DeFi Yield Protocol Community Update — Yield Farming Tutorial on Avalanche

Quick introduction of DeFi Yield Protocol for the new users

The DeFi Yield Protocol (DYP) is a unique platform that offers solutions for yield farming, staking, and enabling users to leverage the advanced trading tools of the DYP.
What makes the DYP a unique yield farming aggregator? The DYP made history in the DeFi space by becoming the first and only protocol to reward users in Ethereum.
Furthermore, the platform offers its innovative Earn Vault that integrates the Compound protocol. Investors can tap the automated yield farming contract to earn higher yields than those offered on rival DeFi protocols.
Anti-manipulation aims to maintain stability and fair access to liquidity and to provide a secure and simplified DeFi platform for users of all sizes.
The NFT marketplace of the DYP is a new platform for creators and collectors to mint and trade NFTs. Everyone can now create non-fungible tokens and experience the benefits of unique, digital ownership rights.
The DYP token holders have complete control over the protocol. DYP tokens represent voting shares in DYP governance. The introduction of DYP tokens serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol toward the future.
The DYP Bridge helps users swap tokens between the Ethereum Network, the Binance Smart Chain, and the Avalanche Network.
The core feature of the DYP is the decentralized tool dashboard (DYP Tools). It provides advanced features, such as Decentralized Score, Unique Community Trust Vote System, DYP Locker, Yield Farm Data, and LaunchPad, allowing investors to make informed decisions that maximize yields and reduce risks.

Since the launch of the yield farming on Ethereum (seven months ago) and Binance Smart Chain (three months ago), we have been blown away by the growth of the platform and by the incredible community. Since inception, DYP has paid out over $22 Million in rewards to liquidity providers.
All these values are provided by Chainlink Price Feeds. By integrating Chainlink’s industry-leading decentralized oracle network, DeFi Yield Protocol has access to high-quality, tamper-proof price feeds needed to provide the exact value in USD for the rewards paid in ETH and BNB to the liquidity providers that are using our farming pools. This provides our users with strong assurances that all the values are provided in a fully decentralized manner and cannot be manipulated.

In late June, we announced our expanding to Avalanche for the DeFi Yield Protocol yield farming and governance dApp, DYP Tools, and DYP NFTs. This integration enables DeFi users to earn yield on their assets while taking advantage of Avalanche’s low fees, high throughput, and sub-second finality. All of these will provide greater liquidity for our community and open other developments in the near future. Some quick facts:

  • Users will be able to add their liquidity to DYP/AVAX pair on Pangolin. The users will be able to choose between three different type of rewards: AVAX, DYP, or ETH.
  • The DYP token is now available on Avalanche as well as on Ethereum and Binance Smart Chain, opening access of more users to the DYP ecosystem.
  • Avalanche DeFi Yield Protocol token contract: 0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17

Deposit your liquidity provider tokens to receive AVAX, DYP, or ETH as rewards

In order to lower the risk of DYP price volatility, all pool rewards are automatically converted from DYP to AVAX by the smart contract, and AVAX/DYP/ETH is distributed as a reward to the liquidity providers. The users can choose between three different type of rewards: AVAX, DYP, or ETH.

Maintaining token price stability — every 24 hours, the smart contract will automatically try to convert the DYP rewards to AVAX. 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 AVAX, 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 AVAX, DYP, or ETH rewards, you must deposit your liquidity provider tokens (Pangolin LP tokens) into the AVAX-DYP liquidity pool from Pangolin.

Users will be able to stake their tokens for 3 days, 30 days, 60 days, and 90 days with higher rewards allocated to longer staking durations. Rewards are delivered to users’ in their choice of AVAX, DYP, or ETH on a daily basis.

In this tutorial, I will add liquidity to the DYP/AVAX pool from Pangolin and start earning daily rewards.

Note: If you are a new user on Avalanche, you can check this tutorial to set up your MetaMask wallet and fund it with AVAX.

  1. You can get DYP tokens from Pangolin or if you already own DYP tokens on Ethereum Network you can use the Bridge to swap it to Avalanche Network. Here you can find the Bridge Tutorial.
  2. You should click the following link: https://dyp.finance/farm or directly visit the farming dapp https://app-avax.dyp.finance/
  3. Now, you should click ‘’CONNECT WALLET’’ and log into your MetaMask wallet.

4. You need to choose AVAX Network from the MetaMask menu.

5. Now you can see the farming pools, I will choose AVAX/DYP pool - 60 days Locking.

6. Now, I need to add liquidity on Pangolin to the AVAX/DYP pool. I need to click ADD LIQUIDITY, and it will redirect me to the following Pangolin page: https://app.pangolin.exchange/#/add/AVAX/0x961C8c0B1aaD0c0b10a51FeF6a867E3091BCef17

7. I will add 1 DYP and the same amount in AVAX, at the current market price it will be 0.058 AVAX for 1 DYP; You should click Approve DYP and sign the transaction with MetaMask.

8. Once the Approve transaction is confirmed, you must click Supply.

9. Once the Supply transaction is confirmed, you should see your position in the liquidity pool.

10. Now, you should return to the farming dapp and you should see your LP tokens if you click MAX.

11. After you click MAX, you need to click APPROVE and sign the transaction; once the APPROVE transaction is confirmed, you need to click DEPOSIT and sign the transaction.

12. Now you can see your LP deposited, Congratulations! You are now earning a passive income!

13. You will be able to CLAIM your rewards in AVAX, ETH, or DYP every 24 hours.

14. The REWARDS are updated periodically when any liquidity provider clicks CLAIM.

15. Depending on the pool you have chosen, you will be able to WITHDRAW after 3, 30, 60, or 90 days.

About DeFi Yield Protocol

The DeFi Yield Protocol (DYP) is a unique platform that offers solutions for yield farming, staking, and enabling users to leverage the advanced trading tools of the DYP.
What makes the DYP a unique yield farming aggregator? The DYP made history in the DeFi space by becoming the first and only protocol to reward users in Ethereum.
The core feature of the DYP is the decentralized tool dashboard (DYP Tools). It provides advanced features, such as Decentralized Score, Unique Community Trust Vote System, DYP Locker, Yield Farm Data, and LaunchPad, allowing investors to make informed decisions that maximize yields and reduce risks.

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