DYP price prediction: Resurrection of the DeFi coin

DYP is defying the bear market and rallying, but forecasters are conflicted over its future

The DeFi Yield Protocol logo on a yellow background                                 
DYP stakers can earn up to 25% APR – Photo: Shutterstock
                                

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The DeFi market has been flooded with plenty of products to allow investors to reap rewards. DeFi Yield Protocol is another name in that bucket. But it is looking to stand out from the crowd as the “first and only protocol to reward users in Ethereum”.

Yet the DYP token has been crashing since May 2021, along with the total value locked (TVL) into the protocol. But after DYP’s listing on Coinbase, some forecasters are optimistic.

What is DeFi Yield Protocol?

DeFi Yield Protocol is giving investors an ecosystem of finance products to take a greater advantage of cryptocurrency rewards. Whether its yield farming, staking, or non-fungiblr tokens (NFTs), the protocol is building a selection of earning opportunities for investors.

The aim is to be a cutting-edge protocol constantly offering new and innovative products. As well as earning opportunities, DeFi Yield Protocol is providing users with educational content and a metaverse gaming platform.

One of the protocol’s most unique selling points is its Ether reward pool. Its summary on CoinMarketCap states: “The DYP made history in the DeFi space by becoming the first and only protocol to reward users in Ethereum.”

It claims unique functions has allowed the protocol to achieve this. The protocol’s website states: “The protocol employs an anti-manipulation feature that aims to limit the market impact on users converting rewards into ETH and other native platform tokens.”

Mihai Nicusor is the chief executive officer and founder of the DeFi Yield Protocol. He entered the crypto world in 2017 by mining ETH and wanted to develop an Ethereum-focused DeFi platform.

The DYP token

DeFi Yield Protocol built the DYP token to achieve its mission of providing secure and effective ETH rewards. Investors can stake the token and earn a 25% annual percentage rate in Ethereum. In addition, DYP staking has an integrated reinvest function that, according to DeFi Yield Protocol, means “you can automatically add your daily rewards to the staking pool”.

The protocol has also created another token under the ticker IDYP, which is utilised in staking as well. However, it is going to be implemented in the platform’s upcoming metaverse and gaming features.

Meanwhile, DYP will continue to have a focus on earning. This is evident from the tokenomics where a large portion is dedicated to rewards. A total of 75.3% is assigned to the community, 8.03% for the team and a further 16.67% for its users.

The DYP coin price history

DeFi Yield Protocol’s token and ecosystem launched at the end of 2020 and saw initial success. According to CoinMarketCap the token opened at $1.89 on 23 December and it immediately started climbing. By the end of the month, it had reached a daily high of $3.53.

DYP coin continued climbing into the new year, which corresponded with a rise in the TVL in its staking platform. TechBullion reported that the staking platform had $63m in TVL on 2 February 2021.

The token then rocketed to its all-time high of $5.20 on 16 February. DYP fluctuated around that level for the rest of the month. It had also revealed more features for the platform, including a BSC to ETH bridge and a new Ethereum mining pool. But DYP’s price soon began to drop off.

DYP’s value began to dramatically fall in March 2021 and continued this bearish trend into the following months. This came after a crash in the wider DeFi and cryptocurrency market. The end of April saw DYP drop below its launch price for the first time and it has not been able to climb back since. The staking token stooped below $1 in May and under $0.30 by mid-July.

It saw a slight peak in August after a massive spike in its TVL. DeFi Llama reported it jumped from $78,000 to $12.8m between the 25 and 26 August. The price of DYP climbed above $0.50 that month.

It saw another high on 12 November, when it peaked at $1.05. This came after the DeFi Yield Protocol airdropped IDYP tokens to holders of DYP. The TVL had also climbed in early November to just under $15m.

The staking token could not hold this high valuation and eventually lost these gains, succumbing to the wider bear market. DYP slumped to its all-time low of $0.05 on 12 May, following the collapse in Terra (LUNA).

However, DYP has recently been rallying after Coinbase listed the token. At the time of writing, on 22 June, DYP was hovering around the $0.39 and was up 145% over the seven days prior to 22 June. 

DYP price prediction

There is a mixed consensus over the future of DYP but online forecasters do not think a new all-time high is likely. PricePrediction suggests the staking token will average out at $0.076 this year and climb to $0.24 in 2025. Its DeFi Yield Protocol price prediction for 2030 estimates it to hit $1.46.

DigitalCoinPrice is slightly more optimistic with its forecast. DYP is thought to reach $0.54 in 2022 and climb above $1 in 2027. By 2030, the staking token is suggested to average out at $1.91.

The DeFi Yield Protocol token price prediction from TechNewsLeader suggest it can only reach a maximum price of $0.14 in a year and $0.40 in five years’ time. However, it assumes DYP could be worth $2.60 in the next decade.

Meanwhile, WalletInvestor describes it as a “bad long-term” investment, predicting the token to drop to $0.02 in a year. The DYP price is thought to eventually drop below $0.01 and be fluctuating around $0.005 in 2025.

FAQs

The DeFi Yield Protocol is an ecosystem of crypto finance products for investors to earn in a multitude of ways. These products include farming, staking, NFTs and crypto games. Investors can even earn Ethereum by staking the DYP token.

There are a range of different DYP price predictions. TechNewsLeader suggests it can surpasss the $2 mark again, whereas WalletInvestor forecasts it will soon drop below $0.01. DYP has been in a long-term depreciating trend, so you should never invest more than you can afford to lose.

There is a circulating supply of 21.61 milion DYP and a max supply of 25.65 million DYP.

DYP is hoping to provide unique DeFi products for investors to earn with their crypto holdings. However, WalletInvestor describes it as a “bad” investment, so you should always carry out thorough due diligence before investing.

Further reading

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