ChainCatcher news, according to CoinDesk, the DeFi protocol Gyroscope announced on Thursday that it has launched a new yield version of its stablecoin.The team stated, "Savings GYD (or sGYD) aims to pay token holders an annual yield of 12%-15%, depending on market conditions. The income comes from the assets backing the tokens, which are stored in isolated vaults of various DeFi investment strategies." The team added that the protocol "may be able to generate" additional income from the fees of high-yield liquidity pools launched earlier this year.Gyroscope hopes to attract DAOs to allocate some of their funds to sGYD for yield generation. The launch of the stablecoin coincides with the start of the next phase of the protocol's points earning program, SPIN. During the "second quarter," users will be able to choose to earn native yields using benchmark points or forgo yields to increase rewards. Gyroscope promotes its dollar-pegged token as an "all-weather" stablecoin designed to protect investors from stablecoin failures. It supports its value by deploying multiple stablecoins in certain strategies, such as sDAI and USDC that generate yields in Flux, as well as AMM strategies like LUSD and crvUSD.

ChainCatcher news, according to CoinDesk, Gyroscope's "all-weather" stablecoin gyro dollar (GYD) has launched on the Ethereum (ETH) mainnet. The team stated, "GYD is a means to guard against the risks of holding stablecoins, allowing risk management to be on autopilot."Gyroscope claims to be an alternative to centralized and algorithmic stablecoin designs, promising to protect holders from any decoupling events. As a decentralized, non-custodial stablecoin, GYD is fully backed by reserve assets and employs an algorithmic mechanism to peg its price at 1 dollar.

ChainCatcher message, CertiK monitoring shows that the Discord server of the stablecoin project Gyroscope has been compromised. Hackers have posted fake Mint links; please do not click on any links until the team confirms they have regained control of the server.According to RootData data, Gyroscope is a self-stabilizing, reserve-backed stablecoin protocol. The price of Gyro dollar is stabilized by various mechanisms or defenses built into the protocol. Gyroscope completed a $4.5 million seed round financing in January 2022. (Source link)

ChainCatcher news, decentralized stablecoin development company Gyroscope has completed a $4.5 million seed round financing, led by Placeholder and Galaxy, with participation from Maven 11, Archetype, Robot Ventures, and Balancer Labs co-founder and CEO Fernando Martinelli.Gyroscope co-founder Lewis Gudgeon stated that this round of financing ended in January 2022, but Gyroscope is now making it public as the protocol's codebase is nearly complete and preparations for a full launch are underway. Gyroscope's stablecoin, called gyro dollar, with the code name GYD, is non-custodial and is designed to be fully backed by reserves. (source link)