DAI Savings Rate (DSR)

The DSR lets anyone earn yield on their DAI simply by depositing it into the DSR contract. There's no minimum, no lock-up, and no counterparty risk beyond Maker itself. It's Maker's primary monetary policy tool — adjusting the DSR changes the incentive to hold DAI vs. spend it.

DSR Yield Calculator

Deposit DAI and watch it compound. The DSR accrues every block (~12 seconds), not monthly or annually.

DAI Deposited 10,000 DSR Rate (APY %) 5.0% Time Horizon (months) 12

Total After Period

$10,500

Yield Earned

$500

Effective Monthly

$41.67

Per-Block Accrual

$0.000019

Monetary Policy Lever

📈

Raise DSR

More people deposit DAI → less circulating supply → DAI price tends upward → encourages vault owners to mint more

Used when: DAI < $1

📉

Lower DSR

Less incentive to hold DAI → more circulating → DAI price tends downward → reduces leverage demand

Used when: DAI > $1

DSR Impact on DAI Supply

See how different DSR rates affect the locked-vs-circulating DAI ratio.

Total DAI Supply (M) 5,000M DSR Rate (%) 5%

DAI in DSR (est.)

1,500M

Circulating

3,500M

% Locked

30%

Annual Cost to Protocol

$75M

sDAI: Tokenized Savings

The Savings DAI (sDAI) token wraps DSR deposits into an ERC-4626 vault token. Instead of just earning yield silently, your deposit becomes a transferable, composable token — usable as collateral in other DeFi protocols.

Composable Use sDAI as collateral on Aave, Spark, or any protocol that accepts it

Auto-compounding Value of sDAI increases over time — 1 sDAI > 1 DAI always

No lock-up Redeem sDAI → DAI anytime. Or just sell it on a DEX.

ERC-4626 Standard vault interface — any DeFi protocol can integrate it easily