A yield farming platform that offers staking, market intelligence and NFTs has announced that it is expanding to the Avalanche blockchain.
A yield farming platform has announced that it is expanding to Avalanche.
DeFi Yield Protocol — known as DYP for short — says the move will mean that its advanced trading tools are available to a greater cross-section of users.
Three of its products are initially going to be available: DYP Farming, DYP Tools and DYP NFTs.
Flexible staking terms are offered through DYP — and this means that tokens can be locked up for three days, 30 days, 60 days or 90 days.
Through DYP Tools, advanced features are offered that allows users to track tokens, access yield data and monitor whale transactions.
This service is expected to arrive on Avalanche in the third quarter of 2021 alongside DYP NFTs — allowing artists to mine, trade and showcase their creative works with low fees, near-instant finality and technology that’s eco-friendly.
DYP’s CEO Mihai Nicusor Busica says his project’s ultimate goal is to level the playing field between everyday crypto consumers and whales.
He added: “Security and transparency have been top priorities for our project since the beginning, so it is absolutely critical to build on a fully-decentralized platform in Avalanche.”
Curbing the influence of whales
DeFi Yield Protocol offers an anti-manipulation feature that is designed to curb the influence of large whale users, limiting the market impact associated with cryptocurrencies being converted.
The end goal is designed to deliver stability, fair access to liquidity and a secure, simplified DeFi platform that meets the needs of all users — irrespective of their size.
DYP also says that it has compelling reasons for choosing to launch on Avalanche, which paves the way for the deployment of decentralized applications and enterprise blockchains in an interoperable and highly scalable ecosystem. Figures suggest that Avalanche can process more than 4,500 transactions per second, all while instantly confirming transactions. This can help alleviate some of the scalability concerns that have been seen on the Ethereum blockchain, with congestion regularly resulting in sky-high fees.
Crucially, Avalanche ensures that developers who are accustomed to Ethereum can build on its infrastructure quickly. This is because the Solidity programming language works out of the box.
DYP’s arrival on Avalanche complements the fact that its yield farming feature is already available on both Ethereum and Binance Smart Chain.
A number of key collaborations have been secured by DYP in recent months. Recently, the protocol integrated Chainlink price feeds — delivering high-quality, tamperproof oracles that allow rewards to be calculated with precision.
Chainlink, which already works with a number of other DeFi protocols, sources data from a variety of premium data aggregators — weighting figures by volume and cleaning them of outliers and wash trading.
Looking ahead, DYP plans to work on its app, and roll out its products to a greater number of blockchains. A lending service will launch, and built-in insurance will be offered to all DYP liquidity providers. And, as the DeFi space continues to evolve and grow, the project says it will expand in a number of different areas too.
The first version of DYP’s NFT DApp launched last month. In the run up to going live, the project collaborated with the renowned fashion illustrator and designer Nidia Toska to create the first collection to be listed on the marketplace. In the past, she’s worked with the likes of Kim Kardashian, GQ magazine and Paris Hilton — another NFT aficionado.