saveDAI makes it super simple for you to earn interest on your savings while staying protected against many risks that could impact your savings.
All you have to do is deposit DAI and saveDAI takes care of the rest.
Under the hood, saveDAI deposits your DAI into Compound and receives back cDAI, then purchases insurance from Opyn Protocol in the form of ocDAI. Your saveDAI tokens then represent the combination of cDAI and ocDAI — effectively a self-insured savings account.
saveDAI will also allow you to submit an insurance claim to receive back the original value of your deposit, or withdraw your assets and insurance if you'd like.
Note that saveDAI cannot protect your savings against all risks, and there will always be risks in finance, especially systems that are new.
The saveDAI token smart contract is an EIP-20 compliant representation of interest-bearing cDAI tokens bundled with insurance protection from ocDAI tokens.