Recap of AMA with DEFI Yield Protocol
On the 2nd of August 2021 @ 11:00 AM ET, An AMA session was held on Avalanche Telegram with special guest Mihai Nicusor from
@dypfinance . Below we present to you an excerpt from AMA with questions and answers. It was wonderful and very informative, Enjoy reading :)
Nicolas | Avalanche
Hey Mihai it’s great to have you with us today ! Could you start by introducing yourself and explain us your journey to found Defi Yield Protocol ?
Mihai | DEFI Yield Protocol
Sure Nicolas. My name is Mihai, and I am the founder of DeFi Yield Protocol. I joined the crypto world in 2017 when I bought my first Ethereum mining rigs and in 2018 I’ve created a company that is offering different services (like hosting and maintenance) for people that own mining rigs. 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.
Now, let me share with you some things about our project.
DeFi Yield Protocol was initially launched on Ethereum in October last year, our first product was yield farming that was launched in December. DYP made history in the DeFi space by becoming the first and only yield farming protocol to reward users in Ethereum. In April we also launched the yield farming on Binance Smart Chain. Our integration with Avalanche will include the yield farming, DYP Tools, NFT Marketplace, and Buyback with Staking that offers 100% APR. We already launched the yield farming on Avalanche last month, since launch the liquidity providers have earned 5336 AVAX.
We are building a complete ecosystem and right now we offer solutions for yield farming, staking, NFT marketplace, vaults with Compound Protocol integration, and the decentralized tool dashboard (DYP Tools).
Nicolas | Avalanche
Thanks for this introduction Mihai !
Let’s start taking the questions from Twitter. Our first question comes from DiniTribroto:
DYP’s exp to Avalanche&will launch 3products:DYP Farming,DYP Tools&DYP NFTs
What are the advantages of these product over others?
Which are the most strong points which make DYP different from other projects?
how effective DYP-anti-manipulation feature to reduce the risk in defi?
Mihai | DEFI Yield Protocol
Nice one, it will be a long answer so bear with me :)
All our products come with unique features, and I will give you some examples:
- DYP is the first and only yield farming protocol to reward users in Ethereum. On Avalanche it uses the same mechanism, and the users can choose between three different types of rewards: AVAX, DYP, or ETH. We already launched the yield farming on Avalanche last month, since launch the liquidity providers have earned 5336 AVAX.
- The decentralized tool dashboard (DYP Tools) provides advanced features, such as Decentralized Score, Unique Community Trust Vote System, DYP Locker, Yield Farm Data and LaunchPad, allowing investors to make informed decisions that maximize yields and reduce risks.
Security and transparency have been top priorities for our project since the beginning.
- All our yield farming contracts are using the anti-manipulation feature. Anti-manipulation aims to maintain stability, fair access to liquidity, and provide a secure and simplified DeFi platform for users of all sizes. That means it doesn’t matter if you invest $100 or $100,000, you will not be able to manipulate the token price by selling the rewards, because in the worst-case scenario the rewards distribution can affect the token price by maximum -2.5%.
Nicolas | Avalanche
Thank you for this detailled answer ! Second question is asked by ss989989: I saw your most recent collaboration with pangolin dex , when looking over your project , could you perhaps clarify why pangolin dex was chosen as a partner ?
Mihai | DEFI Yield Protocol
Sure, Pangolin is the biggest AMM on Avalanche and a community-driven project. That’s why we choose them for our yield farming pools liquidity. Also, by launching DYP Tools for Pangolin we allow investors to make the right decisions based on 100% decentralized criteria. I am sure this is going to help all the users that are using Pangolin.
Nicolas | Avalanche
Third question by Radj0760527: I am interested in the security of your project and your Smart contract, how do you secure our funds? 2 / In the event of an attack, is there an insurance program to cover the damage?
Mihai | DEFI Yield Protocol
All our smart contracts have been audited by three 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. An insurance program is in our Roadmap, and it is going to be launched this year.
Nicolas | Avalanche
That’s great to hear 👍 Question 4 by darkseid89931: When can we expect the #launchpad to be active?
How will you choose that which tokens to be selected on Launchpad and how will it be different from ones already doing this?
Mihai | DEFI Yield Protocol
The LaunchPad is going to be launched this month. Our LaunchPad will offer access for high-quality crypto projects. DeFi Yield Protocol LaunchPad will be bringing new token offerings to market and users will be able to participate in primary token offerings based on their staking or farming balance or DYP Tools Premium Subscription. DeFi Yield Protocol LaunchPad will provide:
- Mandatory smart contract audits by Blockchain Consilium or another top-tier auditor
- Know Your Customer (“KYC”) of the project team
- Liquidity Locked using DYP Locker
- Team Tokens Locked on Vesting Contracts
That means the LaunchPad will put security and transparency in the first place.
Nicolas | Avalanche
Fifth question from batuhanarslan_: As DYP, will you have any cooperation with other projects on Avalanche, do you have such a plan?
Mihai | DEFI Yield Protocol
Yes, we will work with as many as possible Dapps from Avalanche. We are already working on some new integrations with Avalanche Dapps so please stay tuned for updates.
Nicolas | Avalanche
Question 6 by 0xAvaxTR: What are the main reasons behind the expansion of the #Dyp into the #Avalanche ? so it’s just speed and scale, or rather expanded to keep up with regulations ?
Mihai | DEFI Yield Protocol
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, that’s why we choose Avalanche. Also, Avalanche is one of the fastest growing ecosystems, so we are happy to provide our unique products for its users.
Nicolas | Avalanche
Question 7 is from yavuzsc7: DYP token has a limited supply of 30 Million. How will the reward distribution be realized when all 30 Million DYP tokens are in circulation?
Mihai | DEFI Yield Protocol
After we did some token burns, the max supply is 24,963,431. Once the current farming contracts ends in December, we will launch some new contracts with improved strategies that will not be affected by the small supply of DYP tokens.
Nicolas | Avalanche
Question 8 from novobiotech: You mentioned that there will be 3, 30, 60, 90 days options for liquidity providing. Is it possible to stop liquidity providing before deadline for instance at 45th day in a 90 day option?
Mihai | DEFI Yield Protocol
Yes, you are right. The users can choose between 3,30,60 and 90 days option for adding liquidity. No, this is not possible for security reasons.
Nicolas | Avalanche
Question 9 comes from AEmreKeless: Why should I provide liquidity to @dypfinance in the intense competition conditions of the market?
Mihai | DEFI Yield Protocol
DeFi Yield Protocol is the only yield farming platform that provides rewards for its users in ETH/BNB/AVAX. Also, we are the only platform that uses an anti-manipulation feature to maintain stability and fair access to liquidity for users of all sizes. And the most important thing is that numbers speak for themselves:
Since December, 8640 ETH, 5827 BNB, and 5336 AVAX worth $24,739,409 have been paid to the liquidity providers; I don’t think there is another yield farming protocol that managed to pay this amount in such a short time!
Nicolas | Avalanche
Last question from Twitter comes from huntsats and he is asking: I read on your website that you have Unique Community Trust Vote System. How does it works and how is it beneficial to the DYP protocol?
Mihai | DEFI Yield Protocol
Community Trust Vote System — This unique feature for Voting is one of our favorites and it will change the Community Trust for all the DeFi and cryptocurrency space. All the cryptocurrency data aggregators are using a voting system that can be easily manipulated by anyone.
By releasing our Unique Community Trust Vote System this will change forever, nobody will be able to manipulate the voting process for any project. How? We will give you some examples:
Let’s take as an example two of the biggest cryptocurrency data aggregators : CoinMarketCap and CoinGecko. Any person can submit a vote for any project, you can make a script, you can run some twitter campaigns etc, and manipulate this score. This can harm any project! This doesn’t seem fair in our opinion. Why should I be allowed to express my opinion about a project if I don’t have anything to do with this project? Well by using DYP Tools, you will be able to use the Community Trust and vote ONLY if you hold that token in your wallet. Let’s say you want to make a vote for AVAX, you will be able to do this ONLY if you hold AVAX tokens in your wallet. If not, you are not allowed. So, this feature, one of the most important because it provides the feedback and trust score for any project, is going to be available ONLY for the token holders of that project.
How is it working? You just need to connect your wallet and press the Like or Dislike Feature! The process is instant and 100% free, our smart contract will check automatically if you hold the token that you want to submit the vote for, if you are holding it the vote will be casted instantly, if not you will be informed that you need that token in your wallet to cast your vote!
This is not beneficial only to the DYP protocol, this is beneficial for all the DeFi space!
Nicolas | Avalanche
Thank you for answering these questions from Twitter @mihaiDYP !
Let’s now take the questions from Telegram. I will open up the channel for a few minutes and let the people ask questions
Batuhan
As Defi Yield Protocol, how do you develop your security problems, which is one of the most important foundations, and take precautions?
Mihai | DEFI Yield Protocol
All of our contracts have been audited by three different security audit companies: Blockchain Consilium, Certk, and PeckShield. All of our tokens that are not used are vested on smart contracts, that means nobody has access to them. Before launching a product we are doing as many as possible tests in order to find any possible issues.
UP & DOWN
Can you tell more for details about Buyback Program?
How will it works?
Mihai | DEFI Yield Protocol
Sure, the users that are depositing funds to the Buyback contract will get an APR of 100% through our Staking contract. It will be available on Ethereum, Binance Smart Chain, and Avalanche. The buyback program will get the DYP tokens directly from Uniswap, Pangolin, and PancakeSwap. The users will be able to contribute WETH, WBTC, USDC, USDT, WBNB, BUSD, WAVAX, and PNG.
Gökhan
What is your top priorities in 2021? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Mihai | DEFI Yield Protocol
Right now we are focused on development and marketing. Here you can find our Roadmap for 2021 https://dyp.finance/roadmap
Gabbar
“Anti-Manipulation feature”, is something which is urgently needed in defi space due to whale manipulation.
Can you explain how it works?
Mihai | DEFI Yield Protocol
All the info can be found here https://dyp.finance/feature
Maimunat
Any plans to include NFT gaming in your NFT marketplace or will you just stick to NFT art collectibles?
Mihai | DEFI Yield Protocol
Yes, we have plans for launching more features on the NFT marketplace. NFT gaming could be one of them.
togi slatan
How will your transition to the avalanche network affect farming operations? what will be your benefit
Mihai | DEFI Yield Protocol
The transition to Avalanche will not affect the farming operations. I mean ETH farming is using Uniswap, BSC farming is using PancakeSwap, AVAX farming is using Pangolin. All the pools have their liquidity and cannot be affected by any of it. The benefit is to add as many as possible users to the DYP ecosystem.
Crypto Warrior
How do leveraging DYP’s advanced trading tools for users work ? What advance is it gonna give us ?
Mihai | DEFI Yield Protocol
You can read this article if you want to learn more about DYP Tools https://dypfinance.medium.com/defi-yield-protocol-dyp-tools-v1-launch-376fdf97d4f7. Basically it will investors to make informed decisions that maximize yields and reduce risks.
Ibrhm
Can i use the DYP platform easily? Is there a practice guide?
Mihai | DEFI Yield Protocol
Sure, you can find tutorials for any of our products on our medium page https://dypfinance.medium.com/.
Cross Over
Since DYP claims itself as “community driven project”, Are core values of anti-manuplation feature (such as price volatility range, reward distribution and burning amounts) subject to change if community chooses so ?
Mihai | DEFI Yield Protocol
Sure, the community can make proposals through our governance.
Blackk
🧑🏻🎤🧑🏻🎤🧑🏻🎤
do you have plan for cross chain bridge?
.
what are the exchanges I can buy DYP and any stacking options???
🧑🏻🎤🧑🏻🎤🧑🏻🎤
Mihai | DEFI Yield Protocol
These are the available exchanges to purchase DYP:
✅ Uniswap — https://app.uniswap.org/#/swap?use=V2&inputCurrency=0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
✅ PancakeSwap — https://v1exchange.pancakeswap.finance/#/swap?inputCurrency=0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
✅ Pangolin — https://app.pangolin.exchange/#/swap?&outputCurrency=0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
✅ KuCoin USDT — https://trade.kucoin.com/DYP-USDT
✅ KuCoin ETH — https://trade.kucoin.com/DYP-ETH
✅ Gate.io USDT — https://www.gate.io/trade/DYP_USDT
✅ Gate.io ETH — https://www.gate.io/en/trade/DYP_ETH
💳 Fiat
✅ MyCointainer — https://www.mycointainer.com/dashboard/invest/dyp/
iBrhm
While you build your project, do you take into account community feedbacks and demands?
Mihai | DEFI Yield Protocol
Yes, all the time we are paying attention to the community.
Gabbar
If you have the option to go back to past then what is the one thing you want to revert back ?
Mihai | DEFI Yield Protocol
No changes, we are here because of our actions and we will achieve more good things based on the accumulated experience.
Alican Çalışkan
You said you would offer more functionality to the Avalanche Community by making yield farming, NFT dApp and DYP Tools available on the platform. Can you explain these in a little more detail?
Mihai | DEFI Yield Protocol
I will provide you a couple of articles to find more details about these products:
- yield farming tutorial https://dypfinance.medium.com/defi-yield-protocol-community-update-yield-farming-tutorial-on-avalanche-9c0053593cd8
- DYP Tools https://dypfinance.medium.com/defi-yield-protocol-dyp-tools-v1-launch-376fdf97d4f7
- NFT marketplace https://dypfinance.medium.com/getting-started-with-the-defi-yield-protocol-nft-marketplace-a518356f47f
Be sure to follow our medium page for upcoming articles related to our products.
Batuhan
In the future, as DefiYieldPotocol, do you plan to be the first in the Avalanche ecosystem or to make very different privileges?
Mihai | DEFI Yield Protocol
I think any project is looking to be the first. Considering that all our products have been built from scratch (no forks or clones) we are pretty sure that we are going to make a difference in the Avalanche ecosystem.
BBoss Up
The DYP staking dApp currently only supports the Metamask wallet. Do you have any plans to include other well-known wallets, such as TrustWallet!?
Mihai | DEFI Yield Protocol
Yes, we will include other well-known wallets. Trustwallet is already working for our dapps, and other new wallets are going to be integrated pretty soon. One it will come this week :)
Nicolas | Avalanche
Thank you so much for taking your time to answer these questions @mihaiDYP. It was great to have you! Where can the community learn more about DYP ?
Mihai | DEFI Yield Protocol
It was my pleasure Nicolas! Thank you for having me! Here are some more information about us:
https://twitter.com/dypfinance
https://discord.com/invite/kYDT6pc
https://www.linkedin.com/company/defi-yield-protocol
About DYP
DYP makes yield farming easier through its anti-manipulation feature that converts yield earned into a platform token. This ensures that a platform’s liquidity is fair to all participants and not manipulated by any one. DYP also provides DEX tool equivalents to DeFi users and an NFT marketplace.
Website | Twitter | Telegram | Medium | Linkedin | Discord
About Avalanche:
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
Website | Whitepapers | Twitter | Discord | GitHub | Documentation | Forum | Avalanche-X | Telegram | Facebook | LinkedIn | Reddit | YouTube