High gas fees still plague Ethereum and the plan to upgrade isn’t fast enough for the pace the industry is moving at. Crypto market participants are demanding more options. Projects such as DeFi Yield Protocol and countless others are moving to Binance Smart Chain. Here’s why the newly launched bridge between DeFi Yield Protocol to Binance Smart Chain has become crypto’s hottest connection.
DeFi Yield Protocol Launches Bridge To Binance Smart Chain, Boosting Accessibility
Beginning in February of this year, DeFi Yield Protocol announced the BSC integration, which included the DYP staking and governance dApp. The goal of the bridge is to provide greater liquidity overall for the DYP user base and encourage more innovative developments down the line.
The DYP ecosystem itself is now more accessible than ever before. For example, DYP liquidity providers have earned more than 7000 ETH worth over $14 million USD since the staking dApp made its debut.
Total liquidity on Uniswap has grown over 20x, reaching more than $19 million USD. The company also added more than half a million dollars worth of liquidity to PancakeSwap. Users, there will be able to add their liquidity to the various pools, including DYP/BNB, DYP/ETH, and DYP/BUSD, and earn rewards in DYP, ETH, or BNB.
The protocol’s unique anti-manipulation mechanism keeps price impact and risk at a minimum while generating rewards. The platform’s core features and interface make it easy for anyone at any skill level to get involved, and the result is unstoppable growth.
How And Why To Swap DYP Tokens From Ethereum To BSC And Back
DeFi Yield Protocol’s goal is to create a DeFi platform that’s accessible to all, with as little risk as possible. Swapping DYP tokens between Ethereum and Binance Smart Chain using the bridge is also a simple process.
First, users must visit the DYP bridge dApp then click ‘connect wallet’ to connect to MetaMask. Log in, and the bridge will be added automatically. The next step is approving the bridge.
A prompt will appear asking users if they’d like to make the switch to Binance Smart Chain. Before doing so, stay on Ethereum so that any existing tokens there can be swapped. Input the number of tokens you want to swap over to Binance Smart Chain, and click approve.
Wait for the deposit to confirm, and then it is time to make the switch over to the Binance Smart Chain. On the Ethereum side of things, it’s time to withdraw. To do so, click the withdraw button. To swap back to Ethereum, simply repeat the steps in the other direction.
10,000 DYP tokens can be swapped every 24 hours at maximum, and the company recommends making a record of the transaction hash. Again, everything DeFi Yield Protocol does, it does with users in mind, so much so that the token address associated with BNB tokens is the same as the ETH address – so there’s no risk of making a mistake or losing funds. For more detailed instructions and to learn more about the new bridge to Binance Smart Chain and everything else DeFi Yield Protocol has to offer, check out the company blog.
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