Stake DAI and Generate Interest with Nash Wallet & Spark

Stake DAI & Generate Interest with Spark Protocol

Graphic image illustrating staking DAI by connecting the Nash Wallet to Spark Protocol via WalletConnect.

Earn 5% APY on Your USD When You Stake DAI with Spark and Nash Wallet

In this part of the Nash x DeFi series let’s dip into US Treasury Bonds, via MakerDAO’s DAI stablecoin and their Spark Protocol

Let’s explain this bit by bit. Spark Protocol is a new lend/borrow protocol (similar to AAVE), launched by MakerDAO, to facilitate lending, borrowing and minting of their DAI stablecoin.

DAI was the first decentralized stablecoin, collateralized by a basket of assets that include ETH, USDC, and others. It currently offers the largest single staking APY of any stablecoin with a 5% interest rate. When you stake DAI, it achieves this by purchasing US Treasury Bonds, or T-Bills, with Maker DAO’s Treasury.

The first step is to buy DAI tokens on Ethereum, which you can do on Nash Fiat Ramp in just a few clicks.

DAI does not automatically earn interest or generate savings. You must, rather, activate the Dai Savings Rate by staking DAI into sDAI (Savings DAI) on Spark Protocol. sDAI allows users to deposit DAI and receive the yield generated by the Maker protocol while still being able to transfer, stake, lend and use it in any way you want.

“Swapping” between DAI and sDAI does not need to be done via a DEX. It can be achieved by depositing and withdrawing on Spark Protocol. It is important to note that the DAI can always be redeemed immediately (within a block), as there are no liquidity constraints.

Let’s see how to do all that using Nash Wallet.

-> DAI to invest
-> ETH to cover Network fees (~5$)

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QR code on the Stake DAI & Generate Interest with Spark Protocol blog post. Directs users to download the Nash Crypto Platform and Investment App.
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