What Is DeFi Saver?

DeFi Saver is a one-stop platform for decentralized finance services. It provides a unified interface for a basket of DeFi protocols including top DEXs and lending protocols. 

Key Takeaways

• DeFi Saver allows users to access the integrated protocols from a single platform, saving them the hassle of switching between applications and offering a better user experience for managing their positions.

• It is also designed with additional features that enable users to operate with ease and achieve more with their assets, such as leverage management, automation and loan shifting between different protocols. 

• DeFi Saver’s DEX aggregator allows for advanced asset exchange transactions like limit orders and DCA.

• Users can also use the simulation tool, as they can try out the protocols and DeFi Saver features, while simulating transactions before submitting them with real assets. 

• This article discusses the key features of the DeFi saver application and how users can operate on multiple DeFi protocols from a single interface.

DeFi allows users to maintain self-custody of their assets without requiring intermediaries like brokerages, centralized exchanges, or banks. At time of writing, the total value locked in DeFi is over $94 billion, with thousands of protocols across different blockchains. With so many protocols, users often have to switch between different frontends and interfaces as they manage their assets. 

This is where DeFi Saver comes in. DeFi Saver’s all-in-one DeFi management allows users to manage their assets and positions across multiple protocols and networks in a single interface. It also offers users a more powerful experience when interacting with protocols, by providing them with more options than they would have by using the UI of the particular protocol. 

Introduction to DeFi Saver

DeFi Saver is your one-stop platform for everything DeFi. It offers access to multiple decentralized finance applications through an interface where users can use these applications without going to their respective platforms. DeFi Saver currently supports a number of reputable DeFi protocols, such as Aave, MakerDAO, Spark, Compound, Reflexer, CurveUSD, Morpho Blue, and others. According to the project, more will be added in the future.

For each of these protocols, you can perform every activity available on the official platform all on the DeFi Saver interface. In addition, DeFi Saver also adds more features to enable users to utilize these services even better. Some of these features include automation features that make it easier for users to manage their positions. 

DeFi Saver utilizes smart contracts to create a connection between the platform and the supported protocols and also between other supported protocols. Apart from creating a one-stop platform for users, DeFi Saver makes it easier to utilize assets across different applications through the Loan Shifter tool that lets users move CDPs (collateralized-debt positions) from one DeFi lending protocol to another. Furthermore, users can create any transaction through drag and drop UI without requiring any coding skills via DeFi Saver’s transaction builder called Recipe Creator.

DeFi Saver’s supports more than 10 top-tier lending protocols and is known for its liquidation protection features, ranging from automated leverage management to protocol-specific liquidation prevention measures. 

Key Features of DeFi Saver

Now let’s look at some key features of DeFi Saver and how it makes it easy for users to manage their debt position or moving positions between different protocols. 

Leverage Management

Leverage lets users trade more assets than they are currently holding by depositing collateral and leveraging it, which multiplies the amount of assets available for trading by several times. While higher leverage offers higher potential gains, the higher your exposure is to the volatility of the market and the likelihood of possible liquidation.

With DeFi Saver, users can easily create a leverage position in a single transaction, where borrowed funds are used to buy more of the collateral asset. When creating a position, users just need to enter their preferred parameters in the Leverage tab and click Create.

DeFi Saver also offers Boost and Repay, in which users can handle the actions needed for increasing or decreasing leverage in a single transaction.

Automation

DeFi Saver’s automation feature consists of a series of self-acting algorithms that enable users to manage their loan positions more effectively. Enabling the automation feature allows users to set conditions at which the protocol takes certain actions on their loans automatically. The protocol is developed with smart contracts designed to adjust selected parameters of a user’s loan position. DeFi Saver’s automation protocol is capable of executing immediate and step-wise loan repayment, managing users’ leverage settings, and protecting users from accidental liquidation. 

However, the protocol only acts based on triggers set by the user. The triggers are the parameter settings and the protocol only swings into action when these trigger conditions are met. 

Automated Leverage Management

Users can also automate their leverage management by setting automation triggers to keep their positions within a certain health ratio, where preset actions will be automatically performed once certain conditions are met. It also offers loan protection strategies that protect users from liquidation. The liquidation protection automation strategies are available on the lending protocols and according to the project, have protected hundreds of users’ positions in large market crashes. Fees are applicable while using any of the automation strategies. According to the project, the fees are charged to the loan position.

Stop Loss and Take Profit

For instance, you can use the stop loss and take profit automation strategy to completely repay your loans as soon as the collateral or borrowed asset reaches a given price point. It also has a ‘trailing stop’ strategy that enables users to set a percentage drop from the peak price of their debt or collateral asset at which their loan repayment will be executed.

Loan Shifter

With DeFi Saver’s Loan Shifter, users can port their loan position to a different protocol. It allows CDP swaps to a different protocol or selective shifts like collateral and debt swaps. With the CDP swap, users can transfer the whole or part of their loan positions from one protocol supported on the platform to another protocol. On the dashboard, users can preview the changes involved in the shift, which can include service fees, price impacts, and even debt value.

Using the collateral swap, users can change assets used as collateral for their loans. The debt swap also allows users to change the borrowed asset or the asset with which they will repay their loans. This can be helpful when trying to lower the borrow rate, as users can switch between the protocols or the debt asset. However, note that the Debt and Collateral swap cannot be executed at the same time.

Smart Wallet

Smart Wallets are decentralized smart contract-based wallets that enable easier position management on DeFi Saver and ETH Saver, as it keeps positions created using both apps. As a smart contract-based wallet, it lets users execute multiple actions inside a single transaction. With this flexibility, users can easily create and utilize strategies, or create custom ones with DeFi Saver’s Recipe Creator. 

Smart Wallets also offer an additional layer of safety by providing a layer of separation between your main wallet and the DeFi protocols you use. Instead of granting token approvals to the protocol, these are proxied through the Smart Wallet. 

Smart Savings

Protocols supported on the Smart Savings features include Yearn, Maker, Convex, and B. Protocol, where users can deposit assets into supported pools. To use the Smart Savings option on DeFi Saver, users need to use a Smart Wallet.

The smart savings feature on DeFi Saver presents users with a dashboard containing the interest rate data for supported protocols and pools. It gives users an overview of the profitability of different loan pools and assets across different protocols and enables them to move their funds to desired pools in a single click. Users can also estimate earnings made using the Smart Savings feature, although at time of writing there is no interest earned counter implemented. 

Recipe Creator

According to DeFi Saver, the Recipe Creator feature allows users to create their own strategy that the app will bundle up and execute in a single transaction. It is a drag-and-drop system where users can create their own advanced strategy. 

DeFi Saver also offers users the opportunity to use some pre-made Recipes. Users can search and use them, saving them the time of setting up new recipes. Pre-made recipes are available for Reflexer, Maker, Compound, Aave, Uniswap, Liquity, and Lido Finance. 

The Recipe Creator feature currently supports Maker, Aave, Compound, and Reflexer actions, as well as Aave v3, Maker, Spark, Morpho Blue, and Balancer flashloans. The project hopes to scale this feature to other protocols in the future.

Simulation Mode

DeFi Saver offers users a simulation mode to familiarize themselves with the platform in order to reduce the chances of accidental losses due to user errors. DeFi Saver’s simulation mode is a test environment for key operations on the platform. It enables users to try out advanced operations using test tokens before performing them with their real assets.

In the simulation mode, users can create a new test account or run the simulations using their existing account. The simulation account is funded initially with 100 test ETH tokens; this can be topped up if needed. However, according to the project, some features are not available in the simulation mode. Unavailable features include; automation for lending positions, Maker CDP history & profit, and Portfolio history.

To navigate to the simulation mode, toggle the Simulation Mode switch on the bottom left corner of the application. You can choose any of the account options. Once completed, you can test all basic platform features with the provided test tokens. If you are just testing DeFi Saver, ensure that Simulation Mode is toggled on. 

Exchange: Limit Order and DCA

In addition to lending services, DeFi Saver is also a DEX meta aggregator as it integrates multiple DEX aggregators like 0x, 1inch, Paraswap, and more. It enables users to run asset swaps through several decentralized exchanges. The Dex aggregator algorithm surfs through supported decentralized exchanges and selects the most viable route for the user’s swap. on DeFi Saver, you can use the direct swap function to perform a one-time swap for your assets.

Conversely, you can use any of the advanced features to run your asset exchange operations. Limit orders and DCA (Dollar Cost Averaging) options are available on the exchange platform. Using the limit order feature, you can set the parameters for your swap, including the price level at which you wish your trade to be executed and the amount you wish to purchase at that price. You can also set an expiration date for your order. Once the specified conditions are met before the expiration date, your order will be executed.

With the DCA feature, you can set up a conditional and recurring purchase for your orders. Instead of buying or selling all at once, you can use the DCA feature to capture the moving market. You can set a period for your purchase or sell transaction. The DCA transaction will occur after each interval, you can manage your DCA setup from the section below the DCA interface

Final Thoughts

With different DeFi protocols offering different services, users need to switch between these applications to utilize the services they offer and their unique advantages. But regularly switching between several protocols can be troublesome while potentially increasing the risk levels as users are continually connecting their wallets and signing transactions. 

With DeFi Saver, a multi-utility application, users can access a host of DeFi protocols on one platform. With complementary applications on the same platform, users can leverage each application’s key advantages without needing to move their assets around or switch between several platforms to complete a more complex transaction. 

Having said this, it is important to understand how the application works and what it means for you as a user. New users can use the simulation mode to familiarize themselves with the platform and how it works. Always do your own research on any protocol you interact with. This article is only intended for informational purposes and should not be taken as financial advice.

What Protocols Are Supported on DeFi Saver?

Some protocols supported by DeFi Saver include:

MakerDAO

On DeFi Saver, users can access MakerDAO’s lending and stablecoin generation services. You can create your CDP (Collateralized Debt Position), a key feature of the DAI stablecoin. Creating a CDP enables users to mint DAI with respect to the value of their deposit to the CDP. DAI loans must be below the amount of collateral deposited in the CDP. 

DeFi Saver enables users to use a leveraged position for their DAI loans. With the leverage options, the protocol will use the minted DAI to buy more of the collateral and add to the CDP. That is, if you use the leverage option, no DAI will be received, but more of the asset used as your collateral will be purchased and added to your debt position.

Compound Finance

Compound Finance’s loan facility is available on Defi Saver. Here, users can supply assets to the loan pool, borrow stablecoins (USDC), and repay their loans. Leveraged loan positions are also available via the Boost feature. This allows users to deposit their loans to increase their credit limit. Every service obtainable on the Compound Finance interface is available on the DeFi Saver application. 

Users can also utilize DeFi Saver’s smart wallet feature on Compound. Migrating to the smart wallet enables users to manage their positions using advanced applications like automation and loan shifting. Users can also withdraw COMP tokens earned on their positions from the Compound Finance interface on DeFi Saver.

Aave

Aave is a multi-chain lending protocol. You can access a majority of the services available on Aave on DeFi Saver. The staking service allows users to stake their Aave and claim staking rewards from the DeFi Saver interface. On Aave’s section on the platform, you can supply assets to the lending pool, borrow and repay loans, and also use the leverage service without visiting Aave. The lending service can be augmented with DeFi Saver’s smart wallet feature, which allows users to apply advanced loan management strategies like loan shifting and automation.

Spark

Spark is a lending protocol powered by MakerDAO that enables borrowers to do more with assets borrowed against their supplies to the pool. DeFi Saver offers most services available on the Spark platform, including the different asset management modes. On DeFi Saver you can supply assets supported by Spark (including liquid staked ETH and stablecoins like DAI and USDC), borrow against your supplied assets, and use your loans in diverse ways. The Efficiency mode (eMode) is available on the DeFi Saver interface and allows borrowers to extract the highest borrowing power out of their collateral when supplied and borrowed assets are correlated in price. The Claim function allows ETH suppliers on DeFi Saver to claim their share of the wstETH incentive.

Reflexer

Reflexer protocol is an overcollateralized loan protocol where users can supply ETH and mint RAI, a non-pegged stablecoin backed by Ethereum. RAI uses a repricing mechanism to maintain its price level. On the DeFi Saver interface, you can create your Reflexer Safe. On the Safe, you can borrow RAI, boost your position, and perform other loan management operations. You can create multiple Safes on the platform.

Liquity

Liquity is a governance-free, algorithmic, and fully automated zero-interest overcollateralized loan facility accessible through third-party frontends. On the protocol, users can supply ETH and obtain LUSD. Liquity can be accessed via DeFi Saver. 

To use the Liquity protocol on DeFi Saver, you will need to create a trove, supply ETH, and obtain a LUSD loan. The Leverage option is also available on the DeFi Saver interface. On the Trove, you can borrow more LUSD, repay loans, and supply more ETH to the loan pool. You can also stake your LQTY tokens and claim staking rewards on the DeFi Saver interface. The Liquity Bond service is also available on DeFi.

CurveUSD

Curve Finance’s CurveUSD can be minted via an overcollateralized loan protocol where users deposit ETH and borrow CrvUSD. You can perform this operation on DeFi Saver. You can supply ETH, borrow CurveUSD, repay your loan, or increase your positions all on the DeFi Saver platform. Loan management using the automation feature is also available on the DeFi Saver application.

LlamaLend

Llamalend is a lending protocol powered by CurveUSD. On the platform, you can supply CrvUSD to the lending pool to obtain yield or borrow CrvUSD. These services are available on DeFi Saver. DeFi Saver allows users to create their accounts and perform lending services available on Llamalend without visiting the protocol’s official platform.

Morpho Blue

Morpho Blue is integrated into DeFi Saver. The lending protocol can be accessed from the platform and it enables users to create and manage their loan positions. Available services include the creation of loan position, ETH supply, ETH borrowing and repayment, and loan leveraging. DeFi Saver’s smart wallet feature can also be used for advanced loan position management. Users can automate their loan operations when they migrate to the smart wallet.