DYP.Finance: A Unique Yield Farming Platform

The cryptocurrency industry has experienced a rapid growth in the past decade since the advent of Bitcoin. The first cryptocurrency opened the financial world to a world of possibilities using decentralized ledger technology (blockchain).

This development has given rise to a new sector of finance that has experienced a massive boom in 2020 named decentralized finance (DeFi). As of 2019, there was only $275 million worth of total locked-in value of crypto assets in the DeFi economy.  2020 gave rise to the massive adoption of DeFi with the total locked-in value rising multiple folds to its current value of $11 billion+.

However, it is important that you understand the core values of DeFi as several platforms have sprung up in recent months.  Decentralized finance platforms operate decentralized governance based on blockchain technology and decentralized information feeds which determine interest rates and currency values.

Since there are tons of DeFi projects in the market, it is easy to get lost looking for the right protocol with potential. DYP.Finance is one of the few that operates based on the right ideals and follows excellent financial protocols to govern its platform.

Built on Ethereum Smart Contract

Smart contracts are the major driving force behind DeFi and DYP is built on one of the best smart contracts protocols available, ‘’Ethereum’’.  The Ethereum smart contract network provides immutability and security for the DeFi protocol.

Ethereum is the industry leader in the DeFi industry and the DYP team has vast experience on the blockchain and has been mining Ethereum since 2017. The DeFi platform was built using popular programming languages including HTML5, CSS3, Bootstrap and Ethereum Solidity protocol.

Ethereum has the biggest DeFi market in the blockchain industry and provides DYP with a massive community of DeFi enthusiasts. Using Ethereum technology, DYP has been able to build a DeFi protocol that enables anyone to get involved with yield farming.

You can easily provide liquidity on the DYP platform and get rewards for the first time in ETH. DYP takes care of the complex details by maintaining token price stability and providing other features for DeFi end users.

Also, DYP has taken steps to audit the smart contracts and codes used on its protocol to ensure maximum security for users. This is an important factor in the DeFi industry as the presence of bugs in smart contracts poses a risk for DeFi platforms. Yam finance is a major example that saw its value drop by 99% after a bug in its smart contract prevented a governance vote from occurring.

DYP has no problems with codes properly audited and features in place to prevent such occurrence on its protocol.

 A truly decentralized protocol

DeFi Yield protocol aims to change the way decentralized finance is perceived by ensuring equity in the control of funds on its platform.

A major concern by DeFi critics is that whales have the power to take control of a DeFi network with the recent controversy of SushiSwap a major example.

DYP takes care of this concern by integrating a DYP anti-manipulation feature that ensures that the rewards from supported tokens (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL)  are automatically converted from DYP to ETH at 00.00 UTC.

In addition, rewards are automatically distributed to liquidity providers on the platform in a fair and transparent manner. Thus ensuring that no whale would be able to manipulate the price of DYP to their advantage.  This after all is the major purpose of decentralized finance.

Also if the price of DYP is affected by more than -2.5 then the maximum DYP amount that does not affect the price will be swapped to ETH, with the remaining amount distributed in the next day rewards. After seven days, if they are still undistributed DYP rewards, a governance vote will be held on whether the remaining DYP are distributed to token holders or burnt.

Unique Token for Yield Farming and Mining Pools

DYP Finance offers a utility token that enables users to interact with the features on the DYP smart contract. Ethereum miners can join the DYP mining pool and get rewarded monthly with a 10% bonus from the ETH monthly income earned by the pool.

Also, five million DYP will be distributed to miners as an incentive to join the pool and grow the DYP platform over a period of time. Users can also stake their crypto assets to earn DYP via an automated yield farming contract.

The automated Earn Vault will distribute 75% of profits to liquidity providers while the 25% left will be used to buy back their protocol token to add liquidity and maintain token price stability. DYP was able to sell 570,000 DYP tokens worth 2,821.71 ETH during the Whitelisting & Presale round which shows the interest within the DeFi circle.

Finally

It’s not too late to join DYP finance as the DeFi platform is currently offering a Public Crowdsale offering. You can visit the sales page at https://crowdsale.dyp.finance and make an application to purchase DYP tokens. The minimum amount to participate in DYP is 0.5 ETH and the maximum contribution is 100 ETH.

DYP tokens can be withdrawn to supported wallets which includes MetaMask and TrustWallet

 

Source: https://www.newsbtc.com/news/company/dyp-finance-a-unique-yield-farming-platform/

Stay up to date

on all important crypto news!

The most important news, once a week. No spam.