Savings xDAI Price(SDAI)

Savings xDAI (sDAI) is a tokenized representation of Dai, a decentralized stablecoin, that is deposited into the Dai Savings Rate (DSR) module. This allows users to earn a savings rate on their Dai holdings. It is a yield-bearing token, meaning its value increases over time as it accumulates yield from the DSR. sDAI functions as an accumulating token rather than a rebasing token. The primary purpose of sDAI is to enable Dai holders to earn a return on their assets while maintaining the flexibility to use them in various decentralized finance (DeFi) activities. Users can transfer, stake, lend, and engage with sDAI in other ways, all while continuing to accrue interest. Each sDAI token is fungible and can be instantly redeemed for Dai. The yield generated by sDAI originates from the Dai Savings Rate (DSR), which is a feature of the Maker Protocol. The DSR is funded by revenue sources such as fees from crypto collateralized loans, investments into U.S. treasury bills, and liquidity provisioning. The rate of the DSR is determined by protocol governance. On the Gnosis Chain, there is a specific version called Savings xDAI. Gnosis Chain utilizes xDAI, which is bridged Dai from Ethereum, as its native currency. Users on Gnosis Chain can deposit xDAI into a dedicated Savings xDAI contract to earn savings. This mechanism ensures that all Dai on Gnosis Chain has the potential to earn the DSR. Savings xDAI on Gnosis Chain aims to offer advantages such as low transaction fees and community governance. Technically, sDAI is built as an ERC-4626 standard representation or wrapper for Dai within the DSR module. The smart contracts involved in Savings Dai and the Dai Savings Rate are non-custodial and permissionless. Learn more

Looking to buy How to buy SDAI? The process is simple and hassle-free! You can easily purchase SDAI on LBank by following our step-by-step buying guide. We provide detailed instructions and video tutorials showing how to register on LBank and use various convenient payment options.

--

Cryptocurrency prices are subject to high market risk and price volatility. You should invest only in projects and products you are familiar with and understand the associated risks. Carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult an independent financial advisor before making any investment decisions. This material should not be considered financial advice. Past performance is not a reliable indicator of future performance. The value of your investment may go down or up, and you may not recover your invested amount. You are solely responsible for your investment decisions. LBank is not responsible for any losses you may incur. For more information, please refer to our Terms of Use and Risk Warnings. Please also note that the data related to the above-mentioned cryptocurrency (such as its current real-time price) is sourced from third parties and is provided “as is” for informational purposes only, without any representation or warranty. Links to third-party websites are not under LBank’s control, and LBank is not responsible for the reliability or accuracy of such websites or their content.