DYP Launches V2 Staking, Buyback, and Farming Pools on Binance Smart Chain
DeFi Yield Protocol (DYP) — a yield farming aggregator platform — recently announced its new pools for staking, buyback, and farming on Binance Smart Chain (BSC). Each pool is offering remarkably high APRs of 50%, 100%, and up to 1150% respectively.
These pools arrive at a critical moment for DYP, which analysts predict will surge by orders of magnitude in the weeks to come.
DYP’s New Pools
According to a company statement, the Buyback pool will allow users to deposit various cryptos or tokens to begin earning. These include WBNB, BTCB, ETH, BUSD, or CAKE.
Upon deposit, assets are converted into a mix of DYP and iDYP tokens, and placed into a staking contract. Users can then earn 30% to 100% APR, depending on how long they choose to lock up their tokens. All rewards are then distributed in DYP upon withdrawal.
Farming will provide another method for users to profit from their WBNB, ETH, or BUSD holdings. After depositing one of the platform’s supported assets, users can start earning WBNB, ETH, and DYP as their reward.
To protect from iDYP’s price volatility, all pool rewards are automatically converted into WBNB. However, liquidity providers may also choose to be rewarded in ETH. Upon withdrawal, a user’s funds will be 75% returned in the original deposit asset, and 25% returned in DYP.
Finally, staking lets DYP holders earn up to 50% APR with no impermanent loss. Like the buyback pool, the yield rate depends on how long users choose to lock up their holdings. It includes an integrated “reinvest” function, automatically distributing rewards back into the staking pool to compound one’s earnings.
The staking pool also features a referral program, which will grant 5% of the referred party’s staked earnings back to the person who referred to the Defi Yield Protocol. This gives users the chance to profit from helping market Defi Yield Protocol to friends and family, at no gas fee.
Altogether, the buyback, farming, and staking pools accrued over $40 million in deposits within a week after launch. As reward, DYP paid 15,867 AVAX, 7,997 BNB and 9,032 ETH to its respective, amounting to $44,149,334 worth of tokens at the time, With such lucrative payouts, its clear to see why users — and analysts — would be bullish about the platform.
DYP Ready to Pump, According to Analysts
CryptoBusy and Crypto Hustle — cryptocurrency traders and YouTubers — released a collaborative analysis video earlier this month. They offered their predictions for which altcoins would see the greatest returns during this bull cycle. Trading for about $0.72 at the time, Busy said that DYP was “potentially a 100x altcoin, or higher”.
“Great team, great whitepaper, great roadmap, and great technology behind this as well,” said the Youtuber.
Busy called attention to DYP’s anti manipulation mechanism — which protects against the volatility of platform native tokens used for rewards, such as BNB and AVAX — among other unique features.
Shortly afterward, DYP was deemed a “gem” investment pick by fellow trader CryptoRevolution, in his mid November video titled “parabolic altcoin picks”. After investing in early November, the Youtuber personally saw 70% gains in DYP after only ten days.
Revolution anticipated that DYP would reach $1.28, or even $1.56 — over double its current market price. This is due to the large number of updates set to launch on Defi Yield Protocol in the weeks to come, which inspires the YouTuber’s confidence in its future success. Besides an upcoming NFTs marketplace, DYP will also introduce NFT dapps, and specialized staking pools on Avalanche and Ethereum, equivalent to their new pools on BSC.
What is Defi Yield Protocol?
Defi Yield Protocol (DYP) is a multi-purpose platform for staking, yield farming, NFTs, and various trading solutions.
Uniquely, DYP is the first Defi platform to reward users in Ether. It also features an anti-manipulation protection that protects the reward stability for those being rewarded in not-so-stable platform native tokens, such as iDYP.
The platform primarily functions as a decentralized tool dashboard. It includes decentralized scores, trust vote systems, and yield farm data to help investors make informed decisions.
The protocol is set to release numerous features in the future, including staking, farming, and buyback pools on Avalanche and Ethereum.