Savings Dai (sDAI) is a tokenized representation of Dai deposited in the Dai Savings Rate (DSR) offered by MakerDAO. The sDAI token enables users to receive returns on their DSR deposits while still being able to transfer, stake, lend and use it in any way they want. sDAI increases in value according to the DSR, as its Dai denominated value gradually increases over time. sDAI is an accumulating token, not a rebasing token. Each sDAI is fungible and always instantly redeemable for DAI.