DeFi Saver, The Interface to Manage Several DeFi Protocols

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DeFi Saver, The Interface to Manage Several DeFi Protocols

Let's continue our exploration of the decentralized finance ecosystem. Today we are interested in DeFi Saver, an application that allows you to manage interactions with different DeFi protocols from its interface. This allows you to set up your strategies from one place and save on transaction costs, but also to save you maximum interest by optimizing your strategies and selecting the most profitable protocol and token.

DeFi Saver is an application that wants to facilitate the use of the different protocols of decentralized finance. As a user you have access to different interfaces allowing you to perform many operations to manage your cryptocurrencies in a decentralized manner. For example, you can trade Ethereum tokens using the best of DeFi Swap. But this is not the heart of DeFi Saver whose main functionality is Smart Saving as we will see later.

The objective of the project is to simplify the user experience as much as possible in order to make decentralized finance services as accessible as possible. Therefore, DeFi Saver offers you a lot of useful little features, such as setting up an instant token exchange system directly in the application. This makes it easy to switch from one asset to another, whose interests are much more interesting.

DeFi Saver


Protocols Compatible with DeFi Saver


DeFi Saver currently supports a few decentralized finance ecosystem protocols. Here is the presentation and associated features. For some of them, the compatibility goes further since no migration of funds is necessary and you can find your current transactions on the application. These are MakerDAO and Compound protocols, the dashboards of which are supported by DeFi Saver. Let's find out together the list of these protocols.


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Compound


DeFi Saver offers Compound protocol users a dashboard dedicated to the latter. This therefore makes it easy to use Compound's features within the application. The interface supports connection through the various supported ballets as well as all Compound interactions. But it also makes it possible to carry out interactions between Compound and the Maker protocol, a possibility that I will present to you later. You can therefore easily add funds to your CDP (Collateralized Debt Position) and create new ones, but also repay your debts or generate SAIS with your Compound funds.

You just have to navigate to the dedicated Compound page of the application to use it. You can log into your wallet to start using the protocol features on DeFi Saver.


MakerDAO


Maker is the second protocol whose dashboard is supported by the application. It will allow you to create a new CDP directly on the application for example. CDPs are debts by pledging Ethereum funds comprising ethers (ETH) and other selected tokens. You get Dai or Sai tokens depending on the type of collateral you place and can use them in many other decentralized finance protocols or simply take advantage of the features of this stablecoin.

You can therefore use DeFi Saver to easily administer your Maker protocol debts and cryptocurrency loans. The CDPs that you have contracted on other interfaces will be automatically loaded on the DeFi Saver dashboard. You therefore do not need to transfer ownership of these to administer them on the application.


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Fulcrum


Fulcrum is the second protocol integrated into the Smart Saving functionality of DeFi Saver. The integration of outstanding loans is not as easy as for Compound and you will have to remove them from the protocol before reinjecting them through Smart Saving.

Fulcrum allows you to lend funds in 9 different tokens or ethers, in order to receive interest. Its integration into Smart Saving will allow you to quickly compare options based on these interests to set up the most profitable strategy. Knowing that it is the stablecoins like Sai or USDC that generally have the most interesting interest rates.


dYdX


dYdX is an exchange platform allowing many trading operations to be carried out, including the use of levers up to x4 in a decentralized manner. In order to guarantee liquidity for these operations, they also set up a loan and debt system. It is for this purpose that dYdX is supported by DeFi Saver. Even if you cannot directly import your current transactions on dYdX, you can completely start lending funds on the platform through Smart Saving.


Smart Saving Functionality


In order to make it easier for you to study the different possibilities for lending your cryptocurrencies using existing protocols, DeFi Saver has developed Smart Saving. It is an integration into the interface of three decentralized finance protocols to allow you to be able to select the best option in terms of return in a few clicks.

To use Smart Saving, you will need to place your funds on a dedicated Ethereum wallet, the “User Wallet”. Operating thanks to different smart-contracts, it is thanks to this that your funds will be transferred more quickly to the protocols and at a lower cost.


The Risks of using DeFi Saver


One should always be very careful when using services to manage one's monetary funds. And this is even more true in the cryptocurrency sector since market players are very often young. In the context of DeFi Saver, the main risks are linked to the smart-contracts used. Indeed in addition to using DeFi protocols your cryptocurrencies will be sent to DeFi Saver contracts, adding vulnerability risks. It should be noted that these have been audited by a studio external to the project, the Decenter team. You can also find the smart-contracts available on Github or on the Ethereum network to study them yourself.


FAQ


Here are some questions and answers to queries you may have while using DeFi Saver services.

  • What are the costs of using DeFi Saver?

In order to finance the development of DeFi Saver, the team has implemented a fee policy based on the use of the services. You will therefore have to pay a fee of 0.25% for conversion operations (Repay, Boost, etc.) There is also a charge of 0.125% for the use of the functionalities of exchange platforms.


  • How do I View My Existing Transactions?


If you have MakerDAO related operations in progress, you can easily find them on the DeFi Saver interface. All you need to do is connect with the wallet responsible for these operations for it to be loaded on the application's dashboard.


  • Can I Convert my IAS to DAI on DeFi Saver?


Absolutely. An option is available directly on the dashboard to allow users to convert their SAI to DAI with a 1: 1 ratio.


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