The OG wealth management tool, DAI Savings, has completely transformed over time. Since DAI upgraded to USDS, Savings still offers a stable 4.75% low-risk yield, but the main source of returns is no longer the market-perceived RWA treasury yields—it’s now a multi-strategy model. Currently, the total USDS supply is around $10 billion, with Spark allocated $4 billion and Stablecoins allocated $3.7 billion, forming the primary sources of yield. Breaking it down further: Spark, aside from being a lending protocol itself, is also a super liquidity distribution pool. After receiving $4 billion in cash from Sky, it evaluates risks and returns to dynamically allocate funds into the market for yield. Of course, most of it is supplied to its own Sparklend, while the rest is currently distributed to Maple, Morpho, etc. This pool actively rebalances, and the frequency isn’t low. For example, a few months ago, the largest allocation pool was Ethena, but now there’s no USDe exposure left. Within Stablecoins, the majority is allocated to PSM. Veteran players know this is one of USDS’s biggest moats right now. The PSM pool reserves a large amount of USDS and USDC, offering users the lowest slippage and zero-fee exchanges across the network. It can easily handle exchanges in the millions or tens of millions. On the other end, USDC is connected to the RWA input/output pipeline, capturing RWA yields. Overall, the yield structure has improved, especially addressing previous market concerns about the sustainability of returns during rate-cut cycles. Additionally, it’s worth noting that Grove has directed $1.5 billion USDS—it’s another subDAO under Sky focused on the RWA sector. When treasury and other RWA yields rise, liquidity tends to shift off-chain, while on-chain yields are managed by Spark. On-chain fund management platforms are becoming more common and increasingly competitive. Smaller projects have limited survival space, and in the end, it’s all about risk control and profitability guarantees. Before depositing funds, make sure to fully understand the publicly available data and strategies.