Staking: a unique part of the DeFi space.
But what is staking exactly?
It’s useful to understand what staking is and how it works. When a cryptocurrency allows staking it uses a consensus mechanism called Proof of Stake. This way you have the guarantee that all transactions are verified and secured without a third party involved. If you choose staking for your crypto, then your asset becomes a part of this process.
Now let’s talk a little bit about Proof of Stake. This consensus mechanism has emerged — with the idea of increasing speed and efficiency while lowering fees.
In general, Proof of Stake reduces fees by not requiring miners to validate operations. Instead, these operations are validated by people that have put their tokens in the blockchain via staking.
So this means that staking serves a similar function to mining — being the process in which users offer their tokens to add a new block onto the blockchain. Their staked tokens will act as a guarantee of the legitimacy of any new transaction they add to the blockchain.
Staking with DeFi Yield Protocol
DeFi Yield Protocol is a platform that offers different possibilities for staking various assets without the risk of impermanent loss.
Should I remind you that DYP was the very first DeFi platform that uses an anti-manipulation feature which aims to limit the market impact on its users. All our smart contracts have been audited by well known security audit companies like Blockchain Consilium, Certik, and PeckShield. This means that they were checked and double checked in order to offer you the safest ecosystem for your tokens.
If you are thinking of using DYP as your staking platform, let us describe a little bit our staking services:
DYP staking smart contract: you can stake DYP, our native token without the risk of impermanent loss. Staking is available on three networks ETH, BSC or AVAX and you can choose the one that best suits your needs.
Another important thing is our referral program. And it’s very simple: if you refer DYP to your friends, you will get a bonus that will automatically be sent to your wallet whenever they will stake DYP.
Another staking solution for your crypto is our VAULT. The DYP Earn Vault is an automated yield farming contract with Compound Protocol integration and support for ETH, WBTC, USDC, USDT, and DAI markets that has no lock time and no impermanent loss. To be more precise, you can stake your stable coins and also you can access them any time.
And last but not least, you can stake your NFT. Yes, you heard me, you can stake your NFT. For those of you that are passionate about NFTs and DeFi projects, we created CAWS with their own Staking Pool.
CAWS is a unique collection of cat NFTs created from over 235 different traits. When you mint your NFT you become part of our Society and benefit from from the minting fees and from staking your NFT with a lock time period of 30 days. CAWS NFT will be the main character in our 2D play-to-earn Platformer, your ticket to the DYP Metaverse platform and your companion in our future VR play-to-earn game.
So enjoy our products and let the STAKE begin!