The DeFi Yield Protocol (DYP) rewards crypto enthusiasts with ETH for providing liquidity (Uniswap LP tokens). Holders of DYP, the native cryptocurrency token underpinning the project, earn rewards from the ETH smart contract integrated with Trustwallet and Metamask.
Besides earning ETH immediately using DYP, users also enjoy protection from the risks associated with yield farming. The innovative DeFi protocol uses anti-manipulation technology to make it impossible for whales to have the power to take over the network.
The protocol automatically converts all DYP rewards to ETH, allowing smart contracts to distribute rewards to the liquidity providers (LPs) in a manner that is fair to all participants, thus guarding users against a flash dump.
Moreover, the DYP project’s proprietary anti-manipulation feature ensures the stability of token prices by guaranteeing a minimum of 2.5% slippage while giving end-users a secure yield farming process.
Introducing the DYP Tools With Decentralized Trust Score
DeFi Yield protocol has announced the launch of its DYP tools with a mission to help the DeFi community make the best decisions while investing their funds.
The new feature is designed to capture data cached from the latest open-source platforms like Etherscan as well as top decentralized exchanges (DEXs). Liquidity providers will also view and explore Uniswap pools/pairs and access trading charts and DEX real-time data.
Many investors in the DeFi space encounter scams since they fail to do their diligence for new projects. That is why DYP is bringing in tools to help them avoid rug pulls by offering an informative platform that shows all the existing projects listed on Uniswap with unique features.
By tapping into the DYP liquidity locker, the upcoming tools will rank projects using a 100% decentralized trust score. The score considers various criteria such as a project’s locked liquidity, security audits, and whether the project team is public or not. Investors will also easily see if the liquidity on Uniswap was added by the contract creator’s address or by a token holder.
The DYP tools are 100% decentralized without sponsored paid projects and come with a home page link that directs investors to the listed tokens on Uniswap or any other DEX. Token holders of each project will also have access to a “Community Trust” feature that allows them to vote on vital issues regarding their project’s development.
DYP has taken multiple measures to keep DeFi investors safe from rug pulls, but each individual should do their own research when putting their funds in any project.
For one, all users should check if the contract is a proxy smart contract (the proxy allows the admin to change ANYTHING in the smart contract). They should also determine if the project team has access to tokens; the unused tokens should be locked on smart contracts!
Other Upcoming Developments on DYP
The ETH Mining Pool is set to launch on DYP protocol in Q1 of 2021. Participants must first join the zero-fee ETH mining pool to claim monthly DYP tokens.
The ETH mining pool will provide a 10% monthly DYP bonus + 0% mining fees to all miners. These bonuses will distribute a maximum amount of DYP with a -2.5% Price Impact.
Also set to roll out soon is the DYP Earn Vault, an automated yield farming contract designed to maximize profits for users by moving their funds through the most lucrative DeFi protocols.