Innovation is happening at such a rapid rate that even some of the top tokens over the summer are now being overtaken by the introduction of new DeFi protocols and services.
The latest to debut, and what could be the next big thing in finance, is the launch of the DeFi Yield Protocol’s staking and governance app.
Here’s what the milestone launch means for DeFi, and how DYP holders can begin earning Ethereum immediately using DYP while also addressing the risks associated with yield farming.
DYP: DeFi Yield Protocol Launches Dapp, Governance, Staking, And Rewards Enabled
The DYP token is the native cryptocurrency token underpinning the DeFi Yield Protocol and has been available for purchase or trading on Uniswap for some time.
Liquidity on Uniswap has been locked for one year with UniCrypt.
Contracts are regularly audited by PeckShield and the Blockchain Consilium and rely on QuickScan and SecurityOracle.
The asset’s popularity there grew, however, holders of the token can now activate Ethereum rewards and access a wealth of other benefits through the DYP staking and governance Dapp.
Using the new Dapp, DYP holders can earn Ethereum rewards through DYP staking pools, the DYP Earn Vault, or using the Ethereum mining pool if you are an ETH miner.
Also, by holding DYP, users can allocate DYP tokens toward grants, partnerships, and other initiatives, use governance to vote, or add additional liquidity to liquidity mining pools.
How DYP Addresses Top DeFi Risks With Innovative And Fair Platform
Bitcoin was the first mover, but each cryptocurrency to arrive after it builds on its core foundation or includes features that improve upon the initial cryptocurrency’s concept.
Other tokens introduced yield farming to the world of crypto, however, others are now perfecting it.
Yield farming and earning crypto rewards became the hottest trend over the summer months but carried a risk that DYP addresses in an innovative way.
DYP works like other DeFi tokens in terms of staking and governance, albeit in a more sophisticated implementation, but where it truly stands out and makes a world of difference is through its proprietary anti-manipulation feature that ensures a minimum of 2.5% slippage.
The DeFi Yield Protocol, using such anti-manipulation technology, is able to maintain token price stability and a secure and simplified process for end-users.
DYP solves the largest issue plaguing DeFi, which has long been that whales have the power to control the network.
Tokens like SushiSwap saw a flash dump, for example.
The DYP protocol prevents such behavior by automatically converting from DYP to ETH, allowing the system to distribute rewards to the liquidity providers in a way that is fair to all participants.
But whales taking over a network isn’t the only risk that DYP works to do away with.
Take YAM Finance, for example.
There was a critical bug in the code that kept a vote from being executed.
DYP’s regular smart contract auditing conducted by top blockchain partners ensures the promised stability through and through.
Source: newsbtc.com
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