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Savings DAO

Permissionless creation of simple interest bearing vaults and strategies.

Savings DAO

Created At

ETHGlobal Waterloo

Winner of

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🥷 Linea — Best Use

Project Description

Usable Dapps are often necessary on new chains and cross-listing of protocols is beneficial for protocols involved. Yield or interest rate farming via Yearn style vaults and strategies is a common contract system pattern heavily used across the ecosystem and boosts chain TVLs when first launched. We will allow a pre-set group of real users (worldcoin/sismo sybil resistant IDs) to create and deploy ERC4626 vaults via a clone function protected by DAO governance systems.
Imagine there is a new user on a new chain. They want to earn interest and try new protocols but aren't sure where to start. However there is a good chance this user has used Yearn on mainnet or Beefy on other chains. Our DAO managed vault system allows DAO members to permissionlessly deploy new vaults and strategies. Our decentralized governance would still provide a helping hand of sorts for new users to discover new protocols and earn interest. Slightly more experienced users will be able to create new vaults with alpha and research on the chain in order to earn part of the pool interest.

How it's Made

Frontends comprise of Sismo, Worldcoin, Delv and NearBOS starter kits in a variety of different roles. Sismo and Worldcoin are used for credentials. Delv is used for governance while NearBOS is used for direct protocol interaction. Unique (credentialed) users are allowed to mint a governance token. The token is accepted in a Compound GovernorBravo compliant contract or a Delv governance system to create proposals. Once the proposal passes, calldata in it is executed, this would typically be of type clone(...) which would create new vaults and strategies with different underlying and deposit contracts. Users could then interact with these new vaults and deposit the given underlying token. On deposit/withdraw 'andSync' is called, which is a synchronous function that reports losses/gains from the strategy to the vault over a given time while updating share math accurately. Users can withdraw the underlying token + interest regardless of the reward cycle. Note: Care is and must continue to be taken to ensure safety against ERC4626 inflation attacks.

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