A yield farming platform has announced that it is expanding to Avalanche.
The DeFi Yield Protocol – called DYP for short – says this move will see its advanced trading tools available to a wider range of users.
Three of its products will be available initially: DYP Farming, DYP Tools and DYP NFTs.
Flexible staking conditions are offered through DYP – and this means that tokens can be locked for three days, 30 days, 60 days or 90 days.
Advanced features are offered through DYP Tools, allowing users to track tokens, access yield data, and monitor whale transactions.
Expected to be available on Avalanche in Q3 2021 alongside DYP NFTs, this service will enable artists to mine, trade, and showcase their creative works with low fees, near-instant finality, and eco-friendly technology.
DYP CEO Mihai Nicusor Busica says his project’s ultimate goal is to create a level playing field between everyday crypto consumers and whales.
He added: “Security and transparency have been a top priority for our project from the start, so building on a fully decentralized platform in Avalanche is absolutely critical.”
Curbing the impact of whales
The DeFi Yield Protocol offers an anti-manipulation feature designed to curb the influence of large whale users and limit market impact associated with cryptocurrency conversion.
The end goal is to provide stability, fair access to liquidity, and a secure, simplified DeFi platform that meets the needs of all users – regardless of their size.
DYP also states that it has compelling reasons for choosing to launch on Avalanche, paving the way for deploying decentralized applications and enterprise blockchains in an interoperable and highly scalable ecosystem. According to figures, Avalanche can process more than 4,500 transactions per second, confirming transactions instantly. This can help alleviate some of the scalability issues that have plagued the Ethereum blockchain, as congestion regularly results in sky-high fees.
Crucially, Avalanche ensures that developers familiar with Ethereum can quickly build on its infrastructure. This is because the Solidity programming language comes out of the box.
DYP's arrival at Avalanche complements the fact that its yield farming feature is already available on both Ethereum and Binance Smart Chain.
More insights from DYP here
Quality partnerships
In recent months, DYP has completed a number of important collaborations. Recently, the protocol integrated Chainlink price feeds that provide high-quality, tamper-proof oracles that enable precise calculation of rewards.
Chainlink, which already works with a number of other DeFi protocols, sources data from various premium data aggregators – weighting numbers by volume and cleaning them from outliers and wash trading.
In the future, DYP plans to work on its app and launch its products on a larger number of blockchains. A credit service will be launched and integrated insurance will be offered to all DYP liquidity providers. And as the DeFi space continues to evolve and grow, the project says it will also expand into a number of different areas.
The first version of DYP’s NFT DApp was released last month. Ahead of going live, the project collaborated with renowned fashion illustrator and designer Nidia Toska to create the first collection to be listed on the market. In the past, she has collaborated with the likes of Kim Kardashian, GQ magazine and Paris Hilton – another NFT fan.
Find out more about DYP
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