The DeFi Yield Protocol (DYP), a leading ecosystem for crypto income farming that provides the crypto community with an innovative yet secure way to generate returns, kept growing. The platform, which manages over $ 45 million worth of crypto assets, recently integrated Binance Smart Chain (BSC) into its staking and governance infrastructure. This enabled improved liquidity for the community and at the same time opened doors for further innovations in the space.
With the integration of Binance Smart Chain, DYP users can now diversify their investments by providing liquidity to PancakeSwap and Uniswap pools and receiving rewards in ETH, DYP and BNB denominations. The new PancakeSwap pools introduced following the latest development include DYP / BNB, DYP / ETH and DYP / BUSD. DYP provides the bridge between ETH and BSC blockchains in both ledgers and can be exchanged for BNB at any time.
A platform that promotes high-yield farming
Yield farming is an important feature of the DeFi ecosystem as it enables users to provide liquidity and earn rewards in return. However, the staking process on most platforms isn’t really user-friendly, making it difficult for those who aren’t seasoned crypto users to take advantage of.
DYP presents a solution by providing one of the most user-friendly and secure protocols for income farming in the crypto market today. Anyone can provide liquidity on DYP and earn rewards at the ETH or the BNB. With potential returns of up to 442.63% APY, the DYP ecosystem has paid its community nearly $ 16.5 million in ETH and BNB rewards to date.
In addition to the user-friendly, intuitive interface, the platform includes automated safes and a unique anti-tampering feature that prevents the whale advantage. The anti-tampering feature automatically converts DYP farming rewards to ETH or BNB every 24 hours to prevent large token holders from issuing the platform’s native token. The conversion is carried out in such a way that the price decline is limited to -2.5%.
With the integration of Binance Smart Chain, the DYP ecosystem has signaled its intention to eventually become a blockchain agnostic yield farming protocol. With sustained momentum, the platform could achieve this sooner than expected.
Start yield farming on DYP
DYP recently released a detailed tutorial to get both new and existing users on board and promote farming on BSC. Users can follow the instructions to put their BNB and DYP tokens on PancakeSwap with a blocking period of 3, 30, 60 or 90 days.
With the DeFi Yield Protocol, users can use the DYP Bridge dApp to exchange DYP tokens from the Ethereum network to the Binance Smart Chain network. Instructions on how to do this can be found here.
DYP has several more announcements in store in the near future including the DYP Earn Vault currently awaiting a security clearance report, DYP Tools, which is in the development of DYP NFT dApp V1.0, and a brand new UI design.