The total value locked on Gnosis Chain, an Ethereum sidechain, has doubled from $75 million to approximately $150 million since the beginning of October, coinciding with a surge in transactions and fees on the network.

This surge was fueled by the transfer of $50 million in stablecoins to Gnosis Chain, data shows. The funds are being used to secure an enhanced savings rate through MakerDAO's Spark lending protocol, which currently provides rates exceeding 7%.

By bridging to Gnosis Chain, users have increasingly converted their xDAI into Savings xDAI, thereby accruing interest from all sDAI held by the mainnet bridge.

Gnosis Chain, formerly known as xDai Chain, operates alongside Ethereum and is overseen by GnosisDAO. The sidechain is secured by its native staking token, Gnosis (GNO), …