The DeFi Yield Log (DYP) offers crypto holders a new way to earn rewards directly in Ethereum for providing liquidity. Holders of DYP, the native token on which the project is based, can provide liquidity and earn rewards via the ETH smart contract integrated in Metamask and Trustwallet.
According to the official DeFi Yield Protocol official twitter pageDYP liquidity providers have currently earned 1,443.67 ETH in just 33 days via the project’s unique dApp. Investors have earned 66.82 ETH in the past 24 hours!
Any crypto enthusiast can earn ETH rewards today by depositing their liquidity provider tokens (Uniswap LP tokens) into the corresponding initial list of pools. There are currently four liquidity pools available: DYP-ETH, DYP-WBTC, DYP-USDC and DYP-USDT.
Each pool offers four different staking options with monthly rewards ranging from DYP 30,000 to DYP 100,000. The amount of DYP earned depends on the blocking period of each pool (from 3 days to 90 days).
The DYP platform is also focused on defying the notion that DeFi is a space where whales have the power to control the network. The protocol protects investors from whale attacks by automatically converting all pool rewards from DYP to ETH every day at 00:00 UTC. Smart contracts then distribute packaged Ethereum (WETH) as a reward to liquidity providers.
This anti-tampering feature reduces the risk of DYP price volatility or a whale dump that instantly crashes the DYP price, thus guaranteeing the stability of the value of the native token.
Introduction of fixed DYP rewards
This month DYP starts staking pools with daily rewards of 20% APR to 35% APR. The returns received depend on the blocking period of at least 30 days up to 120 days.
The upcoming development will help investors to automatically add their daily rewards to the stake pool with 0% fees via the RE-INVEST feature. DYP is also planning to integrate its referral program where users will receive 5% of their friend’s rewards if the friend puts DYP.
The DeFi Yield Protocol also intends to contribute to the crypto ecosystem with a DYP liquidity locker for token developers and assistance in locking Uniswap liquidity for multiple pools.
Other upcoming features include support for multiple lockers with different unlock times and support for numerous vesting lockers for Uniswap liquidity.
The DYP ETH Mining Pool will be available in the first quarter of 2021
One of the planned events for the first quarter of 2021 is the launch of the ETH mining pool with an investment of over 1 million US dollars (the whitelist is currently running).
Participants in the ETH mining pool receive a monthly bonus of 10% of the monthly ETH income. For example, if the ETH price is $ 1000, the DYP price is $ 5, and a user’s monthly estimated earnings is 1 ETH, then every miner address that interacts with the DYP smart contract will receive a monthly one Bonus of 20 DYP tokens worth $ 100.
Users who want to request monthly DYP tokens must first join the free ETH mining pool set up by the DYP team. This means that they also earn more ETH every month.
The ETH mining pool and the profitable agriculture for miners grant all miners a monthly DYP bonus of 10% + 0% mining fees. The mining pool bonuses pay a maximum amount to DYP with a price impact of -2.5%.
The DYP team is currently waiting to reach the hashrate required to extract a pool (250 GH / s) in order to roll out the mining pool. So far, the protocol has clocked miners’ hashrate at 35 GH / s.
More upcoming developments in the first quarter of 2021
The start of the DYP Earn Vault is also planned for the first quarter of this year. This upcoming feature, currently under development, is an automated yield farming contract that will maximize returns by moving providers’ funds across the most profitable platforms.
75% of the earnings from Earn Vault will be distributed among the liquidity providers, while the remaining 25% will be used to buy back tokens of the DYP Governance Protocol to improve liquidity.
The DYP Earn Vault offers support for ETH, WBTC, USDC, USDT and DAI in 5 blocking periods / pools for each deposit token (duration 3, 30, 60, 90 and 120 days).
The DeFi Yield Protocol is also planning to introduce Uniswap Integration to automatically buy DYP tokens regularly with over 25% fees and send them to a burning address. The feature offers rewards in ETH, WBTC, USDC, USDT, DAI and additional DYP rewards for each pool.
Users also get access to an additional compound rewards claim feature and the option to re-invest DYP rewards with ongoing stakes integration.
The DYP tools with a decentralized trust factor
The DYP team will soon roll out DYP tools in the first quarter of 2021 to collect data cached by decentralized exchanges (DEX) and the latest liquidity providers. The DEX Tools custom dashboard also gathers data from the latest open source information like Etherscan to help all DeFi investors make prudent investment decisions.
Users become too See and explore uniswap pools / couples and get access to trading charts and real-time DEX information. The DYP tools create an informative platform on which all projects listed on Uniswap with unique functions are displayed.
The tools will use the DYP liquidity locker to offer projects a 100% decentralized trust score based on key facts like the liquidity freeze. Other criteria taken into account are the status of the contract reviews and the question of whether the project team is public or not.
The trust score is also calculated based on whether the liquidity on Uniswap was added by the address of the contract creator or by a token holder.
In addition, the DYP-Tools homepage contains a link that traders can use to directly access the tokens listed on Uniswap or another exchange. Top projects are only evaluated on the basis of their trust rating, which is determined completely decentrally.
Token holders of a particular project can access a “Community Trust” function which they can use to vote on important issues related to the project.