributed over 2,369 ETH worth more than $3,681,415 since its launch.

It also distributes on average 116 ETH ($180,000) in rewards to liquidity providers daily. This statistic shows the growth that DYP has experienced within its relatively short time frame after launch. 

Built on the Ethereum platform, DYP appeals to the Ethereum community and has leveraged its ecosystem depth and potential.

DYP built on Strong Fundamentals

The massive growth of DYP is a result of its solid fundamentals and unique anti-manipulation feature. The anti-manipulation feature ensures that DYP smart contract is fair to all liquidity providers.

This system works by converting all DYP rewards to Ethereum daily at 00:00 UTC and distributes them to liquidity providers. To further control inflation on its platform, DYP smart contracts use a system that ensures equity in rewards. If the price of DYP changes by more than 2.5%, then the maximum amount of DYP that does not affect the price is generated as rewards.

If it is surplus, the remainder is allocated for the next day, and if after seven days, there are undistributed tokens. The protocol holds a governance vote to determine whether to burn or distribute tokens to holders. This process encompasses the ideals of decentralized finance and puts DYP on the right path for success.

Easy Staking Platform for Investors 

DYP, like most defi yielding platforms, offers a user-friendly staking platform for yield farmers to provide liquidity. Users can begin supplying their liquidity tokens from Uniswap (Uniswap LP tokens) into the corresponding list of pools. DYP currently has four liquidity pools supported, DYP-ETH, DYP-WBTC, DYP-USDC, and DYP-USDT.

Each pool offers four different staking options with rewards ranging from 30,000 DYP up to 100,000 DYP Monthly depending on the lock period (3 days up to 90 days). Dividends are paid directly to users’ wallets, and investors can earn yields on their assets. Currently, the APY for the DYP staking pool is between 248% and 692%. 

DYP Launches New Farming dApp with Inbuilt Referral System

DYP recently launched a new farming dApp that offers fixed rewards for investors. This staking platform offers a staking pool where investors earn DYP tokens for fixed percentage rewards. The amount made also depends on the lock-period, and users can opt to lock their DYP tokens from anywhere between a month to four months.

Locking DYP tokens for a month attracts a 20 percent APR while those that lock their tokens for 120 days receive a higher APR of 35%. Also, DYP has integrated a referral system where users are rewarded with 5% of their friend’s reward whenever they stake DYP. Within a few days of its launch, the farming dApp already has over $1 million staked within its platform.

More Developments Expected in Q1 2021

The team behind DYP is not resting on its laurels and has already begun plans to roll out new developments in the first quarter of the year. The highly anticipated DYP Earn Vault is currently in the works and will be launched in the coming weeks. The Vault will offer automated earnings to stakers and support Ethereum (ETH, Wrapped Bitcoin (wBTC), and several stablecoins.

Another project in the works is the Ethereum mining pool. DYP has committed significant resources to create a pool for community members to mine Ethereum. Once the hashrate of the pool reaches 250GH/s, DYP will roll it out to the community.

Lastly, DYP is working on developing the DYP tools dashboard that will provide on-chain information for traders. DYP tools will feature a trust score that grades projects listed on Uniswap using different parameters. 

Traders and investors will be able to analyze projects and make guided decisions with the DYP tool. 

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