Crypto Unfolded started out as a pure passion for cryptocurrencies. We write about Bitcoin!
The Defi business is booming with more and more people joining the platforms over time, and the total value locked in Defi is increasing.
However, even for Defi experts, there are many risks associated with Defi, one of the biggest threats being market manipulations, with big platforms like Sushiswap suffering.
Recently, the DYP platform launched with the promise of providing a hedge against market manipulation. DYP is a Defi ecosystem designed to help investors earn passive rewards for Staking, farming, and participating in the ETH mining pools. DYP has its native token, dubbed DYP token, aimed at attracting investors to the platform.
The platform has designated lots of resources for, Staking, yield farming, and other features to increase reliability. Keep reading the review of the functioning of some of DYP’s features.
In the platform, you have to hold some liquidity provider tokens to participate in liquidity provisions and ultimately earn rewards.
DYP currently has four staking pools, including DYP-ETH, DYP-USDT, DYP-USDC, DYP-WBTC. There are no restrictions as to the persons joining the platform, thus fewer entry barriers.
DYP's most recent staking report shows that there are currently $63 million locked in the liquidity pools. Additionally, around 1954.22 ETH has been paid to the platform's liquidity providers since the staking options launch. In a single 24 hour period, the platform was able to generate 84.37 ETH.
To participate in the platform's liquidity provisions and earn, you need to provide DYP staking liquidity. Liquidity provision is depositing some amount of the liquidity provider tokens from UniSwap to the four pools above. If you wish to benefit from DYP, you need to get some from the UniSwap DYP token link.
Adding liquidity follows these steps;
Visit the DYP staking page
Connect a wallet out of the five options given. Of course, most Ethereum platform users prefer Metamask, but any of the listed wallets are effective
Choose your favorite pool from the ones listed, and select the right lock-up period for you. (Plans range from 3 days to 90 days)
Click the 'add liquidity button' the platform will automatically open the Uniswap pair. During this stage, you need to fill in the details about the amount you wish to lock for liquidity
Approve the DYP and get a direct link to Metamask, where you select the gas fees and fill in all necessary details, then immediately supply liquidity. After providing the liquidity, your staking app wallet will receive LP tokens
After receiving the LP tokes, you need to follow a series of approvals and confirmations, and ultimately your LP amount is staked
Market manipulation in the decentralized finance space has become more like a way of business. Whales tend to commit fraudulent moves, including exit scams, to benefit from smaller investors' expenses.
However, DYP is eradicating manipulation. Whales cannot commit exit scams for manipulation of the market. Every 24 hours, DYP's autonomous system converts Rewards earned from DYP to ETH. Immediately after conversion, the rewards are distributed to participants.
If the DYP price reduces by more than 2.5%, it automatically swaps the maximum possible DYP amount to ETH. When swapping, the platform avoids converting too much that can affect prices.
The remaining amounts go to reward distribution. However, if the affected tokens have not been entirely distributed at the end of seven days, there will be a vote to decide whether to distribute or burn.
The latest addition to the DYP platform is the farming dApp with an integrated referral system. Here the rewards range from 20% APR to about 35% APR. Currently, the minimum lock-up period is 30 days, and the maximum is 120 days.
It's easy to start earning rewards on DYP since you need to deposit DYP tokens in a suitable pool. You can reinvest some of the rewards you earn back into your pool. The referral system integrated allows you to earn 5% of your friend's rewards for informing them about DYP. No gas fees for referral rewards.
Although the DYP platform is already well established, the platform is currently working on introducing newer features. Among these features include;
DYP as a Defi network is promising to offer benefits for the Defi platforms and users. Foremost, the staking option is excellent, providing four pools for investors to take advantage of. Their recent report shows DYP is already promising to be the future of Decentralized finance.
The one benefit present in DYP is their eradication of manipulation of the markets using DYP. Less manipulation could lead investors to trust Defi projects. The DYP platform is new in the Defi and crypto service provision.
A look at the staking ETH rewards earned for the few weeks the platform has been live shows lots of promise. Additionally, the project team is still busy introducing new features, including Earn vault, DYP tools, and 0% fee ETH mining pools.
Although the platform needs the test of time, as things stand today, it shows excellent prospects.
Create your free account to unlock your custom reading experience.