Fixed Yield DAI


Each FYDai contract provides a series of fyDai, an ERC20-compliant fyToken redeemable for Dai.


  • Each fyDai contract has a specific maturity time.
  • One fyDai is worth one Dai at maturity.
  • At or after maturity, the fyDai can be triggered to mature, which records the current Stability Fee (rate) and Dai Savings Rate (chi) from MakerDAO and enables redemption. fyDai tracks the MakerDAO stability fee accumulator growth since maturity.
    • The Stability Fee growth since maturity can be retrieved calling rateGrowth.
    • The Dai Savings Rate growth since maturity can be retrieved calling chiGrowth.
    • The value returned by chiGrowth is never higher than rateGrowth.
  • To redeem a fyDai means burning it, and the contract will retrieve Dai from Treasury equal to one Dai times the growth in chi since maturity.
  • Minting and burning of fyDai is restricted to orchestrated contracts.
  • FYDai allow flash-minting, which take as parameters the amount of fyDai to mint and a bytes data variable that will be returned to the caller, so that reacting to the flash mint is possible.

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