The DeFi Yield Protocol (DYP) Looks Poised to take DeFi to Next Level

Within the rapidly budding cryptocurrency industry, 2020 has undoubtedly been the year of decentralized finance (DeFi) and the DeFi Yield Protocol is committed to take DeFi new heights. 

What Is the DeFi Yield Protocol?

The DeFi Yield Protocol (DYP) is developing a cutting-edge unique platform that enables anyone to provide liquidity and be rewarded for the first time in Ethereum (ETH). Simultaneously, the platform maintains both token price stability and secure and easy-to-use DeFi for end users by integrating DYP anti-manipulation feature.

DYP is unique in that it brings a solution to the risks associated with Yield Farming. The protocol does this by permanently changing the way an investor earns by providing liquidity on Ethereum smart contract. 

There is an argument against DeFi which states that it gives whales the power to control the underlying network. To get an idea, look no further than the recent infamous Sushiswap dump where the anonymous founder, chef Nomi swapped his SUSHI tokens for Ethereum, resulting in a flash crash for the token.

DYP fixes this.

The DYP anti-manipulation feature ensures that all pools (DYP/ETH, DYP/USDC, DYP/USDT, and DYP/WBTC POOL) rewards are automatically converted from DYP to ETH at 00:00 UTC, and the system automatically distributes the rewards to the liquidity providers. As you might have figured out by now, this feature ensures that all network participants are at an equal footing. It essentially disables any whale from manipulating the price of DYP for their benefit.

How Does DYP Ensure Fair Network Participation?

To substantiate the finer details of the DYP, every day at 00:00 UTC, the smart contract will automatically try to convert the DYP rewards to ETH. Should the DYP price be affected by more than -2.5%, then the maximum DYP price that does not affect the price will be swapped for ETH while the left over amount would be distributed in the next day’s rewards.

Subsequently, if after seven days there are still undistributed DYP rewards, the DeFi Yield Protocol (DYP) governance will vote on whether the remaining DYP will be distributed to the token holders or burned permanently. For the uninitiated, when a token is burned, it is removed from circulation permanently which creates a supply shock and usually leads to price appreciation of the token.

It is worth noting that DYP takes special care risks associated with smart contracts. Undoubtedly, smart contracts are the backbone of any DeFi project and it is of utmost significance that they are aptly taken care of. 

To mitigate such risks, DYP has audited all its smart contracts by PeckShield and Blockchain Consilium. DYP understands how haywire things can go with unaudited or poorly designed smart contracts. Take the recent YAM finance disaster for example. The team discovered a bug that prevented a vote from being executed. This made YAM token holders dump the tokens leading to its dramatic price plunge overnight. DYP takes care of this by ensuring all its smart contracts are duly audited and its codes secured from participants who try to take advantage of the protocol.

Other Benefits of Holding DYP Token

In addition to the aforementioned unparalleled benefits of holding the DYP token, the holders also get to participate in DYP governance and vote to add additional liquidity mining pools, burn tokens, DYP toward grants, strategic partnerships, governance initiatives, and other similar protocol governance decisions. Remember, all DYP liquidity pools use the anti-manipulation feature with the 2.5% slippage.

Check out the DYP staking dApp here. The DYP governance dApp can be found here.

Users can buy DYP token from Uniswap here.

Liquidity has been added on Uniswap and locked for 1 year with UniCrypt.

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Bitcoin Price Analysis: Bulls Must Break This Level To Prevent A Bearish Double-Top

Bitcoin bulls need to make sure the daily price closes above $23,850 today, or else a double top will form on the BTC/USD chart (see below).

Double tops are bearish reversal setups that tend to result in strong downtrends. They form when an asset fails to breach the same resistance level twice in a short period of time. The second rejection signals to the market that bullish momentum has run out and that a shift in trend is about to occur.

There’s also an obvious RSI divergence (yellow line) over the same timeframe, which supports the current trend weakening idea. Not to mention, $19 billion has departed from the market since 00:01 (GMT) today, as the Bitcoin dominance is breaking records.

BTC Price Levels to Watch in the Short-term

On the 4-hour BTC/USD chart, we can see the price has failed to close above $24,000 on two separate occasions within the last 24 hours (red bar). And, even though the leading cryptocurrency has printed a higher high today, it still hasn’t broken the sloping resistance on the RSI (yellow line on the 4-hour chart).

Once the indicator line breaks this area, it should be construed as an early indication that bullish momentum has returned behind Bitcoin and will likely foreshadow a bullish reversal. However, until then, we should anticipate the indicator line to continue down towards the oversold region – provided the double top forms.

In this bearish case, there are several key supports that will likely come into play during the double top breakout;

(1) $22,700 – 0.236 Fibonacci level.

(2) $22,500 – 50 EMA line (blue).

(3) $22,000 – Psychological level.

(4) $21,500 – Order block support (bottom green bar).

For bullish targets, the $24,000 level will continue to be the main resistance that buyers will need to break in order to confirm that a new bullish trend is underway. Further above the $24K lies the current ATH around $24,370, before the psychological level of $25,000.

Total market capital: $652 billion

Bitcoin market capital: $438 billion

Bitcoin dominance: 67.3%

*Data by Coingecko.

Bitstamp BTC/USD Daily Chart

bitcoin trading
BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

Bitcoin trading
BTC/USD chart via Tradingview.

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Cryptocurrency charts by TradingView.






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@Koning_Marc I disagree, because there are thousands of assets and always another “big move.” Set an alarm on the level you are interested in and make a plan. Take the trade from your phone.

@Koning_Marc I disagree, because there are thousands of assets and always another “big move.” Set an alarm on the level you are interested in and make a plan. Take the trade from your phone.

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After BTC’s $2K Crash in Two Days, Will This Level Stop the Bloodbath? (Bitcoin Price Analysis)

After last week’s excitement of a brand-new Bitcoin all-time high, the bulls forgot about the strong resistance at the key level of $20,000. According to the basics of technical analysis, just as in soccer, if you do not break above – you lose force and regress. This is exactly what we see over the past […]

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The first regulated company to offer freely-tradable $crypto tokens has just started its sale. No pre-sale or VCs, the initial sale is a level playing field and open to everyone. Their business: insured savings accounts with higher rates than in a bank.

The first regulated company to offer freely-tradable $crypto tokens has just started its sale. No pre-sale or VCs, the initial sale is a level playing field and open to everyone.

Their business: insured savings accounts with higher rates than in a bank.

https://t.co/cvWLQM5Ako

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Bitcoin (BTC) $ 27,028.24 0.64%
Ethereum (ETH) $ 1,890.15 0.84%
Litecoin (LTC) $ 95.18 0.46%
Bitcoin Cash (BCH) $ 114.47 0.11%