DeFi Yield Protocol announced the launch of staking and governance protocol. Now any user can provide liquidity to pools to receive rewards.
Protocol users can also participate in the decision-making process by voting for future updates using the recently released decentralized protocol management application. Those with the most DYP tokens will have the most voting rights. While this can cause centralization issues, it also increases security by protecting the network from intruders.
Like other DeFi projects, the Yield Protocol is based on Ethereum smart contracts that eliminate the need for an intermediary. The protocol has an anti-manipulation function, within which all rewards are converted into ETH. In this way, the Yield Protocol ensures that large token holders will not manipulate the protocol. If rewards remain unallocated for seven days, the community votes to remove them from circulation.
Recall that the DeFi Yield Protocol project was launched on the Ethereum mainnet at the end of October. The main feature of the protocol is a fixed percentage of loans. Yield Protocol smart contracts have been audited by PeckShield and Blockchain Consilium. The protocol developers are now planning to add mining pools to the platform, offering miners a monthly income of 10%.