Deposit your liquidity provider tokens to receive Ethereum rewards
In order to lower the risk of DYP price volatility, all pool rewards are automatically converted from DYP to ETH by the smart contract at 00:00 UTC, and WETH (Wrapped Ethereum) is distributed as a reward to the liquidity providers.
Maintaining token price stability — every day at 00:00 UTC, the smart contract will automatically try to convert the DYP rewards 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 we still have undistributed DYP rewards, the DeFi Yield protocol governance will vote on whether the remaining DYP will be distributed to the token holders (with appropriate slippage tolerance of -2.5%) …
On the 27th of November, we had the Staking and Governance contracts ready, with 3 days before our deadline. Please visit our Github page if you would like to take a look at the contracts:
The staking contract has 1203 code lines, while the governance contract has 482 code lines. We have run tests on Rinkeby network between 18th of November, and 25th of November in order to assure that everything works.
We need to focus a lot on security to avoid attacks such as flash loan attacks, a lot of projects suffered from this attack, so the security of smart contracts is going to take the first place. Currently we work with PeckShield and Blockchain Consilium on the security audit of our smart contracts. The first company started the security audit 3 days ago, and it is supposed to be ready within two weeks; the second company need it 2 days to do a workload estimate first for our contracts, today they informed us that they can start the security audit on 7th of December with a deadline between 15th of December, and 17th of December. …
On the 25th of October, we told you that the community response to the launch of the DYP Token Community Crowdsale Whitelist was overwhelming. Since the opening of the whitelisting portal two weeks ago, we have received more than 2,000 individual sign ups with a pledge of more than $7 million.
Our crowdsale started on the 26th of October and it is scheduled to end on the 8th of November 1:00 p.m. UTC. We managed to sell 561,246 DYP tokens from the 5,000,000 DYP tokens allocated to the investors and raised 2,782.12 ETH worth $1,240,662.17 at the current ETH market price. Now, the big question is, if we had 2,000 individual sign ups with a pledge of more than $7 million, why did we manage to sell only 561,246 DYP tokens worth $1,240,662.17? …
The community response to the launch of the DYP Token Community Crowdsale Whitelist has been overwhelming. Since the opening of the whitelisting portal two weeks ago, we have received more than 2,000 individual sign ups with a pledge of more than $7 million.
As DeFi Yield Protocol completes its community Crowdsale whitelist to ensure the maximum transparency over our project, we would like to share with you a review of DYP tokenomics.
DYP Token Distribution Breakdown
30,000,000 DYP have been minted at genesis and will become accessible over the course of 2 years. The 2-year allocation is as follows:
75.30% to DeFi Yield Protocol community members: 22,588,800 DYP, the allocation is as follows:
16,588,800 DYP will be distributed for the DYP liquidity-mining pool rewards
5,000,000 DYP will be distributed to the Ethereum mining pool
1,000,000 DYP locked for one year to Uniswap liquidity on token…
The purpose of this article is to show you why DYP is unique and better than most of the Decentralized Finance (DeFi) projects:
DYP is backed by an Ethereum Mining Farm with a 35 GH/s hash rate. What does this exactly mean? Based on Ethereum mining difficulty and gas price, we earn between 65 ETH — 150 ETH every month. We have invested more than 1 million dollars in our mining farm to ensure that we understand the needs of the community, and we are here for long-term goals. All earnings from our mining activity go to DYP directly. You can check the following Ethereum Miner address to ensure that DYP token (DYP token contract 0x961C8c0B1aaD0c0b10a51FeF6a867E3091BCef17) was created by us: https://ethminer.dyp.finance/. Although DeFi stands for decentralized finance, we chose to create DYP contract with our Ethereum Miner address to share some information about us with our community. Now, let’s quickly discuss our vision and mission regarding DYP to show you why DYP is much better than similar projects: Everyone has heard of Uniswap and SushiSwap (SUSHI). SushiSwap is a fork from Uniswap that rewards users with a native token called SUSHI. The problem is that the big liquidity providers, called whales, are getting a crazy reward in SUSHI in a short time, and they all sell the tokens they get for free. Thus, the price decreases, and it affects the small liquidity providers. …
We are happy to release the DYP Lock Smart Contracts and Blockchain Consilium Security Audit report. According to our tokenomics the team members tokens will be vested for 24 months, released monthly. Also, all the tokens that are not currently in circulation (the tokens distributed for the Ethereum mining pool, DYP Earn Vault, etc) are going to be locked on smart contracts and released only on the launch of the Ethereum mining pool. In this case our community can be assured that the team will not control any tokens.
Lock smart contracts are meant to lock DYP Tokens for the team for a predefined duration, two types of locks are included, Token Lock and Token Vesting Lock, the Token Lock smart contract Locks up ERC20 Tokens for a certain duration, the lock is extensible, the Token Vesting Lock smart contract continuously releases certain number of tokens over a predefined duration. …
The DeFi Yield Protocol is developing a unique platform that allows anyone to provide liquidity and to be rewarded for the first time with Ethereum. The main difference between DYP and other staking projects is that we offer a completely different platform with unique features like:
DYP Anti-Manipulation Feature
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. 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. …
We are pleased to announce that the security audit reports of the staking and governance by PeckShield and Blockchain Consilium are complete and no issues have been found!
We have also integrated our token smart contract and the staking + governance contracts with the CertiK Foundation. They will provide QuickScan and Security Oracle for all of our contracts. Security Oracle is a decentralized risk scoring system for smart contracts and blockchain projects. QuickScan is their proprietary scanning tool which examines each smart contract and returns a security score backed by 5 security services. …
😊 DeFi Yield Protocol is launching its first meme competition. In return for making the best memes, DYP is offering some generous rewards.
🏆 First place — 0.25 ETH
🥈 Second place — 0.15 ETH
🥉 Third place — 0.1 ETH
🏅 Community’ Choice (10 runners-up) — 0.05 ETH
How to participate
🧑🤝🧑 Who can take part?
Anyone and everyone is welcome and encouraged to join us — the more memes the better.
⁉️ What should the memes be about?
Make sure your memes follow the general theme of DYP, anti-manipulation feature, staking with ETH rewards, ETH mining pool, DYP governance. …
The following article will provide answers to some of the most important questions that we received during our first AMA session.
We would like to thank all the participants for their enthusiastic participation. We will announce the winners of the $1000 Ethereum prize on our Telegram Announcements Channel https://t.me/dypannouncements
Question: Weather any security audit conducted by third party in your network? “@hiall21”
Answer: The first security audit by Blockchain Consilium is complete. Here you can download a copy of the audit:
The second audit is coming from PeckShield before 29th of October
Question: Currently there are 208 Active Ethereum Miners, which is equivalent to 35 hash powers, and need at least 250 hash powers which would equivalent to around 1.5k of active miners to fully execute the Ethereum mining pool feature, My questions is what if that requirement(250 hash power) does not meet, would you it be still implemented? …