yvDAI wallet

What is yvDAI (YVDAI)?

A yvDAI balance is a receipt, not a stablecoin. When DAI goes into a Yearn DAI vault, the depositor gets back vault shares, and yvDAI is that share token. It is the vault contract that holds the DAI and runs the strategies; your token is the claim on a slice of whatever the vault contains.

The practical consequence is that one yvDAI is not one dollar and never was. Shares are issued at the vault's price per share at the moment of deposit, and redemption gives back DAI at the price per share at the moment of withdrawal, which is why the unit count in your wallet sits still while the amount of DAI behind it changes. Anyone reading a yvDAI balance as if it were DAI will misjudge the position in both directions.

The second thing to check is which yvDAI you have. Yearn has run more than one generation of vaults, and a DAI vault from each generation is a distinct contract and a distinct token with the same informal name. Withdrawal always goes back through the specific vault that minted your shares, so the contract you deposited into is the one that matters. Shares also cannot be redeemed anywhere else; there is no issuer to contact.

A vault share is the archetypal token you deposit once and leave. Tangem builds the private key inside the card and keeps it there, and a second card issued with the same wallet is what stands behind it if the first disappears, with a seed phrase available only if you want one. Long-dated positions want exactly this kind of dull, durable custody.

Supported networks in Tangem (1): Ethereum.