DeFi Yield is available on Binance Smart Chain

DeFi Yield Protocol announced last Monday, April 5, through its Twitter account, that it is now available on Binance Smart Chain, so users will be able to change $DYP from Ethereum to Binance Smart Chain using the DeFi Yield bridge or buying directly in PancakeSwap.

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Image on DeFi Yield Protocol post on Twitter

BSC integration for participation and governance dApp

DeFi Yield shared some quick facts following their February announcement on the Binance Smart Chain integration for the DeFi Performance Protocol Governance and Participation dApp, including:

• We have added $510,000 USD in liquidity to PancakeSwap.

• Users will be able to add their liquidity to one of the PancakeSwap pools: DYP / BNB, DYP / ETH and DYP / BUSD. Users will be able to choose between three different types of rewards: ETH, BNB or DYP.

• The DYP token is now available on BSC and Ethereum, opening more user’s access to the DYP ecosystem.

• BSC DeFi Yield Protocol token contract: 0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17

What is DeFi Yield Protocol?

It is a platform that allows anyone to provide liquidity and earn ETH with minimal risks. According to the company, unlike some DeFi user interfaces, the DYP interface is “quite streamlined and accommodates new and experienced yield farmers”.

“The main feature of DeFi Yield Protocol will be the decentralized tools panel (DYP Tools). This will increase the use case for DYP tokens, provide a liquidity locker for any DeFi project, and at the same time protect the DeFi community by providing a decentralized trust score for all DeFi projects. Once we launch DYP Tools, the DeFi Yield Protocol will be the center of the entire DeFi space and will process all data in a fully decentralized way”, he explained through an article published on the Medium platform.

The company also commented on its liquidity in Uniswap, which, according to it, has had an increase of almost 20 times since the launch, “right now we have more than $19,000,000 in liquidity in Uniswap”.

Deposit and earn BNB, ETH or DYP rewards

The company assured that, to reduce the risk of DYP price volatility, all group rewards “are automatically converted from DYP to BNB through the smart contract, and ETH / BNB / DYP is distributed as a reward to liquidity providers. Users can choose between three different types of rewards: ETH, BNB or DYP”.

“Maintain token price stability: Every 24 hours, the smart contract will automatically try to convert DYP rewards to BNB. If the DYP price is affected by more than -2.5%, then the maximum DYP amount that does not affect the price will be changed to BNB, and the remaining amount will be distributed to the next day’s rewards. After seven days, if we still have undistributed DYP rewards, the governance of the DeFi Yield protocol will vote on whether the remaining DYP will be distributed to token holders or burned (all burned tokens will be removed from circulation)”, he said.

Also read: DeFiance Capital joined the Enzyme Finance ecosystem

It should be noted that, according to the company, to start providing liquidity and earn BNB, ETH or DYP rewards, the user must deposit their liquidity provider tokens (PancakeSwap LP tokens) in the corresponding initial list of groups: DYP / BNB, DYP / ETH and DYP / BUSD.

So “each group will have four different betting options, with rewards from 30,000 DYP to 100,000 DYP every month, depending on the blocking time from a minimum of three days to 90 days”.

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