DeFi, short for Decentralized Finance is the new fad in cryptocurrency industry, thanks to the development of blockchain technology and its applications. As new DeFi products hit the market, people are finding attractive investment opportunities with significant profit-making potential. Yield farming is one such example where crypto investors can lock their assets over a certain period of time to earn returns, and doing so in the cryptocurrency space theoretically means, the whole mechanism is democratic and everyone has an equal opportunity to reap profits.
The introduction of Bitcoin back in 2008 was hailed as a landmark moment as it signified a shift in the financial power centers, allowing individuals to stay in complete control of their funds without having to rely on banking and financial institutions. However, in reality, the changes envisioned haven’t completely materialized even after a decade. Similarly, most of the existing DeFi applications are skewed, favoring the ones with fortune, proven recently by Sushi dump brought about SushiSwap’s anonymous founder Chef Nomi swapping his SUSHI token for ETH.
However, that is not going to be the case anymore as DeFi Yield Protocol (DYP) helps prevent the whale advantage in DeFi. Further, the anti-manipulation feature implemented by the protocol ensures all pool rewards viz., DYP/ETH, DYP/USDC. DYP/USDT and DYP/WBTC are converted from DYP to ETH and distributed among liquidity providers at 00:00 UTC every day. By doing so, it prevents manipulation of DYP price by whales for their benefit.
The conversion of pool rewards from DYP to ETH is handled by a smart contract. With each pool generating around 69,120 tokens in rewards, the total number of tokens converted to ETH each day stands at around 276,480. However, in the event of DYP price fluctuating beyond 2.5% in value, the smart contract swaps only as many tokens to ETH as possible without affecting the token’s price and distribute them. Any DYP leftover will be distributed as part of the next day’s rewards. The protocol continues the rollover process for a maximum duration of one week, by the end of which, if there are still undistributed DYP left, will either be distributed among token holders or burnt based on the outcome of a governance vote. All smart contracts implemented within DYP protocol are thoroughly audited and secured to deny access to those planning to take advantage of the system.
Combining DeFi Yield Farming with ETH Mining
The DeFi Yield Protocol contributes to the crypto ecosystem with more than just yield farming. It does so with the help of its own mining farm, set up with an investment of over $1 million. Those joining the zero-fee ETH mining pool set up by DYP team stand to receive a 10% monthly bonus of the ETH monthly income earned in the form of DYP tokens airdrop. A total of 5 million DYP will be distributed to the miners as the protocol works on boosting their numbers in its mining pool to at least 200,000.
Participants in the DeFi Yield Protocol ETH mining pool also provide liquidity to participating pools, earning more ETH from DYP rewards as well as DYP Earn Vault – an automated yield farming contract that maximizes returns by moving providers’ funds through the most profitable platforms. 75% of profits generated by Earn Vault will be distributed among the liquidity providers, whereas the remaining 25% will be used to buyback DYP tokens with the intention of enhancing liquidity and maintaining token price stability.
Crypto investors and enthusiasts can be part of the revolutionary DeFi protocol by joining the Crowdsale whitelist and acquiring DYP tokens. The minimum and maximum contributions to participate in DYP is set at 0.5 ETH and 100 ETH respectively.
Access the DYP Crowdsale Whitelist Application at – https://crowdsale.dyp.finance/