Defi Yield Protocol: An ETH-Based Platform Supporting Multiple Features for User Convenience
Defi yield protocol is an Ethereum based platform introduced with features aimed at streamlining liquidity provision in mining ethereum. Why is DYP necessary in the crypto world? Most crypto enthusiasts still recall the manipulations in SushiSwap, which led to a flash crash of the token value even after an earlier surge. Most people blame one of the founders for the manipulation issues.
Based on the SushiSwap illustration, it’s clear that the crypto world is under severe threats of market manipulations caused by the big players in the markets. DYP, therefore, comes to solve those issues while still providing better services than any other Defi platforms.
This smart contract-based platform will help solve the issues of market manipulation by removing the whale advantage. Additionally, DYP will introduce features that will allow its users to profit from mining and staking.
DYP Earn Vault
introducing an earn-vault, a feature to help the platform’s users maximize their incomes. An earn-vault is a defi yield farming contract designed to allow users to deposit tokens and automatically receive earnings.
This contract is fully autonomous, and it moves liquidity provider funds to high yielding pools to help them get the best yields. Therefore, even persons with little knowledge of the crypto world functioning will make the best profits using this feature.
The payments to liquidity providers will also depend on the profits earned from the DYP mining activities. For instance, DYP will distribute 75% of its earned value as a liquidity provider’s share. The distribution will help ensure that the platform’s liquidity providers continuously provide liquidity, thus leaving the platform’s tokens highly liquid.
The remaining 25% of earned profits will help the DYP platform buy back their governance tokens to increase its liquidity.
Traditional financial institutions (fiat-based) take advantage of people, charging them high fees to hold their wealth or complete transactions. The decentralized finance formation principle was to completely decentralized financial services, allowing everyone to control their finances. However, although they have decentralized their service provision, they still have some centralizing factors, especially when it comes to governance.
DYP is completely revolutionizing the way of Defi governance. The DYP tokens issued will each represent a share in voting for the platform’s governance. But, what will the shareholders vote for in the DYP platform?
The platform’s major decisions include adding liquidity mining pools, buying tokens, introducing new partnerships, and allocating DYP to grants, among others. DYP will completely involve the community in its development, and thus every user will have a share in propelling the platform to greater heights.
DYP Referral Programs
The platform will also provide an excellent rewarding system for all persons who will raise awareness about DYP and its services. Every person who refers their friends to DYP will receive gifts based on the friends they invite. DYP automatically sends 5% of the friend’s rewards to the person who introduced them to the platform. The amount is 100% free from gas fees.
The possibilities of market manipulation in Defi scare investors away from investing in those platforms. DYP will not take any chances in market manipulations. Foremost, it will institute an automatic system that will automatically convert all DYP earnings into ETH at exactly 00:00 UTC every day. That system will ensure that no one will intentionally or unintentionally manipulate the market, causing losses to small investors.
Additionally, the platform does not limit liquidity provision to whales only; all members can actively provide liquidity. Their participation will help ensure the token’s value is not highly volatile.
Regular Smart Contract Audit
Because of the technology and coding used in making the smart contracts in the Defi world, they are prone to have bugs that can cause losses in millions. To protect its customers, DYP will use the most trusted smart contracts, Ethereum based smart contracts. However, it will ensure regular audits of the platform’s smart contracts for bug identification and eradication.
DYP is also set to partner with another company dubbed Blockchain Consilium, which audits blockchains. DYP developers use uncommon programming languages like CSS3HTML5, Ethereum Solidity Protocol, and Bootstrap to ensure the platform’s full protection.
The DYP platform is going to be the first Defi platform to act free from any price manipulations. It allows small stakeholders to provide liquidity. DYP also provides an autonomous platform that converts DYP into ETH every 00:00 UTC to avoid token manipulation. Moreover, the platform is feature-rich to ensure proper service provision and security for all users.
DYP platform governance is entirely decentralized, giving users the authority to vote on decision making, thus bringing true meaning to decentralized finance. It offers referral benefits for everyone participating in increasing the awareness about the platform. Lastly, the platform offers top security by regularly auditing smart contracts to ensure they function bug-free. DYP is truly an ethereum-based platform full of user-friendly features.
Originally published at https://www.cryptofolds.com on November 26, 2020.