How DeFi Yield Protocol is the revolutionizing yield farming.
Yield farming is made possible with the help of decentralized finance. It is no more news that decentralized finance is one hottest topic among cryptocurrency enthusiasts today. The banks that are certified by the central banks of various governments are the only ones allowed to control the world’s finance before decentralized finance came with blockchain. People can now take control of their finances without the control of centralized authorities with DeFi. There are billions of dollars locked in various DeFi protocols today because thousands of people are taking back control of their finances. Many DeFi projects are available today, but the DeFi yield protocol (DYP) plans to bring more transparency to yield farming.
DeFi Yield protocol (DYP) is changing the way you earn through liquidity on Ethereum smart contract. The argument against DeFi is that whales have the power to control the network. The Sushi dump is the most remarkable example, there was a flash crash in the tokens when anonymous founder Chef Nomi swapped his Sushi tokens for Ethereum. DeFi Yield protocol (DYP) prevents the whale advantage in DeFi. DYP anti-manipulation feature ensures that all pool (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) rewards are automatically converted from DYP to ETH at 00:00 UTC, and the system automatically distributes the rewards to the liquidity providers. This feature is excellent because the network’s liquidity will be fair to all participants; no whale will be able to manipulate the price of DYP to their advantage.
Let’s dig a bit more about this
Every day at 00:00 UTC, the smart contract will automatically try to convert 276,480 DYP (69,120 DYP reward per day, per DYP pool mentioned above) to ETH. If the DYP price 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’s rewards. After seven days, if there are still undistributed DYP rewards, the DeFi Yield protocol (DYP) governance will vote on whether the remaining DYP will be distributed to the token holders or burned removes them from circulation.
Smart contracts are the engine room of any DeFi project. The advantage of smart contracts is that the community writes the rules; they can work without human interaction. Unlike the centralized world in which a set of rules are interpreted by a few experts who make decisions. Cool feature, Right. Not really. There is a significant disadvantage of smart contract risk, which happens when there is a bug in a smart contract. YAM finance is the greatest example of a smart contract risk. The team discovered a bug that prevented a vote from being executed. Yam tokens were dumped by users causing the tokens to plunge overnight. DYP prevents smart contract risk by ensuring that all their small contracts are audited, and the codes are secured from participants who try to take advantage of the system.
DeFi yield farming with automated vaults, combined with ethereum mining pool
DeFi Yield Protocol team has invested more than $1 million in their mining farm to ensure that they understand the community’s needs.
Every Ethereum miner address that interacts with DYP smart contract and starts using their mining pool will receive a 10% monthly bonus of the ETH monthly income earned. To claim their monthly DYP tokens airdrop, they first need to join their Ethereum mining pool with a 0% fee, meaning they will also earn more ETH every month. Five million DYP will also be distributed to miners to attract them to the pool to grow the platform. DYP team hopes the project can attract about 200,000 miners to their pool. Also, all the miners who use their pool will be able to automatically provide liquidity to participating pools and earn more ETH from the DYP rewards and with DYP earn vault (the DYP earn vault is an automated yield-farming contract where users are allowed to deposit a particular token, for which the protocol automates yield-farming strategies by moving providers’ funds among the most profitable platforms.)
DYP team understands that the liquidity and the token price is essential for any DeFi project. The automated Earn Vault will distribute 75% of the profits to the liquidity providers. The remaining 25% of the profits will be used to buy back their protocol token to add liquidity and maintain token price stability.
How to participate in DYP
DYP team has made it easy for participants to join the DYP Crowdsale whitelist application by visiting their sales page. The minimum amount to participate in DYP is 0.5 ETH, and the maximum contribution amount is 100 ETH.