Valletta, Malta, Chainwire, Dec. 24, 2021 – The yield farming aggregator platform DeFi Yield Protocol has officially launched its updated buyback, farming and staking pools. These pools live across multiple chains, including Ethereum, Avalanche and Binance Smart Chain (BSC).
Meanwhile, Avalanche’s buyback pool offers up to 145% APY. Staking options include Wrapped AVAX (wAVAX), USDC.e, USDT.e, WETH.e, Pangolin (PNG), QI, Dai.e, XAVA, wBTC.e or LINK.e.
Upon deposit into these pools, the user’s funds will be converted into a mixture of DYP and iDYP tokens and placed into a staking contract. The staker’s rewards can vary from 30% to 350% APY depending on the selected chain and the length of time they choose to lock up their tokens (zero to 90 days). All rewards are distributed in DYP when withdrawn.
If users need to withdraw their assets from the v1 farming pool, they will be left with two items. These include DYP and whichever cryptocurrency and/or token they initially deposited on their respective chain.
With this, DYP users gain greater opportunities to maximize future yields. Those initial tokens can be redeposited into the new farming pool.
On Ethereum, users can deposit ETH, wBTC, USDC or USDT to earn rewards. Avalanche’s farming pools will accept AVAX, while BSC’s pool accepts wBNB, BTCB, ETH, BUSD or CAKE. These rewards can come in the form of wETH, wAVAX, wBNB or USDT. 75% of this deposit will be placed in its associated iDYP liquidity pool, while the other 25% is put toward DYP staking for up to 200% APY.
Rewards are automatically converted from iDYP into wETH, wAVAX or wBNB by the smart contract as a shield against the former’s price volatility. When withdrawing funds, the total initial deposit will be given back to the depositor, +25% extra rewards in DYP.
Staking one’s DYP can earn holders up to 130% APY on Avalanche, 550% APY on Ethereum and 50% APY on BSC. No impermanent loss is involved. As with the buyback pools, users who invest their tokens for longer periods of time will receive the best rates. They may also opt to use the “reinvest” function, which automatically stores their gains back into the staking pool for compound interest.
DYP even has a referral program. Those who refer friends and family to DYP get 5% of their friend’s staked assets as a reward.
Within a week of launching, the buyback, farming and staking pools had accumulated over $90 million in deposits. DYP rewarded its contributors with 15,867 AVAX, 7,997 Binance Coin (BNB) and 9,032 ETH, totaling $44,149,334 in tokens at the time. Currently, the highest APY available on the protocol is 625%.
DeFi Yield Protocol is a multi-purpose platform that is used for staking, yield farming, nonfungible tokens (NFT) and a variety of other trading options.
DYP’s decentralized tool dashboard assists investors in making informed decisions by incorporating decentralized scoring, trust vote systems and yield farm data.
The protocol has exciting projects planned for the upcoming months. These include v2 of its NFT decentralized application on BSC, Ethereum and Avalanche and a launchpad for high-quality projects on all three chains.
- DYP Finance
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