Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
"Savings GYD," or sGYD, will aim to pay out 12%-15% annualized yield to token holders, variable to market conditions," the team said."The revenue comes from the tokens backing assets that are placed in segregated vaults across various DeFi investment strategies.
Gyroscope hopes to attract decentralized autonomous organizations to allocate a part from their treasuries in sGYD to earn a yield. The stablecoin launch coincided with the start of the next leg of the protocol's points earning program SPIN. During"season 2," users will be able to choose to earn native yields with baseline points or boost their rewards forgoing the yield.Stablecoins – cryptocurrencies with a fixed price, predominantly tied to the U.S. dollar – are a key piece of infrastructure for trading and transactions on blockchains.
Mountain Protocol's USDM, for example, backs its price by holding U.S. Treasuries, but passes on the bond yields to token holders unlike stablecoin giant Tether's USDT. Maker's stablecoin shares protocol revenues from its real-world asset backing and DeFi lending activity for savings DAI holders. Meanwhile, Ethena's"synthetic dollar" USDe harvests the funding rates with a carry trade, and shares the revenue with those who lock up the token on the protocol.markets its U.
The project raised $4.5 million in venture funding led by investment firms Galaxy and Placeholder VC. Gyroscope has a $29 million in total value locked on its platform currently, DefiLlamain a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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