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Savings DAI is a stablecoin that earns interest through Maker's Dai Savings Rate (DSR) module via the DAI wrapper in the ERC-4626 on Spark. By converting DAI into sDAI on Spark, holders can earn income generated by the entire Maker ecosystem while still having the flexibility to use their sDAI in other DeFi applications.
If you're interested in getting started with Spark, I personally recommend starting with sDAI. It's simple: deposit DAI, hold or use sDAI to earn yields over time, and convert back to DAI on Spark whenever needed. That's all it takes! Currently, depositors earn an annual income of 15%, which is great, especially if you're a regular user of Maker and DAI.
However, like any project in DeFi, there are potential smart contract risks, such as potential bugs. Spark has been audited, and the underlying Maker protocol is a verified fortress, but never deposit more than you can afford to lose anywhere, even on platforms like Spark.
Additionally, I hate to deliver bad news, but sorry to my American compatriots: Spark's frontend has geographically blocked U.S. users. Even VPNs are blocked. This isn't Spark's fault; it's a mistake by the U.S. leadership, fostering an anti-crypto environment in the U.S.
Unfortunately, this is the unfortunate reality facing DeFi in the United States today. If you find this atmosphere ridiculous and you're an American, I encourage you to call or write to your local congressional representatives and let them know why it's absurd that as a free person, you can't use projects like Spark. Long live the free nations!
Meanwhile, for others, this will be one of the early key steps in the transition to Maker's Endgame. Additionally, you can stay updated on Spark's latest developments by tracking BlockAnalitica and DeFiLlama's Spark dashboards. |
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Post time 4-4-2024 23:01:09