🔥 Gyroscope Unveils Yield-Bearing Stablecoin
posted 8 Aug 2024
DeFi protocol Gyroscope introduced a yield-bearing version of its stablecoin, Savings GYD (sGYD), offering an annual return of approximately 12–15%, depending on market conditions. The developers plan to fund these payouts through various sources, including fees from high-yield liquidity pools.
The revenue comes from the tokens backing assets that are placed in segregated vaults across various DeFi investment strategiesthe developers stated
Furthermore, the project aims to work with various DAOs, allocating a share of the treasury in sGYD tokens to generate revenue. Developers claim that the project has numerous revenue sources to sustain such high returns, which even exceed the required amounts.
Gyroscope launched the GYD stablecoin in December 2023, aiming to protect crypto investors from unstable dollar tokens by using a combined approach to reserve management and asset price stability. The project secured approximately $4.5 million in investments from venture companies Galaxy and Placeholder VC.
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