Leading yield farming platform DeFi Yield Protocol (DYP) has collaborated with KyberDMM to boost DYP token liquidity on Avalanche blockchain. As part of the partnership, $300,000 worth of DYP and KNC tokens have been made available as liquidity mining rewards.
A major milestone for DYP
The collaboration between DYP and KyberDMM represents a major milestone for the DYP as it continues to make inroads within the DeFi ecosystem. The two protocols have agreed to run joint liquidity mining campaigns to increase the number and liquidity of key token pools and incentivize liquidity providers with attractive yields.
KyberDMM is an innovative and capital-efficient DEX protocol that enhances liquidity with amplified pools and optimizes returns for liquidity providers with dynamic fees. As a result, DYP holders can maximize the use of their capital on KyberDMM DEX and access amplified liquidity pools and dynamic fees within a secure platform.
Liquidity providers can add any amount of liquidity to the DYP-WAVAX pool on KyberDMM on Avalanche to unlock their share of the $300,000 in $DYP and $KNC liquidity mining rewards from October 5th at 23:00 EDT.
The liquidity mining reward program will take 2 months, with the first phase starting from October 5th, while the second phase is yet to be decided.
DYP set to launch new smart contracts to improve blockchain protocol
DYP has also revealed that the highly anticipated launch of its new smart contracts is imminent. According to the yield farming protocol, security audit processes have begun, and the smart contracts will be launched once the audits are completed.
The smart contracts are expected to improve on the existing products offered by DYP by introducing new features.
For example, the farming dApp has been revamped with a new feature that automatically adds liquidity & deposits liquidity provider (LP) tokens using a single asset.
DYP holders are only required to approve and deposit LPs with the smart contracts processing the remaining aspects of the transactions. The upgrade will also include the option for LP to re-invest pending rewards.
The staking feature has also been expanded to include Ethereum, Binance Smart Chain, and Avalanche blockchains. In addition, the DYP smart contracts have been optimized to reduce transaction fees and increase constant buying pressure on DYP for each deposit.
The buyback mechanism has also been tweaked and includes the option to re-invest pending rewards, optimized contracts to reduce gas fees, and more. DYP has also added new functions in the governance contract to change farm, stake, and buyback variables based on community votes.
The new contracts are set to be released initially on Binance Smart Chain before rolling out to Ethereum and Avalanche blockchains.
A fast-growing ecosystem
DeFi Yield Protocol (DYP) continues to be at the forefront of development in the DeFi space with its unique solutions for staking, yield farming, buyback, and more. The project seeks to promote DeFi adoption and has made significant partnerships in recent months.
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