The recent announcement that Agave launched their Savings xDai on Gnosis Chain piqued my interest. This is connected with MakerDAO, the backers of the Dai stablecoin amongst other things. I generally find MakeDAO interesting and already had some xDAI so I deposited 100 xDai and now have have Agave sDai tokens that earn interest. Current APY 7.521%.
The DAI Savings Rate (DSR is an addition to the Maker Protocol that allows any DAI holder to earn savings in DAI. It is a premium reward by MakerDAO for users depositing DAI, bolstering user benefits and rewards in the ecosystem. sDAI tokens represent DAI stablecoins deposited in MakerDAO’s DSR module. With the launch of sDAI on Gnosis Chain and SparkLend, users can now deposit xDAI to receive sDAI on Gnosis Chain.
I don’t do a lot of DeFi experimentation but this being native on Gnosis Chain I wanted to give it a try and see how it worked.