This article explains, briefly, how the DYP token is represented as an ERC20 token on Ethereum, BEP20 token on BNB Chain, and ARC20 token on Avalanche chain.
DYP is a utility token that provides the foundation for the Dypius ecosystem within a decentralized platform that focuses on scalability, security, and global adoption.
Ethereum DYP ERC20 contract address can be verified here:
https://etherscan.io/token/0x961C8c0B1aaD0c0b10a51FeF6a867E3091BCef17
BNB Chain DYP BEP20 contract address can be verified here:
https://bscscan.com/token/0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
Avalanche DYP ARC20 contract address can be verified here:
https://snowtrace.io/token/0x961c8c0b1aad0c0b10a51fef6a867e3091bcef17
For each of the chains, the supply is fixed and no additional tokens can be minted.
The DYP token was launched in October 2020 only on Ethereum. At that time the team had no plans of coming to other chains so the actual tokenomics and the smart contract was designed only for the Ethereum chain. However, the boom in the following months and our users’ demands have determined our team to take measures and expand the available solutions. As such, in less than six months since its launch, we expanded to BNB Chain (April 2021) and to Avalanche Chain (July 2021).
The colossal gas fees, the congestion on the Ethereum network and our determination to create the ideal user environment helped us achieve an important milestone for the DYPIUS ecosystem on 14th of April 2022, adding support for DYP as BEP20 and ARC20 on Gate.io, with no bridge required. As a result, the list has grown significantly, allowing DYP tokens to be traded across different exchanges.
DYP token
After two years and a half since launch, the DYP tokens can be traded across different exchanges as ERC20 (Ethereum), BEP20 (BNB Chain), and ARC20 (Avalanche Chain). We will only refer to some of the biggest centralized exchanges (CEX) where DYP is being traded: Coinbase, Huobi Global, KuCoin, Gate.io, MEXC Global, Poloniex, and others. Based on demand, number of users and liquidity from each of the exchanges, from time to time there may be a price difference for the DYP token.
DYPIUS team did an on-chain study by looking at transactions history, analyzing the market sentiment and came to the conclusion that it will be more beneficial for our ecosystem if Huobi, Gate.io, and MEXC Global will accept deposits and withdrawals only for the DYP token as BEP20 and ARC20. Starting with today the support for the Ethereum network has been removed and the users will be able to deposit and withdraw only the BEP20 and ARC20 versions of the DYP on the above-mentioned exchanges. Gate.io removal of Ethereum network is still pending.
Another measure that the team took is to upgrade our bridge in order to allow users to swap tokens only between BNB Chain and Avalanche. By doing this, the users that want to swap tokens from Ethereum to BNB Chain or Avalanche will need to use one of the centralized exchanges where DYP tokens are being traded.
Because we had no plans to expand to other chains, the smart contract and tokenomics were created only for one chain. In addition, since we don’t have a ‘Mint function’, we cannot mint new tokens. However, our team is constantly working on adding more markets and support for other chains. A future solution would be to migrate our token to a new and improved one to facilitate swaps across chains. Nonetheless, DYP tokens represent voting shares, and any critical decision will be made only if the community agrees.
For these reasons, it is important for exchange users to carefully read the documentation provided by each exchange, to ensure they understand which version of the token they are dealing with. Most exchanges won’t allow you to send the wrong token forward by validating addresses. On the other hand, there is the danger of accidental losses if DYP tokens are sent to the wrong blockchain or exchange that does not support that token version and doesn’t do proper address validation.
In conclusion, users must remember that buying DYP as ERC20 from Coinbase & KuCoin, or as BEP20/ARC20 from Gate.io, Huobi, or MEXC Global will not make a difference because it’s the same token with the same utility inside the Dypius ecosystem. Also, in the cross-chain future, Dypius envisions this fragmentation of assets by blockchain and by exchange will be less and less necessary.
DYPIUS remains a reliable ecosystem with valuable tools that delivers a unique experience for users navigating the crypto world. So weigh every decision properly before you regret it!
About Dypius
Dypius is a powerful, decentralized ecosystem with a focus on scalability, security, and global adoption through next-gen infrastructure. We offer a variety of products and services that cater to both beginners and advanced users in the crypto space including DeFi solutions, analytical tools, NFTs, Metaverse and more!
The protocol’s token, DYP, is listed on top-tier exchanges, such as Coinbase, Huobi Global, KuCoin, Gate.io, MEXC Global, Poloniex, and others.
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