DYP Launches a New Product for Yield Farming
DeFi Yield Protocol (DYP) launched a promised DYP Earn Vault storage. It’s a smart contract that is connected with the Compound Protocol that converts the assets into cTokens. The investors receive a reward from the earned interests. Vault supports ETH, DAI, WBTC, USDT and USDC markets.
Users can block their tokens for either 30, 60 or 90 days. The longer the term, the more they can earn. The transaction fees in DYP protocol are rather high though. It is explained by the complexity of the smart contracts in the protocol. They compensate it with the 1000% bigger reward as claimed by the DYP team.
To start earning with DYP, it’s better to use a MetaMask wallet. This project is also known by its Binance Smart Chain tokens, providing one of the first swap bridges with the Ethereum chain in the DeFi space. The launch of the next product by DYP is scheduled for the second quarter of 2021.