- The New Contracts and iDYP token: Snapshot, Airdrop, and Community Allocation
DeFi Yield Protocol
Just now·8 min read
We are excited to announce the child of our new smart contracts for farm, stake, buyback, and governance — iDYP. It has been around since late May 2021 and up to now, we have been working relentlessly on new smart contract strategies and UX tools. This article, explains what iDYP is used for and what are the benefits of the DYP token and our protocol.
What is iDYP?
For whom is iDYP?
iDYP is an excellent investment for DYP holders who wish to get a passive income by using our products. Our new smart contracts will use iDYP as part of novel strategies, adding constant buying pressure on the DYP token and boost the rewards for the farm, buyback, and staking pools.
What is critical to understand is that iDYP cannot work without the native token of our platform, DYP. What rewards am I going to earn? Nothing will change as to the rewards types or delivery; the users will continue to earn the exact rewards as they did for the old contracts. For instance, for farming pools the users will continue to select among ETH, BNB, AVAX, or DYP rewards; for buyback, the users will continue to earn DYP rewards. Also, for stake, the users will earn DYP.
So then, what kind of role will iDYP play? It will work in the background as part of the upgraded strategies of the new smart contracts, but the users will never need to interact with it to use any of our products. But, as a crucial part of our ecosystem, iDYP will be available on DEX exchanges, such as Uniswap, PancakeSwap, or Pangolin.
Benefits of iDYP
• Increasing yield (by supplying rewards for the farming, staking, and buyback pools)
• No more DYP tokens dedicated to farming, staking, and buyback contracts
• Putting constant buying pressure on DYP tokens for each deposit for the farm, stake, and buyback contracts
• Novel functions in governance
• Community airdrop and allocation for iDYP token
• Launch of new products, such as lending and borrowing
How to get iDYP?
Every DYP holder having a minimum of 1000 DYP tokens or LP tokens worth 1000 DYP will be able to claim iDYP tokens, and be part of the DeFi Yield Protocol ecosystem. The delivery of iDYP is a simple process, and it will be done automatically after a snapshot, which will last one week.
1. Who is eligible to claim iDYP?
All DeFi Yield Protocol addresses that farm, stake (or use other products), or hold DYP will be eligible to claim iDYP. Exceptions to this rule apply to exchange addresses, and a few other cases mentioned below.
Eligible DYP holdings:
• Deposits on staking contracts gets 10% in iDYP
• Deposits on farming contracts gets 10% in iDYP
• Deposits on buyback contracts gets 10% in iDYP
• Deposits on vault contracts gets 10% in iDYP
• Held on private wallets such as MetaMask, TrustWallet, Coin98, Trezor, and Ledger, gets 10% in iDYP.
NOT eligible DYP:
• DYP on exchanges
• Tokens managed by the DeFi Yield Protocol
• Tokens locked for vesting
• Wallets that don’t meet the minimum requirement of 1000 DYP or LP worth 1000 DYP.
2. What is a snapshot, and how will it be performed?
What we mean by “snapshot” is a record of all the available DYP balances, in all the eligible DeFi Yield Protocol addresses and contracts, at a point in time. Snapshots will occur daily, with one complete snapshot cycle on average, happening for one week.
The snapshot cycle will begin on Monday, October 18th, and finalize on Sunday, the 24th. The daily average DYP holdings in this week will be considered for iDYP distribution calculations.
3. How will iDYP be claimed?
The tokens will be automatically delivered to the eligible wallets. The distribution will occur before launching the new contracts. More details will be released before delivery.
4. How will the iDYP bonuses work?
Staking, farming, buyback, vaults, or holding more DYP enable you to get more iDYP. Each wallet will get 10% in iDYP tokens from the total value of their deposited funds in DYP.
Let me give you a few examples:
- Address # 1 is holding 1000 DYP tokens on a private wallet (MetaMask)
iDYP bonus: 1000 × 10 ÷ 100 = 100 iDYP tokens
2. Address #2 is farming LP tokens worth $10000 and, the up-to-date DYP price is $0.5. That means that they will get a bonus based on 20,000 DYP tokens.
iDYP bonus: 20,000 × 10 ÷ 100 = 2000 iDYP tokens
3. Address # 3 is using the buyback contract, and their deposit is worth 25,000 DYP.
iDYP bonus: 25,000 × 10 ÷ 100 = 2500 iDYP tokens
4. Address #4 is using the vault contract, and their deposit is worth 50,000 DYP.
iDYP bonus: 50,000 × 10 ÷ 100 = 5000 iDYP tokens
All the airdrop tokens will have a maturation period of 12 months, but the users will be able to stake their iDYP tokens immediately and start earning a passive income of 100% APR.
The tokens may also be sold on a DEX exchange (Uniswap, Pangolin, and PancakeSwap, etc.) based on the vesting distribution. That means the full airdrop amount may be sold over a 12 month-period.
Tokenomics and Community Allocation
The total supply of iDYP will be 300,000,000 and will be accessible for ten years. The ten-year allocation is as follows:
• Airdrop to DeFi Yield Protocol eligible wallets, will know the precise figures after the snapshot and distribution occur
• Initial liquidity on DEX exchanges (Uniswap, PancakeSwap, and Pangolin, etc.), will know the precise figures after the launch of the new contracts
• Community Allocation for eligible wallets, will know the precise figures after the white-list process
• 50% of the total supply will be locked on smart contracts and distributed for eligible pool rewards like farming, staking, buyback, vaults, and new products, over the next ten years
• 10% will be distributed to team members and future employees vested for ten years, released monthly
• The rest of the tokens will be left in the DeFi Yield Protocol treasury, locked on smart contracts.
As we’ve already mentioned, there is going to be a special allocation for our community.
If you are holding DYP tokens or using any of our products (Buyback, Farm, Vault, and Stake), you can apply for the white-list for the iDYP token. All the accepted wallets will get iDYP at a 50% rate from the listing price. If the listing price is $1, you will be able to get iDYP for $0.5.
The sold tokens for the community allocation will be vested and released in three months. Just as the airdrop tokens, the users eligible to buy the iDYP during this sale will be able to stake them immediately and earn 100% APR. If not, the tokens may be sold during a three month period.
How many tokens are we going to sell during the community allocation?
It is too early to know, we will have the accurate figures after the white-list finishes.
What are we going to do with the raised funds? All the raised funds will be used to increase the liquidity over the DEX exchanges for both DYP and iDYP tokens, and to expand our team to continue building our platform. Besides the remote team members worldwide, right now, we have an office in Romania, and we just opened a second one in Albania.
DeFi is generally expensive, starting from smart contract development, security audits, and marketing, you need to spend thousands of dollars up to tens of millions. Since the start of the project, we have spent more than $5 million dollars, $2,112,049.72, just from our mining revenue.
Was it worth it? Beyond a doubt!
Some quick stats are as follows:
• 8892 ETH, 7641 BNB, and 12902 AVAX worth $37,787,844 paid to our users in less than one year
• More than ten working products, most of them available on three chains (Ethereum, Binance Smart Chain, and Avalanche)
• Almost 2000 users supplying liquidity
• More than 23,000 holders
• About $10 Million dollars in liquidity over DEX exchanges
• More than 100,000 community members
• Various integrations with Chainlink, Avalanche, Pangolin, Kyber Network, and Coin98, etc.
• And much more to come.
When is the whitelist for the community allocation going to start?
The white-list will begin on Monday, October 18th, and end on Sunday, the 24th. Users from all the supported chains (Ethereum, Binance Smart Chain, and Avalanche) will be able to participate and contribute using assets such as ETH, BNB, AVAX, USDC, USDT, BUSD, and WBTC. More details will soon be supplied in an independent article.
- Date of publication:
- Thu, 10/14/2021 - 08:56
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