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How to use DeFi Yield Protocol (DYP) to get more profit

Publish by Dieu Bui at 27 August 2021

DeFi Yield Protocol is a unique platform providing users with various profitable solutions such as Yield Farming, Staking, Buy Back, Earn Vault, Referral.

In today's article, I will show you how to experience the DeFi Yield Protocol as well as how to take advantage of the opportunities to earn money from this platform.

What do we need to prepare before using DeFi Yield Protocol?

Download and install coin98 wallet

Mobile wallet

DeFi Yield Protocol is now available on Coin98 Mobile Wallet for both iOS and Android users.

Read details on how to install Coin98 Wallet or watch the tutorial video below:

Extension Wallet

Coin98 Extension Wallet now supports both Chrome and Firefox. If you are a new user, you can directly install Extension Wallet on your computer following the instructions here.

Create Multi-chain Wallet

DeFi Yield Protocol is a product that has integrated leading blockchains such as Ethereum, Binance Smart Chain, Avalanche (C-chain), so you need a wallet compatible with these ecosystems to skin-in-the-game.

Coin98 Wallet is built on multi-chain engine technology, connecting users to many different blockchains conveniently and easily.

Users can still use single-chain wallets such as ETH, BSC, Avalanche (C-chain) wallets, but I recommend using Multi-chain wallets for easy interaction and management.

  • How to create a Multi-chain Wallet here (recommended).
  • How to import Multi-chain Wallet from Metamask to Coin98 Wallet here.
  • How to import Multi-chain Wallet from Trust Wallet to Coin98 Wallet here.

f you are already a Coin98 Wallet user, you should import multi-chain wallets again to get updated with wallets on Binance Smart Chain (BNB BEP20), as well as other integrated blockchains on the latest version automatically.

Prepare AVAX (C-Chain), BNB, ETH for gas fees.

DeFi Yield Protocol uses ETH as gas fees on Ethereum, BNB on Binance Smart Chain, and AVAX (C-chain) on Avalanche. Depending on the network you want to join, you must have these coins as fees to earn on DeFi Yield Protocol.

You can buy ETH, BNB, AVAX on centralized exchanges like FTX, Binance, Gate.io ... to transfer to your wallet and execute the transactions.

Note:

  • ​You can buy AVAX on a centralized exchange like Kucoin and send it to your Avalanche (C-chain) wallet address on Coin98 Wallet.
  • Binance Exchange is only supporting AVAX token on X-chain, you can send it to Avalanche (X-chain) wallet address on Coin98 Wallet and use Cross-chain bridge to transfer AVAX token to C-CHAIN.
  • You must transfer the coin to the correct wallet of the network that you intend to execute the transaction.

Everything is ready, let’s start earning!

How to use DeFi Yield Protocol on Desktop interface

Currently, you can have many ways to earn rewards from DeFi Yield Protocol with an attractive interest rate. However, higher profits, higher risks. Thus, please DYOR before making any investment decision.

How to join Buyback Contract to earn DYP with APR up to 100%

Buy Back - is the latest feature on DeFi Yield Protocol which is available on 3 main networks ETH, BSC, Avalanche. Corresponding to each pool, you will be able to deposit the respective token/coin to receive DYP with APR of up to 100%. The specific supported assets are as follows:

  • Ethereum: WETH, WBTC, USDC and USDT;
  • Binance Smart Chain: WBNB, ETH, BUSD, and BTCB
  • Avalanche: WAVAX, ETH, WBTC, USDT, and PNG;

To start making a profit, all you need to do is deposit one of the supported asset classes above into a Buy-Back contract. All assets will then be automatically converted into DYP by DeFi Yield Protocol and deposited into a staking contract. Your rewards will be automatically distributed every day.

Step 1: You can access the Buyback directly from the home page or visit https://dyp.finance/buyback.

Step 2: Select the desired blockchain. I will choose the ETH network as an example and deposit USDT to it → click ETH Buy Back. In this tutorial, I will deposit USDT into an Ethereum buyback contract. In other blockchains, please do the same.

Step 3: In this interface, you can find detailed information about the Buy-Back contract such as:

  • Total Value Locked.
  • Lock time.
  • APR: Annual interest rate.

After finishing reading the detail, click on Deposit.

Step 4: Select Connect Wallet to connect the exchange wallet.

Select Coin98 Wallet from the wallet list → Click Connect.

Step 5: Once you have connected your wallet, choose the asset and the amount that you want to deposit, I will choose USDT for this tutorial.

You can quickly choose MAX if you want to deposit your maximum available amount → Select Approve. Coin98 Wallet will ask you to confirm to execute this transaction, select Confirm.

Step 6: Select Deposit and confirm the transaction via Coin98 Wallet.

Once the Deposit transaction is confirmed, you should see your deposit in the stats on the right. The rewards are distributed automatically, updated in real-time, and can be claimed every day.

Earn money through DYP Earn Vault

The DYP Earn Vault is an automated Yield Farming contract with Compound Protocol integration and support for ETH, WBTC, USDC, USDT, and DAI markets. When users and applications supply an asset to the DYP Earn Vault, they begin earning a variable interest rate instantly.

When users deposit funds into the Vault, your funds will be transferred to the Compound Protocol in exchange for the respective cTokens held by the smart contract. The interest from Compound is entirely distributed to the users.

You can choose different token lockup durations with 3, 30, 60, and 90 days, with the average interest increasing with the length of the lockup durations. Besides the interest earned from Compound Protocol, DYP Earn Vault also integrates unique investment strategies to increase APY for users such as:

  • The withdrawal fee is 0.3% where 75% of this cost is allocated to active vault users and the remaining 25% is used to buy back DYP from Uniswap and burn it.
  • ETH gas fee equivalent to 400k gas at current Gwei price for deposits and withdrawals with 75% allocated to active vault users and the rest also used to buy back DYP from Uniswap and burn it.
  • Fixed APY from 2.5% to 18% depending on lockup duration and price of DYP on Uniswap.
  • You can also reinvest DYP rewards into fixed staking with 35% APR during the 4-month Lock Time.

The steps to join DYP Earn Vault on the browser are:

Step 1: In the main interface of DYP, choose Earn on the menu bar → Vault or access the link https://dyp.finance/vault.

Step 2: Choose Vault with the compatible asset with the lowest lockup duration of 3 days and different APY. I choose ETH Vault → Select Supply.

The way to connect your wallet is similar to the instructions above.

Step 4: Choose Vault WETH with lock time and APY that suits you. In this example, I will choose the 60-day locking and 11% APY.

Step 5: Similar to the instructions above, you will deposit the desired amount of assets. You can quickly choose MAX if you want to deposit your maximum available amount → Select Approve. Coin98 Wallet will ask you to confirm to execute this transaction, select Confirm.

Step 6: Select Deposit and confirm the transaction via Coin98 Wallet.

After successful deposit, you can see the amount of WETH you have deposit, the amount of DYP / WETH you have earned, and related information in the data table on the right, specifically:

  • Total earned DYP: This is the amount of DYP you earn over the lockup duration with a fixed APY from 2.5% - 18%.
  • Total Earned WETH (Fees): This is the amount of ETH fees corresponding to 400k gas at the current Gwei price to deposit and withdraw.
  • Total Earned WETH (Compound): The interest you get from Compound Protocol.

In addition, you can also reinvest the amount of DYP you receive to earn 35% more of the APR during the lock period of 4 months.

In the DYP Earn Vault interface, scroll down, click Claim the received DYP amount, then reinvest in the Reinvest section like the steps above.

How to farm on DeFi Yield Protocol

The DeFi Yield Protocol is a unique and first-of-its-kind platform that allows anyone who provides a Liquidity Provider token to get rewards in Ethereum. At the same time, it is also considered as one of the methods to help DeFi Yield maintain the stability of DYP tokens by converting all DYP rewards into ETH/BNB/WAVAX depending on the blockchain and distributed directly to the owners’ wallet.

Following this information to know more about a detailed reward of each pool:

  • ETH Farms: Deposit LP tokens to receive ETH (currently only available with LP tokens on Uniswap V2).
  • Binance Smart Chain Farms: Deposit LP tokens to receive ETH/BNB/DYP (currently only available with LP tokens on PancakeSwap V1).
  • AVAX Farms: Deposit LP tokens to receive WAVAX/ETH/DYP.

In order to lower the risk of DYP price volatility, all the rewards you get when contributing liquidity to the pool will be automatically converted from DYP to ETH/WAVAX/BNB by the smart contract and distributed daily to liquidity providers.

If the DYP price fluctuates more than -2.5%, the maximum DYP amount that does not affect the price will be swapped to ETH, the remaining bonus will be distributed to users the next day. After seven days, if we still have undistributed DYP rewards, the DeFi Yield protocol governance will vote on whether the remaining DYP will be distributed to the token holders or burned,

Step 1: Access Farming on DeFi Yield in the main interface, choose Earn ⇒ Farm or visit: https://dyp.finance/#/earn.

Step 2: Select the pool to which you want to deposit LP tokens.

  • ETH Pools have the following LP token liquidity pairs: DYP-ETH, DYP-WBTC, DYP-USDC, and DYP-USDT
  • BNB Pools have the following LP token liquidity pairs: DYP/WBNB, DYP/ETH, and DYP/BUSD.
  • Avalanche Pools have only the following LP token liquidity pair: DYP/AVAX.

Note: Before participating in farming, you must already own the respective LP tokens in Uniswap V2 (Ethereum), PancakeSwap V1 (BSC), and Pangolin (Avalanche).

In this example, I choose ETH Yield and liquidity pair DYP/ETH LP. In this liquidity pair, you choose Deposit.

You proceed to connect as I guide above.

Step 3: You will have 4 farming options with different amounts of rewards according to the lock time → Choose the option you want.

  • DYP/ETH pool with three days Locking and Pool Rewards of 30.000 DYP/month
  • DYP/ETH pool with 30 days Locking and Pool Rewards of 45.000 DYP/month
  • DYP/ETH pool with 60 days Locking and Pool Rewards of 75.000 DYP/month
  • DYP/ETH Pool with 90 days Locking and Pool Rewards of 100.000 DYP/month.

I choose the option: DYP/ETH 6 months.

Step 4: Enter the amount of LP tokens you want to farm. You can quickly choose MAX if you want to deposit your maximum available LP tokens → Select Approve. Coin98 Wallet will ask you to confirm to execute this transaction, select Confirm.

Step 6: Select Deposit and confirm the transaction via Coin98 Wallet.

The number of farmed LP Tokens will be clearly displayed on the right side of the screen with the number of rewards you will receive.

In addition, every day you can WITHDRAW after the time you have locked or CLAIM your reward in the section below.

In addition, DYP also supports you to calculate the number of rewards you will receive in the tool below.

How to stake DYP to receive DYP

Step 1: To access Staking on DeFi Yield in the main interface, choose Earn -> Staking or visit https://dyp.finance/stake.

Depending on the lock duration, you will have different APR rates from 20% APR to 35% APR. The lock duration is 30 days, 60 days, 90 days, and 120 days.

In addition, the staking pools will have a REINVEST function that allows you to manually add your daily reward to the staking pool to get compound interest.

Currently, DeFi Yield only supports staking DYP (ERC20). You can own DYP (ERC20) by trading at UniSwap/ SushiSwap right on the Coin98 Wallet or in Coin98 Exchange.

Step 2: Select the desired staking pool. For example, I choose a 30-day pool → select Deposit.

Step 3: The steps of entering the amount, approving and depositing as well as withdrawing, claiming, and reinvesting you are the same as the instructions above.

Similarly, the system will display information for you to know in the data section on the right for the desktop interface and below for the mobile interface.

Should you refer DYP to your friends, 5% of your friend's rewards will be automatically sent to you whenever your friends stake DYP. You do not need to stake, it’s automatically sent to you, free of gas fee.

You can get the referral link in the yellow highlighted part.

How to make profit from DeFi Yield Protocol on dApp Browser of Coin98 Wallet

In this section, I will show you how to access DeFi Yield via DApp Browser via Coin98 Wallet and how to connect the wallet.

Currently, the interface and steps in each feature on DeFi Yield in DApp Browser on mobile are very similar to those on the browser.

Depending on each feature you want to join in, follow the same instructions as above.

Access DeFi Yield on dApp Browser:

Step 1: In the main interface, choose Browser.

Step 2: Enter DeFi Yield in the search bar, click the DeFi Yield logo in the results.

Step 3: Click on the navigation bar on the top right of the screen, select Earn and select the features to make money.

Connect wallet to DeFi Yield on dApp Browser:

Step 1: In the wallet connection interface, select Connect Wallet.

Step 2: Select Coin98 Wallet from the list of wallets.

If you want to change your wallet or your chain, click on the Wallet Name in the lower right corner of the screen → Select the appropriate wallet/network.

Note:

  • The gas fee on Coin98 Wallet has been optimized for users to execute fast transactions at a reasonable cost.
  • You can adjust the gas fee to suit your needs
  • An interesting feature of DeFi Yield Protocol is that the project provides a Dashboard, where offers users a lot of features around liquidity pools such as looking up history, adding and withdrawing liquidity. Users do not need to go to CoinGecko or Uniswap to look up and transact, but only need to go through the Dashboard of DeFi Yield Protocol.
  • In addition, DeFi Yield Protocol also provides a bridge for you to conveniently trade DYP coins in different chains such as ETH <> BSC, ETH <> Avalanche

Why should you experience DeFi Yield on Coin98 Wallet?

For both the newbies and the DeFi experts, using DeFi Yield Protocol on the Coin98 Wallet DApp Browser brings undeniable benefits, such as:

Simple, easy to use

For the browser, Coin98 Wallet has been integrated into DeFi Yield, you only need to access and connect the wallet with just 1 click.

The DApp Browser is integrated right on the Coin98 Mobile Wallet on both iOS and Android. Just by clicking "Browser" on the home screen, you can quickly access a DApp "treasure" smoothly without interruptions.

Minimized risk of fraud

Coin98 Wallet constantly strives to find the top-tier games while prioritizing the safety of users’ assets by integrating the exact address of the game’s platform right on the app. Therefore, you can avoid the case of searching and accessing fake game platforms, exposing Private Keys/Passphrases, or swapping scam tokens.

The Cross-chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with DeFI Yield easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly on the Mobile App without using third parties.

Ability to experience many DApps

If you are already "engrossed" in making money on DeFi Yield after reading this tutorial, why don’t you try other multi-chain dApps right on Coin98 Wallet's Browser?

Swap tokens natively

Considered as one of the improvements of Coin98 Wallet to help users easily exchange tokens, users can now swap natively BEP20 tokens on PancakeSwap or ERC20 tokens on Uniswap/ Sushiswap right on the Coin98 Mobile Wallet or Coin98 Exchange without the cumbersome actions with third parties.

Let's wait for other planets with Coin98 Wallet to be integrated into the Coin98 Wallet universe in the near future!

Summary

Hopefully, this article has explained & helped you to experience DeFi Yield Protocol directly on Coin98 Wallet. Take advantage of this opportunity and get yourself the best profit now!

If you have any questions or get into trouble using DeFi Yield, please feel free to comment below and join Coin98 Community to discuss your problem with admins!

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Diệu Đặng

Dieu Bui

Take risk and you'll get the payoffs!

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