Savings DAI
sDAIsDAI is the yield-bearing version of DAI, earning the Sky Savings Rate (SSR) set by Sky governance. Yield is backed by U.S. Treasury exposure and protocol revenue. The most battle-tested decentralized yield stablecoin.
sDAI is DAI deposited into the DAI Savings Rate (DSR) module. Yield is set by Sky governance and is funded by the spread between what Sky earns on its reserve assets — a mix of stability-fee revenue from collateralised debt positions and yield from its real-world asset allocation (T-bills via Monetalis, Coinbase Prime, BlockTower, etc.) — and what it pays out to DSR depositors. So the macro driver of sDAI yield is fundamentally the front of the UST curve (because that's where the RWA reserves earn) modulated by Sky governance's decision on what spread to retain. Secondary driver: DAI demand. When DAI demand is high, stability fees are paid and the protocol can sustain a higher DSR.
Sky's migration to USDS / sUSDS represents a partial repackaging of the same underlying mechanics — the legacy sDAI module continues to function but is the lower-yielding leg of the new architecture. Allocators holding sDAI are effectively picking the simplest, most battle-tested wrapper at the cost of the small yield uplift available in sUSDS. The real macro question is whether Sky maintains discipline on RWA reserve quality as the DSR module scales — concentration risk in any single counterparty (BlockTower, Coinbase Prime, etc.) is the structural caveat.
- ›DSR rate (Sky governance dashboard)
- ›Sky RWA reserve composition (Maker/Sky monthly reports)
- ›DAI/USDS supply ratio — migration tempo signal
- ›Front-end UST curve (3M-1Y) — RWA reserve yield mechanics
- ›DAI peg (Curve, Uniswap depth) — stress signal
- ×A counterparty failure in the Sky RWA stack (Monetalis, BlockTower, Coinbase Prime)
- ×Sustained DAI depeg event
- ×Sky governance vote materially restructuring DSR economics in favor of sUSDS holders
Editorial macro context · refreshed each methodology cycle · not investment advice
Price data from CoinGecko. Not financial advice.
Risk assessment is indicative. Conduct thorough due diligence before investing.
Calculations are indicative. Actual yields may vary.