Defi Yield Protocol AMA Transcript

BSC.NEWS hosts Defi yield Protocol--DeFi Yield Farming with automated vaults combined with the best Ethereum mining pool. All Questions answered by @Michael

By
BSCNews
on
April 21, 2021
Category:
AMA


Lola (AMA HOST): Can DYP team member signify?

Michael: Hi Lola! Glad to be here today with your community!

Lola (AMA HOST): Great. Good to have you here

How're you doing today Michael?

Michael: I am fine, thank you Lola! Was eager to start the AMA with your community!

Lola (AMA HOST): Haha.

The time has come now.

Shall we continue?

Michael: 🔥🔥 of course!


Q1. Can you give us a general introduction of you and Defi Yield Protocol? Could you tell us your role in the project and briefly introduce Defi Yield Protocol?


Michael: I joined the crypto world in 2017 when I bought my first Ethereum mining rigs, three months later I bought 1200 more GPUs and extended my mining farm. In 2018 I've created a company that is offering different services (like hosting and maintenance) for people that own mining rigs, and it was a real success. I am still running it and it improves day by day. I learned all about cryptocurrency and blockchain technology during this time. DeFi Yield Protocol is my vision, so I am working on the business development, and operations background.

The DeFi Yield Protocol (DYP) is a unique platform that allows virtually any user to provide liquidity, receive rewards in ETH or BNB for the first time since DeFi started, and use an anti-manipulation feature to convert the rewards into ETH or BNB without overly affecting the price. In other words, any person can provide liquidity and earn ETH or BNB with minimum risks. Unlike some DeFi user interface, the DYP interface is quite simplified, accommodating new and expert yield farmers.

The core feature of DeFi Yield Protocol is going to be the decentralized tools dashboard (DYP Tools). This will increase the use case for DYP tokens, provide a liquidity locker for any DeFi project, and at the same time protect the DeFi community by providing a decentralized trust score for all the DeFi projects.

Once we launch DYP Tools (the launch will happen this month), the DeFi Yield Protocol will be the hub for all the DeFi space, and it will process all the data in a fully decentralized manner.

Lola (AMA HOST): Wow! This is a nice one. Having this project in mind even as you journey on

Michael: Yes, I love the experience and I am giving my best since we started it!

Lola (AMA HOST): Good to hear that!


Q2. How many team members do you have working with you? And can you also tell us their roles?


Michael: Sure, we have six members in our Leadership Team:

- I am the CEO & Product Manager, like I already told you, I am working on the business development, and operations background.

- Razvan Ion is the Chief Technical Officer, basically he is the person that is taking care of all the developments that are done by the developers or companies that we are working with. Also, he is the person that is providing me all the latest updates regarding the products development.

- Teki Kolaneci, he is the Digital Strategy Manager. He previously worked 11 years for Vodafone so he is really doing a great job for us. He is working on marketing and product development.

- Constantin Bogdan, he is the Marketing Manager. He is responsible for managing and approving all our marketing campaigns.

- Gino Vizint, he is the Chief Ecosystem Officer, basically he is working on all of the business parts like product development, finance, in our case he is working the most on the products development.

- Daniel Provak, is the senior Software Developer. He is working together with Razvan Ion, Gino Vizint, and two third party companies that are helping us with the product's development. He is also working with the security audit companies that are doing different audits for us.

Beside the Leadership Team, like I already mentioned we are also working with two different companies that are providing support for the smart contracts development.


Q3. How does Staking Pool works in Defi Yield Protocol?


Michael: OK, so we offer three different options. The users can choose between the ETH or BSC network. I will provide you some details for both options:

To start earning ETH rewards, you must deposit your liquidity provider tokens (Uniswap LP tokens) into the corresponding initial list of pools: DYP-ETH, DYP-WBTC, DYP-USDC, and DYP-USDT. Each pool has four different staking options, with rewards starting from 30,000 DYP up to 100,000 DYP each month, depending on the lock time from a minimum of three days up to 90 days. 

https://dyp.finance/#/earn

Staking Pools Tutorial for ETH Network

https://dypfinance.medium.com/dyp-staking-pools-tutorial-82bd49e65527

To start earning BNB, ETH, or DYP rewards, you must deposit your liquidity provider tokens (PancakeSwap LP tokens) into the corresponding initial list of pools: DYP/BNB, DYP/ETH and DYP/BUSD. Each pool will have four different staking options, with rewards starting from 30.000 DYP up to 100.000 DYP each month, depending on the lock time from a minimum of three days up to 90 days.

https://dyp.finance/#/earn

Staking Pools Tutorial for BSC Network

DYP Bridge - The Bridge will help you swap DYP tokens between Ethereum Network and Binance Smart Chain Network.

https://dyp.finance/#/bridge

Also, for the users that want to stake only their DYP tokens, we have the DYP Farming Pools that comes with a referral system integrated. Each pool has four different staking options, with rewards starting from 20% APR up to 35% APR, depending on the lock time from a minimum of 30 days up to 120 days. To start earning DYP rewards, you must deposit your DYP tokens into the corresponding list of pools. Here they can find more details: https://dyp.finance/#/farm.

Important to know, until now (4 months since we launched the staking dApp on ETH network and 2 weeks since we launch it on BSC network) our liquidity providers have earned a total of 7,611.18 ETH and 1,135.07 BNB worth $17,104,286.37 !


Q4. Can you talk about the Ethereum mining Farm Defi Yield Protocol is backed up with? How it helps the Community?


Michael: Glad to answer, so DeFi Yield Protocol is backed by an Ethereum Mining Farm with a 30 GH/s Hashrate. First, since we started the development for the project (October 2020) all the funds earned through the mining farm were invested in DeFi Yield Protocol, I am talking about 413 ETH worth $877,625 at the current Ethereum price. All the funds have been invested in the project development so this helped a lot. Also, we will launch a mining pool with special benefits for the miners and for our community, something special related to the mining farm will come this year.

Lola (AMA HOST): Wow! This is a selfless service I must say. 413 Eth. That's really helped I'm sure.

Michael: Yes, helped a lot with the development!

Lola (AMA HOST): 😊👍


Q5. Has your Smart Contract been audited? If he's, who audited it? And can you shoe is the report? As the security of the Community matters.


Michael: Yes! All our smart contracts have been audited by 3 different companies and we also use a Security Oracle that is running 24/7 for all the contracts. Our smart contracts have been audited by Blockchain Consilium, Certik, and PeckShield. We have a special page on our website that will provide all the security audits info: https://dyp.finance/#/audit. Also, here are some updates for the BSC contracts https://github.com/dypfinance/DYP-Bridge-and-Staking-on-Binance-Smart-Chain

Lola (AMA HOST): Great. Why Certik if I may ask?

Michael: We liked their history, also Certik is one of the oldest companies from the branch.

Lola | CM | AMA HOST |: 😊 Yes you're right. Good one there!


Q6. How many Partners do you have? And what do you expect from them as you're working with them?


Michael: OK, so right now we have three partners for the security of the smart contracts. We expect from them to help us provide a safe environment for our community. We are also working on a very special partnership with a top DeFi platform that would like to make a collaboration with us on the staking part. More details will be released when all the details have been finalized. Also, we are talking with a couple of projects for using the DYP Tools on their platform in order to help the DeFi community when it comes to security.

Lola (AMA HOST): All right. We will.be expecting more information on that.


Q7. How many exchange pairs do you have? And why did you decide to work with it?


Michael: OK, so here are the exchange details:

- we have 4 pairs on Uniswap: DYP-ETH, DYP-WBTC, DYP-USDT, and DYP-USDC. 

- we have 3 pairs on PancakeSwap: DYP-BNB, DYP-ETH, and DYP-BUSD.

- we have 2 pairs on KuCoin: DYP-USDT and DYP-ETH.

- we have 2 pairs on Gate.io: DYP-USDT and DYP-ETH.

- we have 1 pair on Bithumb Global: DYP-USDT

- we have 2 pairs on Hotbit: DYP-BTC and DYP-USDT.

Also, our users can use mycointainer.com if they want to use FIAT. Basically Uniswap is the best when it comes to a decentralized exchange on Ethereum network, same applies for PancakeSwap when it comes to Binance Smart Chain. Also, KuCoin and Gate.io are one of the best exchanges when it comes to CEX.

Lola | CM | AMA HOST |: Wow! This is really good. It's an avenue for everyone to make transactions with his choice of exchange pair

Michael: Exactly


Q8. Can you share with our community the plans you and your project have for this year and the coming years? How are you preparing Defi Yield Protocol to be part of the DeFi 6th world revolution that is coming

Michael: We will work a lot on the development so we can improve our platform. This month we are going to launch some new products, the development is already done for all of them, we are just waiting for the security audits and some Syncing (for DYP Tools) to complete. Here are the new products coming this month:

DYP Earn Vault. Some features of the DYP Earn Vault:

- Support for #ETH, WBTC, USDC, USDT, DAI

- Compound Integration

- 5 different lockup durations

- Fixed APY for each pool

- Uniswap Integration to periodically auto-buy DYP using above 25% fees and burn

- Additional Claim button for compound rewards

DYP Tools. Some of the DYP Tools features:

- 100% decentralized platform without featuring sponsored projects

- 100% decentralized trust score based on multiple criteria

- provide manual research info for trust scores

- DYP Locker for both #ETH and #BSC networks

- unique Community Trust voting system

- farms page

- premium subscription available on ETH and BSC networks

NFT dApp v1.0 on DYP. SPECS

- A non-fungible token marketplace dApp allowing users to mint, buy and sell NFTs at fixed price. Each NFT has an image, a title, a description, an ID, and some tags.

- Marketplace page - this is the page that displays all the listings along with their cost and a button to purchase the NFT.

- Create page - this is the page where users create their NFT Using DYP.

- My account page - this is the page where the user can see their ETH balance and their NFT balance, users can also see a list of all the tokens they own; and a list of all the tokens they have listed for sale and option to remove them.

- NFT details page - this is the web page where the user checks the details about a particular NFT like their owner and all the tags associated with the token, and the option to buy the NFT.

- some special NFTs will be placed for sale before launch and the liquidity providers and DYP holders will have access within 24 hours before official launch!

New design for the website and for all the dApps will be launched by the end of the month. So, a lot of updates just for this month, it is too early to speak about the coming years. We are here for the long term, so you can be sure that we will be part of the DeFi 6th world revolution!

Lola (AMA HOST): Wow! NFT too? Can you shed a lil light on that?

How it's going to be?

Michael: It's going to be released this month, so just wait a little 🔥 We will have a very special collection of NTFs available on launch! Something pretty unique 😳

Lola | CM | AMA HOST |: Woah. Okay☺️


Q9. What are the major challenges of Defi Yield Protocol and how do you intend to solve them?


Michael: What I don't like is that a lot of innocent investors suffer from the scam projects from the DeFi area. This is one of the reasons that we started the development of DYP Tools, this is going to help a lot of the new investors. We are also planning on releasing a Launchpad for new projects that will use DYP Locker, security audit, and much more for all the projects in order to protect the investors.

Lola (AMA HOST): Okay. Thanks. 

While working on the Project DYP... Can you tell us the problem you faced?

Michael: Until now, absolutely no problem! Everything that was planned, was realized without any issues!

Lola (AMA HOST): Great. Keep it up Man!


Q10. Share with us all the links about Defi Yield Protocol, so that readers can find out more and also follow the development of the project.


Michael: Here are some more information about us:

Telegram

Website

Twitter

Telegram Accouncement

DIscord

GitHub

Medium

LinkedIn


Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?


Michael: Of course :) Once we launch our upcoming products for April, DYP will be listed on a new CEX. One of the first centralized exchanges, and with one of the best reputations. Unfortunately, I cannot say more 🤐

Lola (AMA HOST): Haha.. 

All right. We hope the news will be soon..

Thank you @michaelDYP It was really a nice time with you

Michael: Thank you for having me! Have a great day!

Lola (AMA HOST): You too Michael!

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