ChainCatcher reported that according to CoinDesk, the DeFi protocol Gyroscope said on Thursday that it has launched a new yield version of its stablecoin.
“Savings GYD (or sGYD) aims to pay token holders an annualized return of 12%-15%, depending on market conditions. Revenue is derived from token-backed assets, which are held in segregated vaults for various DeFi investment strategies,” the team said, adding that the protocol “may be able to generate additional revenue from fees from the high-yield liquidity pool launched earlier this year.”
Gyroscope hopes to entice DAOs to allocate some of their funds to sGYD to earn yield. The launch of the stablecoin coincides with the start of the next phase of the protocol’s points-earning program, SPIN. During “Season 2,” users will be able to choose to earn native yield with benchmark points, or forgo yield to boost rewards. Gyroscope pitches its dollar-pegged token as an “all-weather” stablecoin designed to protect investors from stablecoin failures. It backs its value through multiple stablecoins deployed in certain strategies, such as sDAI and USDC, which generate yield in Flux, and also supports automated market-making (AMM) strategies such as LUSD and crvUSD.