Earning Dai Savings Rate

Learn how to maximize the savings on your stablecoin holdings.

Spark enables users to easily deposit stablecoins into savings, and receive Savings Dai (sDAI) tokens in return. The sDAI tokens represents your share of Dai in the Dai Savings Rate. As savings accrue, sDAI increases in value over time. The Dai Savings Rate is set by Maker Governance. You can read more about sDAI here.

Deposit Savings

1. To earn yield on your stablecoins such as DAI, USDC and USDT, navigate to the Cash & Savings page.

   

   Cash and Savings Page

2. If you have stablecoins in your wallet, the UI will show you the savings opportunity based on your holdings. It shows the current Dai Savings Rate (DSR), a 30 day projected savings and a 1-year projected savings.

3. To deposit stablecoins, you navigate to the Cash in wallet section, which displays the stablecoin holdings in your wallet, and click on the deposit button for the asset you wish to deposit.

4. In the deposit window you specify the stablecoin (dropdown) and amount (input) you wish to deposit. To finalize the deposit you must execute the transactions in the Actions section.

   

   Depositing DAI, and receiving sDAI

5. Once you have done all the necessary transactions, the specified amount of assets will be deposited and you will receive Savings Dai (sDAI) tokens in return.

   

   Confirmation Savings Deposit

6. The sDAI tokens represents your share of Dai deposited the Dai Savings Rate. You need the sDAI tokens to withdraw accrued savings in the future, so keep the tokens safe.

Note: If you deposit other stablecoins than Dai, they will be swapped for Dai, using Li.Fi, before being used to mint sDai. The following example showcases a USDC deposit:

Depositing USDC into Savings. Note: USDC is exchanged for sDAI using Li.Fi

Withdraw Savings

1. When you wish to withdraw accrued savings, you simply click on the withdraw button in the Savings DAI window. In the withdraw window you specify the asset and amount you wish to withdraw. To finalize the withdrawal you must execute the transactions in the Actions section.

   

   Withdraw from Savings

2. Once you have done all the necessary transactions, the specified amount of Dai will be transferred to your wallet in exchange for sDai tokens.

   

   Confirmation: Withdrawal from Savings