Savings is a simple permissionless savings product.
Let’s look at the one without the plus in the name. Savings is a simple and permissionless savings product on the Ethereum network. It is as simple as it can be:
- The base currency is USDC.
- Any token can be deposited and will be automatically swapped to USDC.
- The yield strategy is on Ethereum Mainnet.
In short, Savings is a simple savings product. When depositing, Savings will automatically swap the depositing token into the USDC, and deposit assets into the yield strategy itself. The entire process is permissionless and non-custodial.
Yield strategies in Savings can be changed periodically to maintain the APY rates and limit the risk exposure. Changing the yield strategy will require the creation of a new contract on the destination network.
Savings currently has one active strategy:
- Ethereum Mainnet yUSDC: https://etherscan.io/address/0x541d78076352a884c8358a2ac3f36408b99a18db
Savings is a very conservative and simple product. It is created and built for long term usage.
- Ethereum Mainnet is the most trusted and secure networks. It is actively used by millions of uses every day, and vulnerabilities are less likely to appear in comparison with other networks.
- Yield strategies in Savings are also very conservative and battle-tested. They focus on long term efficiency, and avoid short term gains maximising approach.
The primary risks associated with using Savings are:
- Technical risk — you are using experimental software (smart contracts) built by many companies, including Mover. While this software has been extensively tested, it is still relatively new and could have bugs or security vulnerabilities. It means there is a risk of losing all your funds.
- Non-custodial risk — Savings Plus is a non-custodial product. It means that no one except the wallet owner has access to the funds. It means there is a risk of losing all your funds.
- Interest Rate risk — interest rates on various protocols are variable, meaning they can fluctuate even after you have deposited money or taken out a loan. It means that as a depositor, you may earn less than the interest rate you saw at the time you deposited. Mover is not responsible for these interest rate fluctuations, which are based on a preset formula managed by the teams that support according to protocols.