Daylight, backed by a16z, launches the DayFi protocol to convert electricity into crypto yield assets

ChainCatcher reported that blockchain startup Daylight, supported by a16z and Framework Ventures, has launched a new protocol called DayFi on Ethereum today, aiming to convert electricity into yield-generating crypto assets.

This protocol provides financing for solar installations and returns tokenized yields to investors through a combination of the GRID stablecoin and sGRID yield tokens, addressing the growing electricity demand in sectors such as data centers and electric vehicles. Jason Badeaux, founder of Daylight, stated that distributed energy offers the fastest and most cost-effective way to scale energy production and storage on the grid. Currently, Daylight operates in Illinois and Massachusetts, with plans to expand to more U.S. regional markets such as California.