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

Blockchain startup Daylight, supported by a16z and Framework Ventures, launched a new protocol called DayFi on Ethereum today, aimed at converting electricity into yield-generating crypto assets.

The protocol provides financing for solar installations through a combination of GRID stablecoin and sGRID yield tokens, returning tokenized yields to investors to meet the growing electricity demand in areas such as data centers and electric vehicles. Daylight founder Jason Badeaux stated that distributed energy offers the fastest and most economical way to scale energy production and storage on the grid. Currently, Daylight is operating in Illinois and Massachusetts, with plans to expand to more U.S. regional markets like California.