PANews reported on August 8 that according to CoinDesk, the DeFi protocol Gyroscope said on Thursday that it has launched a new yield version of its stablecoin. The team said: "Savings GYD (or sGYD) aims to pay token holders an annualized return of 12%-15%, depending on market conditions. Income comes from token-backed assets, which are stored in isolated vaults for various DeFi investment strategies." The team added that the protocol "may be able to obtain" additional income from fees for the high-yield liquidity pool launched earlier this year.
Gyroscope hopes to entice DAOs to allocate some of their funds to sGYD for 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 using benchmark points, or forgo yield to boost rewards. Gyroscope promotes its dollar-pegged token as an “all-weather” stablecoin designed to protect investors from stablecoin failures. It supports 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.