DeFi Yield Protocol Community Update — Farming Pools Tutorial on Binance Smart Chain
Quick introduction of DeFi Yield Protocol for the new users
The DeFi Yield Protocol (DYP) is a unique platform that allows virtually any user to provide liquidity, receive rewards in ETH for the first time since DeFi started, and use an anti-manipulation feature to convert the rewards into ETH without overly affecting the price. In other words, any person can provide liquidity and earn ETH with minimum risks. Unlike some DeFi user interface, the DYP interface is quite simplified, accommodating new and expert yield farmers.
The core feature of DeFi Yield Protocol is going to be the decentralized tools dashboard (DYP Tools). This will increase the use case for DYP tokens, provide a liquidity locker for any DeFi project, and at the same time protect the DeFi community by providing a decentralized trust score for all the DeFi projects.
Once we launch DYP Tools, the DeFi Yield Protocol will be the hub for all the DeFi space, and it will process all the data in a fully decentralized manner.
Since the launch of the staking dApp three months ago, we have been blown away by the growth of the platform and by the incredible DeFi Yield Protocol community. Our liquidity providers have earned 7,064.11 Ethereum worth $14,870,593.42 since we launched the farming dApp.
At the same time, our liquidity from Uniswap (this is very important for any staking platform) increased almost 20 times since launch, right now we have more than $19,000,000 in liquidity on Uniswap.
In late February, we announced our integration of the Binance Smart Chain (BSC) for the DeFi Yield Protocol farming and governance dApp which will provide greater liquidity for our community and open other developments in the near future. Some quick facts:
- We have added $510,000 USD worth of liquidity to PancakeSwap.
- Users will be able to add their liquidity to one of the pools from PancakeSwap: DYP/BNB, DYP/ETH and DYP/BUSD. The users will be able to choose between three different type of rewards: ETH, BNB, or DYP.
- The DYP token is now available on BSC as well as on Ethereum, opening access of more users to the DYP ecosystem.
- BSC DeFi Yield Protocol token contract: 0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
Deposit your liquidity provider tokens to receive BNB, ETH, or DYP rewards
In order to lower the risk of DYP price volatility, all pool rewards are automatically converted from DYP to BNB by the smart contract, and ETH/BNB/DYP is distributed as a reward to the liquidity providers. The users can choose between three different type of rewards: ETH, BNB, or DYP.
Maintaining token price stability — every 24 hours, the smart contract will automatically try to convert the DYP rewards to BNB. 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 BNB, 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 or burned (all burned tokens are removed from circulation).
To start providing liquidity and earning BNB, ETH, or DYP rewards, you must deposit your liquidity provider tokens (PancakeSwap LP tokens) into the corresponding initial list of pools: DYP/BNB, DYP/ETH and DYP/BUSD.
Each pool will have four different staking options, with rewards starting from 30.000 DYP up to 100.000 DYP each month, depending on the lock time from a minimum of three days up to 90 days.
In this tutorial, I will use a DYP/BNB pool to add liquidity and start earning WBNB rewards:
- You can get DYP tokens from PancakeSwap or if you already own DYP tokens on Ethereum Network you can use the Bridge to swap it to Binance Smart Chain Network. Here you can find the Bridge Tutorial.
- You should click the following link: https://dyp.finance/#/earn or directly visit the staking app https://app-bsc.dyp.finance/
3. Now, you should click ‘’CONNECT WALLET’’ and log into your MetaMask wallet.
4. Now you can see the staking pools, I will choose DYP/BNB pool.
5. You will have the following options:
- DYP/BNB pool with three days Locking and Pool Rewards of 30.000 DYP/month
- DYP/BNB pool with 30 days Locking and Pool Rewards of 45.000 DYP/month
- DYP/BNB pool with 60 days Locking and Pool Rewards of 75.000 DYP/month
- DYP/BNB Pool with 90 days Locking and Pool Rewards of 100.000 DYP/month
6. I will choose DYP/BNB pool with 60 Days Locking and Pool Rewards of 75.000 DYP/month.
7. Now, I need to add liquidity on PancakeSwap to the DYP-BNB pool. I need to click ADD LIQUIDITY, and it will direct me to the following PancakeSwap page: https://exchange.pancakeswap.finance/#/add/0x961C8c0B1aaD0c0b10a51FeF6a867E3091BCef17/BNB
8. I will add 10 DYP and the same amount in BNB, at the current price, it will be 0.072589 BNB for 10 DYP.
9. You should click Approve DYP and sign the transaction with MetaMask. Once the transaction is confirmed, you must click Supply.
10. When the transaction is confirmed, you will receive the LP tokens in your wallet on the staking app.
11. NOW, you should first click MAX, then APPROVE.
12. Once the APPROVE transaction is confirmed, you need to click again MAX and click STAKE.
13. Now you can see your LP staked, Congratulations! You are now earning a passive income!
14. You will be able to CLAIM your rewards in BNB, ETH, or DYP every 24 hours.
15. The REWARDS are updated periodically when any liquidity provider clicks CLAIM.
16. Depending on the pool you have chosen, you will be able to UNSTAKE after 3, 30, 60, or 90 days.
Note: In case you want to join the staking dApp on the Ethereum Network, here you can find the Tutorial.
Other April Product Updates
- DYP Earn Vault Ready for Launch — Waiting for the security audit reports
- DYP Tools Ready for Launch — Waiting for GETH node sync to complete (about 95% for GETH, about 70% for Uniswap — 28M out of 36M txns processed)
- DYP NFT dApp v1.0 — Under Development
- DYP New UI Design — Under Development