The chafe resistance of Dyneema is extremely high. That's why it's taking over from wire rope in many applications (when I've finished using up all my scraps of 8mm polyester on the sheet spans, which do tend to chafe through the sheet blocks, I plan to buy some small size bare Dyneema for this job, because it will be everlasting). However, its stretch is extremely low, the same as with wire, and that would make me wary of using it as an anchor rode. Its low weight would make the use of an angel/chum essential.The only reasons to use it are that it won't chafe, won't degrade in UV, and is a lot less injurious to health than wire.