Upgrade 0x36 sDAI to sUSDS

Shutter DAO DAO Proposals
1
Proposal Title Author(s) Phase Date Created
Upgrade sDAI to sUSDS 5pence Onchain 3 November 2025

Proposal

Upgrade all sDAI to sUSDS

Background

In June 2024, Shutter DAO 0x36 passed Proposal 18 to convert 3M USDC into the DSR contract. At the time, the DSR (Dai Savings Rate) was at 8% APY.

Since then, Sky Protocol (formerly Maker Protocol) introduced sUSDS - the new version of sDAI, which offers a higher yield. sUSDS represents USDS deposited into and earning the Sky Savings Rate.

The DSR (Dai Savings Rate) is currently at 1.5% APY. The SSR (Sky Savings Rate) is currently at 4.75% APY.

Current Holdings (as of 28 Oct 2025)

Shutter DAO 0x36 currently holds 1,524,525.99 sDAI, valued at USD $1,783,695.41.

Shutter DAO 0x36 currently does not hold any sUSDS.

Financial Impact

The projected financial impact of the upgrade from sDAI to sUSDS is an additional gain of $57,967.60 per year.

If Shutter DAO 0x26 does not upgrade (and the DSR does not change), the sDAI will earn 1.5% APY - $26,755.43 in yield per year.

If Shutter DAO 0x26 upgrades from sDAI to sUSDS (and the SSR does not change), the sUSDS will earn 4.75% APY - $84,723.03 in yield per year.

Method

Shutter DAO 0x36 can upgrade sDAI to sUSDS in the Spark Finance app, triggered by a Decent proposal.

The upgrade does not incur fees and is not subject to slippage. The onchain transaction will require ETH for gas (paid by the transaction executor, not paid by Shutter DAO0x36).

Contract Addresses

sDAI on Ethereum Mainnet: 0x83f20f44975d03b1b09e64809b757c47f942beea (source)

sUSDS on Ethereum Mainnet: 0xa3931d71877c0e7a3148cb7eb4463524fec27fbd (source)

Schedule

3 Nov 2025: Test upgrade (100 sDAI to sUSDS)

17 Nov 2025: Full upgrade (1,524,425.99 sDAI to sUSDS)

Executable Code for the Test Upgrade (100 sDAI to sUSDS)

Transaction 1: Approve sDAI

Target Address: 0x83F20F44975D03b1b09e64809B757c47f942BEeA

Name: approve

Parameter: address spender

Value: 0xf86141a5657Cf52AEB3E30eBccA5Ad3a8f714B89

Parameter: uint256 value

Value: 100000000000000000000

ETH: n/a

Transaction 2: Upgrade sDAI to sUSDS

Target Address: 0xf86141a5657Cf52AEB3E30eBccA5Ad3a8f714B89

Name: migrateSDAISharesToSUSDS

Parameter: address receiver

Value: 0x36bD3044ab68f600f6d3e081056F34f2a58432c4

Parameter: uint256 sharesIn

Value: 100000000000000000000

ETH: n/a

Platform

Decent (this proposal will trigger an onchain transaction if passed)

Voting Options

  • Vote “Yes” to upgrade all sDAI to sUSDS
  • Vote “No” to not upgrade
  • Vote “Abstain” if you have no opinion but wish to help the vote reach quorum
2

The sUSDS upgrade seems like the safer base strategy for the treasury. It is simple, transparent, and offers a better yield than sDAI while staying within a well-tested system. There is little protocol or operational complexity here, which helps reduce idiosyncratic risk.

At the same time, limiting everything to sUSDS could prevent the DAO from developing the self-funding loop that Octant is aiming for. That is why I think it makes sense to keep a 70 to 30 split, with most funds here and a smaller share in the Octant pilot. This mix protects the principal while giving the DAO some upside through ecosystem growth.

It is good to see both proposals focused on stability and long-term sustainability. This approach gives Shutter both. Open to refinements if others think a different ratio works better.

2 Likes
3

This makes a lot of sense. Thank you for the proposal and watching for this.

4

Looks like a no brainer!