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.
For instance, a user may wish to use Aave's lending and borrowing protocol to generate yield via aTokens while at the same time insuring those aTokens via a corresponding insurance protocol like Cover.
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:
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.