Getting Started
The SaveToken protocol is an open, decentralized protocol that makes it easy to open your own insured, interest-bearing savings account—without a bank.
The following documentation describes the fundamentals of the protocol and how to interact with it. Please join the community Discord server; our team and members of the community look forward to helping you build on top of SaveToken!
The SaveToken protocol makes it easy to wrap any interest-bearing token with any corresponding insurance token. This enables SaveToken hodlers to generate yield while at the same time protecting their underlying assets.
To do this, the user would choose to mint SaveTokens with an ERC-20 stablecoin like DAI. The SaveToken protocol will then wrap the DAI with aDAI from Aave and CLAIM tokens from Cover, thus generating an insured, interest-bearing savings account.
Ergo, the example above might look like the following:
SaveToken | Underlying | Underlying Asset | Underlying Protected |
SaveDAI_Aave_Cover_Expire_1_Sept_2021 | DAI | aDAI | CLAIM |
The protocol is implemented as a set of smart contracts on top of the Ethereum blockchain.
Note that the SaveToken protocol cannot protect your savings against all risks, and there will always be risks in finance, especially systems that are new.
Last modified 2yr ago