The yield farming aggregator platform “DeFi Yield Protocol” (DYP) has officially launched its updated buyback, farming, and staking pools. The pools are available on multiple chains, including Binance Smart Chain and BSC.

Buyback Pools

Ethereum’s buyback pool allows holders to earn up to 350% APY in DYP, by staking WETH, WBTC, USDC, USDT, DAI, or LINK.

Meanwhile, Avalanche’s buyback pool offers up to 145% APY. Options for stake include WAVAX and USDC.e. USDT.e. WETH.e. PNG, QI.e., DAI.e. XAVA. WBTC.e. or LINK.e.

The BSC buyback pool also offers up to a 100% return on investment. WBNB and BTCB are available for stakes.

Upon deposit into these pools, the user’s funds will be converted into a mixture of DYP and iDYP tokens and placed into a staking contract. Staker’s 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 All rewards can be withdrawn in DYP.

Farming pools

Old users will have two options if they need to withdraw funds from the V1 farmer pool. These items include DYP and the token/ cryptocurrency they originally deposited onto their chain.

This will give DYP customers greater potential to maximise future yield. You can reinvest those initial tokens into the new farming pool.

To earn rewards, Ethereum users can deposit WBTC or USDC to get ETH. Avalanche’s farming pools will accept AVAX, while BSC’s pool accepts WBNB, BTCB, ETH, BUSD, or CAKE. This reward can be in form of USDT, WAVAX and WBNB. The deposit of 75% will go into the associated iDYP LP. 25% of it is used for DYP staking up to 2000% APY.

Rewards are automatically converted from iDYP into WETH, WAVAX, or WBNB respectively by the smart contract, as a shield against the former’s price volatility. Withdrawing funds will result in the return of the initial deposit plus +25% additional rewards in DYP

Pool Staking

Staking one’s DYP can earn holders up to 130% APY on Avalanche, 550% APY on Ethereum, and 50% APY on BSC. There is no permanent loss. The best rates will be offered to users who have their tokens invested for longer time periods than the buyback pool. They may also opt to use the “reinvest” function, automatically storing their gains back into the staking pool for compound interest.

DYP also offers a referral program. Those that refer friends and family to DYP get 5% of their friend’s staked assets as a reward.

After just one week, more than $90,000,000 in deposits had been accumulated by the farms, buyback and staking groups. DYP paid its contributors 15,867 AVAX and 7,997 BNB. The total amount of tokens was $44,149 334 at that time. At the moment, the maximum APY for the protocol is 625 percent.

Continue reading on DailyCoin