DYP Sees Explosive Growth After Binance Smart Chain (BSC) Integration
DeFi Yield Protocol (DYP) has taken the DeFi world by storm since its launch a few months ago. The one-of-a-kind platform offers crypto investors more opportunities to earn more income via yield farming, staking and Ethereum (ETH) mining. Users of the protocol earn rewards directly in ETH for providing liquidity on the new-gen staking and yield farming framework.
As of the latest release, DYP has over $39M locked in its Ethereum staking contract and has experienced a 20x increase in liquidity locked on Uniswap. The yield farming protocol has also paid over 7,064 ETH worth about $14M to liquidity providers (LPs).
DYP Gets Off to a Great Start on Binance Chain!
The DYP protocol continues to see massive growth in its community after its recent integration with BSC at the start of April.
The DYP team decided to expand their ecosystem to BSC so as to offer more earning opportunities for its users and increase liquidity for the DYP token. The roll out of a BSC-based version also reduces the community’s expenses in light of the skyrocketing gas fees on Ethereum.
The move to BSC now opens a gateway to more developments laying ahead of the project’s roadmap in the near future.
So far, the new staking and governance dApp that allows users to provide liquidity on BSC has been a big hit for the project. Eager crypto investors have already added $510,000 worth of liquidity to the available pools on PancakeSwap (DYP/ETH, DYP/BUSD, and DYP/BNB).
The DYP native token is now accessible in both the BSC and the Ethereum Chain, allowing users to stake and earn rewards in three different cryptocurrencies (ETH, DYP and BNB).
DeFi Yield Protocol’s new smart contract facilitates crypto investors to swap DYP from Ethereum to BSC, enabling cross-chain compatibility for users in the DYP ecosystem.
All pool rewards issued on BSC are automatically converted to BNB every 24 hours to mitigate risks for all LPs and reduce the price volatility of the DYP token.
How to Provide Liquidity on BSC
DeFi Yield Protocol users can swap DYP from ETH to Binance Chain using the protocol’s bridge, or buy the token directly from PancakeSwap. The cross-platform bridge is designed to allow the easy conversion and transfer of DYP across the ETH (ERC-20 ) and BSC (Bep 20 ) networks.
DYP holders looking to convert their tokens to Bep 20 and start providing liquidity to a PancakeSwap pool should visit the bridge and follow a few steps to implement the swap. Please note that the maximum amount a user can swap per wallet every 24 hours is 10,000 DYP.
Now that your DYP is converted to Bep 20 tokens, you can become an LP and start earning rewards on PancakeSwap. The DYP protocol offers a flexible reward policy where LPs can lock funds for anywhere between three days to three months.
Investors are required to deposit PancakeSwap LP tokens into one of the available pools to earn passive income. The rewards pool amount varies from 30,000 DYP to 100,000 DYP per month, depending on the lock-up period applied.
The DYP token contract address is (0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17). Yield farmers should only send funds to this address to avoid sending money to impersonators. Stay vigilant!
Why DeFi Yield Protocol Stands Out
The DYP protocol continues to attain popularity within the DeFi space because of its unique anti-manipulation feature that prevents whales from manipulating DYP token prices.
Furthermore, the platform welcomes all crypto enthusiasts, be they small investors or whales, novice or experienced yield farmers, to participate in providing liquidity and earning rewards.
The DYP network is now looking to launch DYP tools, a decentralized tools dashboard that will introduce an enhanced user experience and community involvement.
The tools host features like a trust score, pool explorer, excellent liquidity data, and much more; these features will attract more DeFi investors to DYP and boost demand for the protocol’s native token.