DeFi Yield Protocol (DYP) has announced the launch of an updated buyback, farming and staking pools. The pools will be available on Ethereum, Binance Smart Chain and Avalanche.
DYP offers investors access to a wide range of decentralized finance (DeFi) instruments. The instruments allow investors to earn rewards for contributing to the network.
DYP’s pools launched on multiple blockchains
DYP’s buyback pool on Ethereum will allow investors to earn revenues at an annual percentage yield (APY) of up to 350%. The yield will be generated after users stake various cryptocurrencies such as USDT, USDT, DAI, LINK, WETH and WBTC.
The buyback pool on Avalanche will allow holders to earn an APY of up to 145%. This APY will be generated after a user stakes various cryptocurrencies such as LINK, USDC, WAVAX, PNG, QI, DAI, USDT, WETH and XAVA.
The BSC buyback pool will have an APY of up to 100%. The APY will be earned by staking various tokens, including CAKE, BNB, BTCB, ETH and BUSD.
After users deposit tokens into the pools, their funds will be automatically converted into DYP and iDYP tokens through a staking contract. The rewards earned from this pool will range between 30% and 350%, depending on the chosen chain and the staking duration. The rewards will be withdrawn using DYP tokens.
DYP gains popularity
Since the DYP protocol launched the pools on three of the largest blockchains, the platform has gained immense popularity in the sector. The staking, farming, and buyback pools have generated over $90 million in deposits in one week.
The investors who made these deposits received 9032 ETH, 7997 BNB and 15867 AVAX tokens, equivalent to over $44.1 million at the time.
DYP is also launching features that will make it unique. One of these is the anti-manipulation feature that ensures the network’s liquidity will apply fairly to all the participants. As such, whale addresses with many tokens will not have the ability to manipulate the prices of DYP. It will achieve this by converting the DPY reward generated through the pools to Ethereum daily before being distributed to liquidity providers.
