Quick take:
- Gyroscope is targeting decentralised autonomous organisations (DAOs) with its new stablecoin.
- The team said revenue paid to token holders comes from the tokens backing assets, placed in segregated accounts of different portfolios.
- Gyroscope also announced the launch of the second phase of its points-earning program SPIN.
Gyroscope, a decentralised finance protocol backed by Michael Novogratz Galaxy Digital has launched a new version of its GYD stablecoin. Dubbed “Savings GYD,” or sGYD, the new yield-generating token targets decentralised autonomous organisations (DAOs) and offers up to 15% annualised yield, depending on market conditions.
According to the announcement, the revenue paid to token holders comes from the tokens backing assets placed in segregated accounts of different investment portfolios. Gyroscope said it may also earn additional revenue from fees from high-yielding liquidity protocols launched earlier this year.
The company also announced the launch of the second phase of its points-earning program SPIN. Phase two allows users to choose between earning native yields with baseline points or boosting their rewards and forgoing the yield.
“Gyroscope users who prefer native yield rates, such as through sGYD or incentivized LP positions, remain eligible for a baseline SPIN rate whereas users who prefer earning SPIN can opt to forgo native yield rates and earn a highly boosted SPIN rate.”
Gyroscope is also introducing to the program a hard cap of 500 million SPIN for both phases one and two, the company wrote in a blog post. “To maintain the scarcity and value of SPIN, we are capping the total supply of SPIN to 500 million or less.”
Yield-bearing Stablecoins are beginning to take centre stage as they bring a new element to one of the most popular verticals of the crypto space.
While leading stablecoin suppliers like Tether with USDT, and Circle with USDC still dominate transactions in the category, new entrants like Bima Lab’s Bitcoin-backed USBD are looking to disrupt the space by offering token holders options for different forms of earnings.
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