contributor@Seanforum.skyeco.com
→Risk Month in Review: August 2025
sDAI idle liquidity effects were offset through adjustments to ALLOCATOR-SPARK-A Stability Fee, as part of broader Surplus Buffer management in Spark assessments.
Overview
Savings Dai(SDAI)
Token Price$1.18
24h Change+0.0029%
All Time HighJan 29, 2025$1.27
All Time LowNov 10, 2023$0.19
Key Metrics
Market Cap$176.54m
Fully Diluted Valuation$176.54m
Circ. Supply150.17m SDAI
Volume 24h$1.04m
CEX Volume$0
DEX Volume$964,335
Risks
How much debt can be issued against SDAI as collateral across lending protocols.
Maximum possible exposure to SDAI
$3.33m
$3.32m (max additional borrows against SDAI) + $10,953 (bad debt if SDAI was hacked now)
Aave V3
$3.33m at-risk exposure = $3,084 bad debt if hacked + $3.32m additional borrowable against SDAI
Morpho V1
$10.21 at-risk exposure = $5.81 bad debt if hacked + $4.4 additional borrowable against SDAI
SparkLend
$7,863 at-risk exposure = $7,863 bad debt if hacked + $0 additional borrowable against SDAI
Methodology and limitations
Showing collateral exposure for SDAI on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for SDAI as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
sDAI0xaf204776c7245bf4147c2612bf6e5972ee483701 | $3.32m | — | ||
sDAI0x83f20f44975d03b1b09e64809b757c47f942beea | $4.4 | $5.81 | ||
sDAI0x83f20f44975d03b1b09e64809b757c47f942beea | $0 | $3,084 | ||
sDAI0x83f20f44975d03b1b09e64809b757c47f942beea | $0 | $7,863 |
Risk Timeline
Risk-management actions published about SDAI by tracked risk managers and governance contributors, newest first.
contributor@Seanforum.skyeco.com
→Sky Risk Month in Review: July 2025
Stability fee for SPARK-ALLOCATOR-A was adjusted to offset the impact of sDAI idle liquidity on the Surplus Buffer, reflecting current revenue accumulation.
risk managerGauntletforum.euler.finance
↓Offboard mBASIS, USD0, DAI, sDAI, USDS, sUSDS, PT-USDS from Euler Yield
sDAI has not seen significant traction in the last 90 days, with combined supply for these assets under $150K and borrows under $50K, indicating weak user demand that increases protocol risk without benefit.
contributor@Seanforum.skyeco.com
→Risk Month in Review: June 2025
Stability fee adjustments for SPARK-ALLOCATOR-A addressed idle liquidity effects in sDAI, maintaining protocol surplus stability amid ongoing revenue tracking.
risk managerGauntletforum.euler.finance
↓Euler Yield: Reducing caps for low-utilization markets
The sDAI market has shown minimal user demand with 1% supply and 0% borrow utilization over the past 30 days, leading to a recommendation to halve caps and reduce overall risk exposure.
risk managerLlama Riskllamarisk.com
↓March 2025 Monthly Community Update
Recommended a 4M borrow cap for sDAI in Aave V3 Gnosis Chain to mitigate uncertainty in loan demand and potential liquidity shortfalls.
risk managerLlama Riskllamarisk.com
↑Aave v3 Gnosis Enhancements: Asset Transitions and E-Mode
sDAI liquidity in Balancer pools, primarily paired with USDC.e and other Aave assets, supports its use as collateral in a new sDAI/USDC.e E-Mode for yield-looping, though uncertain loan demand and current levels of ~1.3M available under liquidation warrant a conservative initial borrow cap.
risk managerLlama Riskllamarisk.com
↓LlamaRisk December 2024 Monthly Community Update
Opposing enablement of sDAI borrowing on Aave V3 Gnosis due to market fragmentation risks and operational complexities in the sDAI yield mechanism.
risk managerLlama Riskllamarisk.com
↓Aave v3 Gnosis Instance Updates
sDAI's APY can change abruptly by Sky contributors, causing unexpected interest rate shifts and operational burdens for IRM alignment, amplified on Gnosis by bridged Ethereum-staked DAI yields leading to rapid position health changes and liquidation risks. Limited $2M borrow cap reflects insufficient infrastructure for shorting, lacking compelling benefits for onboarding.
contributor@EulerLabsforum.euler.finance
↑Creation of Euler Yield Market
Tokenized yield strategies like sDAI provide higher yields compared to standard crypto or RWA collaterals, driving demand for a new Euler Yield market to enable borrowing stables against them while managing their unique risks separately from Euler Prime.
Token Usage
An is required to view token usage.
Yields
Showing 10 of 16 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSDAI | $219.97m | 1.25% | 1.25% | 1.25% | |||||
| open in new tabSDAI | $70.64m | 5.42% | 5.42% | 4.15% | |||||
| open in new tabSDAI-SUSDE | $7.06m | 3.33% | 3.33% | 3.06% | |||||
| open in new tabFRAX-SDAI | $203,442 | 0.13% | 0.13% | 0.14% | |||||
| open in new tabUSDC-SDAICL1 - 0.01% | $64,771 | 1.32% | 1.32% | 1.35% | |||||
| open in new tabSDAI-EURE | $46,841 | 9.14% | 9.14% | 9.99% | |||||
| open in new tabSDAI-USDM | $41,085 | 0.45% | 0.45% | 0.45% | |||||
| open in new tabWSTETH-SDAIUniswap | $24,775 | 21.34% | 11.70% | ||||||
| open in new tabWSTETH-SDAI | $19,023 | 1.51% | 1.51% | 2.98% | |||||
| open in new tabSDAI | $14,583 | 0.36% | 0.36% | 0.36% |
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