Fixed Yield DAI
Each FYDai contract provides a series of fyDai, an ERC20-compliant fyToken redeemable for Dai.
Features:
- 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 thanrateGrowth
.
- The Stability Fee growth since maturity can be retrieved calling
- 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 bytesdata
variable that will be returned to the caller, so that reacting to the flash mint is possible.