sDAI

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

sDAI on Gnosis Chain passes through the interest that bridged DAI earns at MakerDAO, so holders earn the savings rate while using the token in DeFi like ordinary xDAI. The mechanism is simple and the yield source is named, which is more than most products in this survey can say. But at $54M TVL at the 2026-08-14 survey the Gnosis deployment sits below our $100M materiality line, so a sleeve-sized position would be a meaningful share of it. Rejected on size; size alone decides it, whatever the design’s quality. TVL sustained above the line reopens the file.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

Gnosis Chain documents sDAI as an ERC-4626 savings vault for xDAI or wxDAI. The bridge invests DAI into the Ethereum sDAI vault, whose assets enter the Maker savings mechanism, then relays the resulting interest to Gnosis; depositors receive Gnosis sDAI shares. This establishes a yield-bearing bridged-vault exposure in the survey. It is an applicability finding, not a full review of the bridge, Maker/Sky dependencies or deployed implementations.

Current observation and scope

The DefiLlama protocol API read on 2026-08-15 showed about $54.1M of tracked sDAI TVL on Gnosis, below the v1 dossier’s $100M line. The official architecture still describes deposits, share accounting and interest relay, so the protocol identity remains observable. Contract upgrades, keeper operation, bridge governance, savings-rate policy, audits and incident history remain unverified under this size-gated application.

Exit applicability

The documented vault lets a holder redeem shares for xDAI or wxDAI, while the Ethereum bridge retains a minimum-cash buffer and may need permissionless refill operations to restore withdrawal liquidity. Exit therefore depends on both ERC-4626 share redemption and the cross-chain bridge’s invested-DAI and cash-management path. At current tracked size, a sleeve could be a meaningful fraction of venue liquidity even though the underlying savings mechanism is much larger.

Why the class rule decides

The shared v1 below-materiality dossier controls because the surveyed Gnosis product is currently below $100M; this is not an adverse conclusion about sDAI’s design. Reopen only after a reproducible survey shows at least $100M of sDAI TVL continuously for 30 days. A reopened individual memo must then verify current Maker/Sky migration status, bridge and vault authorities, cash-buffer behavior, security and incident evidence, and stressed xDAI/wxDAI redemption capacity. Threshold passage would trigger diligence, not approval.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Gnosis Chain Docs — Savings xDAI architecture · primary · accessed 2026-08-15
  Supports: sDAI vault, Maker savings yield, interest relay, cash buffer, share redemption, keeper operations
• DefiLlama — sDAI survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Gnosis deployment, yield category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.