The DeFi Yield Protocol (DYP) is proud to announce that its iDYP token will facilitate users to earn more returns in the platform’s new smart contracts. The token is currently available on Binance Smart Chain, Ethereum and Avalanche.
DYP is touted by some crypto proponents as a low cap gem with 1000x potential. The protocol’s new smart contract strategies for farm, stake, buyback, and governance will utilize iDYP to boost rewards for anyone using DYP products.
iDYP will work in the background of the new smart contracts, delivering several benefits to users without them having to interact with the token.
Besides boosting yield for users, the iDYP will put constant buying pressure on DYP tokens for every deposit on the new contracts. It will also introduce new functions in community governance and facilitate the launch of lending and borrowing, among other products.
The reward types and delivery under the new smart contracts will remain the same as in the old contracts. That means anyone using DYP farming pools will continue to earn rewards in ETH, BNB, AVAX, or DYP, while those on stake and buyback will earn DYP rewards. In less than one year, the Defi Yield Protocol has paid out 892 ETH, 7641 BNB, and 12902 AVAX worth a whooping $37,787,844 to users.
The leader in DeFi solutions will list its iDYP token on top DEX exchanges such as PancakeSwap, Uniswap and Pangolin.
Earn 100% APR with iDYP!
iDYP, the new smart contracts child, is a brilliant investment for DYP holders looking to generate more passive income earning streams.
Every DeFi Yield Protocol address holding at least 1000 DYP or Uniswap LP tokens can claim iDYP bonuses. Moreover, Crypto enthusiasts using various DYP products are also eligible to receive iDYP. Users on farming, vault, buyback and staking contracts will get 10% in iDYP bonuses based on the total value of their crypto funds in DYP.
Anyone holding DYP tokens on TrustWallet, Trezor, Metamask or any other private wallet is also eligible to claim 10% in iDYP. The project team plans to airdrop tokens automatically to eligible wallets before the launch of the new smart contracts.
The airdropped iDYP has a maturation period of 1 year. However, users can start earning 100% APR immediately by staking their tokens on DeFi Yield Protocol.
The DYP Protocol Snapshot
DYP protocol will take a snapshot of each wallet to assess the available DYP balance. The snapshot cycle will take place from October 18th to 24th. During this week-long snapshot cycle, the daily average DYP holdings will determine which contracts and addresses qualify for iDYP distribution.
Wallets that fail to meet the minimum 1000 DYP or LP token threshold aren’t eligible for iDYP. Moreover, DYP tokens on exchange addresses, locked for vesting, or managed by the protocol aren’t eligible.
A total of 300 million iDYP tokens is available for distribution to eligible wallets and the larger DYP community under a ten-year allocation plan. The exact amount the protocol will airdrop to eligible addresses will be determined after the snapshot cycle is complete.
iDYP holders can sell their airdrop tokens on PancakeSwap, Uniswap, Pangolin and other DEX exchanges based on the vesting distribution.
iDYP Allocation to the Community
The DYP team plans to hold a special iDYP token allocation for the community. Crypto users holding DYP or using any of the platform’s DeFi solutions can apply for the whitelist to participate in the community allocation. The whitelisting process is scheduled to take place from October 18th to 24th.
Community members from Ethereum, Avalanche and BSC chains can participate in the sale using any supported tokens (ETH, BNB, AVAX, USDC, USDT, and BUSD). Eligible addresses will receive iDYP at a discounted rate from the token’s listing price.
All tokens sold in the community sale will be vested and released after three months. Accepted wallets can stake iDYP immediately to start earning 100% APR or sell their holdings during a three month period.
The DYP protocol team will use all raised funds in the community allocation to increase liquidity on DEXes for iDYP and DYP tokens. Some of the funds will go into project development and team expansion.
50% of the token supply will be reserved for offering eligible pool rewards to users of DYP products. After the airdrop and community sale, the remaining tokens will serve various purposes, such as providing initial liquidity on DEX exchanges and compensating team members.
The DYP ecosystem has reached yet another significant milestone with the rollout of iDYP for its new smart contracts. To learn more about the project and interact with community members, please check out the resources below:
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.
DeFi Yield Protocol (DYP): A Low Cap Gem with High Potential was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.