The ancient financial tool DAI Savings has completely changed its structure to this day. After the DAI is upgraded to the USDS, Savings can still provide a stable 4.5% low-risk return, but the main source of return is no longer the RWA treasury bond bond yield in the market impression, but a multi strategy model. At present, the total amount of USDS is approximately 10 billion, with Spark receiving 4 billion and Stablecoins receiving 3.7 billion, forming the main sources of revenue. Further disassembly: Spark is not only a lending agreement itself, but also a super liquidity allocation pool. After receiving 4 billion yuan in cash from Sky, it will evaluate the risk and return to dynamically allocate it to the market Yield. Of course, it mainly supplies to its own Sparklend, and currently distributes it to Maple, Morpho, and others. This is a true practice of adjusting positions, and the frequency is not low. A few months ago, the largest allocation pool was Ethena, and now there is no exposure to USDe. Stablecoins mainly provides PSM internally, which is known by veteran players as one of the major moats for USDS at present. The PSM pool has a large reserve of USDS and USDC, and the service provided to users is the lowest sliding point and no transaction fee exchange on the entire network, supporting millions and tens of millions of level exchanges without any problem. The other end of USDC is connected to the RWA input/output pipeline, which can capture RWA profits. Overall, the yield structure has improved, especially regarding the issue of unsustainable returns during interest rate cuts that the market was previously concerned about. In addition, it can be noted that Grove has also led USD1.5 billion USDS, which is another subDAO of Sky in the RWA field. When the yield of treasury bond and other RWAs increases, liquidity will tilt down the chain, and the yield on the chain will be controlled by Spark. On chain fund management platforms, with the increasing number of products of this type, are becoming more and more crowded. The survival space for small projects is limited, and the ultimate goal is to have risk management and profit margin capabilities. Before depositing money, it is necessary to fully understand these publicly available data and strategies.