The yield farming aggregator platform āDeFi Yield Protocolā (DYP) has officially launched its updated buyback, farming, and staking pools. These pools live across multiple chains including Ethereum, Avalanche, and Binance Smart Chain (BSC).
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The yield farming aggregator platform āDeFi Yield Protocolā (DYP) has officially launched its updated buyback, farming, and staking pools. These pools live across multiple chains including Ethereum, Avalanche, and Binance Smart Chain (BSC).
Ethereumās buyback pool allows holders to earn up to 350% APY in DYP, by staking WETH, WBTC, USDC, USDT, DAI, or LINK.
Meanwhile, Avalancheās buyback pool offers up to 145% APY. Staking options include WAVAX, USDC.e, USDT.e, WETH.e, PNG, QI, DAI.e, XAVA, WBTC.e, or LINK.e.
Finally, the BSC buyback pool offers up to 100% APY. Users can stake with WBNB, BTCB, ETH, BUSD, or CAKE.
Upon deposit into these pools, the userās funds will be converted into a mixture of DYP and iDYP tokens and placed into a staking contract. Stakerās rewards can vary from 30% to 350% APY depending on the selected chain and the length of time they choose to lock up their tokens (0-90 days). All rewards are distributed in DYP when withdrawn.
If old users need to withdraw their assets from the V1 farming pool, they will be left with two items. These include DYP, and whichever cryptocurrency/ token they initially deposited on their respective chain.
With this, DYP users gain greater opportunities to maximize future yield. Those initial tokens can be redeposited into the new farming pool!
On Ethereum, users can deposit ETH, WBTC, USDC, or USDT to earn rewards. Avalancheās farming pools will accept AVAX, while BSCās pool accepts WBNB, BTCB, ETH, BUSD, or CAKE. These rewards can come in the form of WETH, WAVAX, WBNB, or USDT. 75% of this deposit will be placed in its associated iDYP LP, while the other 25% is put toward DYP staking for up to 200% APY.
Rewards are automatically converted from iDYP into WETH, WAVAX, or WBNB respectively by the smart contract, as a shield against the formerās price volatility. When withdrawing funds, the total initial deposit will be given back to the depositor, +25% extra rewards in DYP.
Staking oneās DYP can earn holders up to 130% APY on Avalanche,Ā 550% APY on Ethereum, and 50% APY on BSC. No impermanent loss is involved. As with the buyback pools, users that invest their tokens for longer periods of time will receive the best rates. They may also opt to use the āreinvestā function, automatically storing their gains back into the staking pool for compound interest.
DYP even included a referral program. Those that refer friends and family to DYP get 5% of their friendās staked assets as a reward.
Within a week of launching, the buyback, farming, and staking pools had accumulated over $90 million in deposits. DYP rewarded its contributors with 15,867 AVAX, 7,997 BNB, and 9,032 ETH, totaling $44,149,334 in tokens at the time. Currently, the highest APY available on the protocol is 625%.
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