The product automatically yields 2% APY for every user with at least 1 DAI. The rewards will be distributed daily after the first five days since launch, which increases flexibility.
Coinbase is one of the most significant players with the blockchain space. Moreover, it’s arguably the most legally sound company focused on cryptocurrencies in the United States. Hence, the firm’s offer to provide a 2% yield on a stablecoin may get substantial attention from retail customers. Traditional savings accounts are far less attractive, yielding 1.11% at best.
Notably, the new DAI offering provides a much higher yield than the already existing USDC Rewards. Moreover, it’s more flexible in terms of reward distribution frequency.
Users, who don’t have DAI to start earning can use Coinbase Earn to get DAI for learning about the token and answering questions.
Importantly, the offering is only available to Coinbase users, Coinbase Pro is not included.