What is saveDAI?
saveDAI makes it super simple for your to earn interest on your savings while staying protected against many risks that could impact your savings.
All you have to do is deposit DAI (or dollars, via Wyre) and saveDAI takes care of the rest.
Under the hood, saveDAI deposits your DAI into Compound and receives back cDAI, then purchases insurance from Opyn Protocol in the form of ocDAI. Your saveDAI tokens then represent the combination of cDAI and ocDAI — effectively a self-insured savings account.
saveDAI will also allow you to submit an insurance claim to receive back the original value of your deposit, or remove the insurance if you'd like.
Note that saveDAI cannot protect your savings against all risks, and there will always be risks in finance, especially systems that are new. Please take caution whenever managing your money.
All you have to do is deposit DAI (or dollars, via Wyre) and saveDAI takes care of the rest.
Under the hood, saveDAI deposits your DAI into Compound and receives back cDAI, then purchases insurance from Opyn Protocol in the form of ocDAI. Your saveDAI tokens then represent the combination of cDAI and ocDAI — effectively a self-insured savings account.
saveDAI will also allow you to submit an insurance claim to receive back the original value of your deposit, or remove the insurance if you'd like.
Note that saveDAI cannot protect your savings against all risks, and there will always be risks in finance, especially systems that are new. Please take caution whenever managing your money.
saveDAI is a self-insured high-interest savings account, where...
saveDAI combines interest and insurance together to make it dead simple to insure your savings account.
...interest comes from the Compound Protocol...
The interest-earning power of saveDAI comes from cDAI, an interest-generating version of DAI obtained by lending DAI via the Compound Protocol.
...and insurance comes from Opyn Protocol.
The insurance component of saveDAI comes from ocDAI, a token produced by the Opyn Protocol that represents an option to redeem for the initial value of cDAI. Each ocDAI token insures the principal for one cDAI token.
