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Consensys Diligence Dedaub
Consensys Diligence Dedaub
Last updated: Dec 18, 2023
DeFi Saver is an asset management application for DeFi protocols. The platform focuses on the creation and management as well as tracking of leveraged positions. Through the platform, users can manage their debt positions in protocols like MakerDAO, Aave, and Compound, and use leveraging and deleveraging options called Boost and Repay, as well as make use of the projects’ automated position management. DeFi Saver allows its users to move their positions between various protocols or convert supplied or borrowed assets through the Loan Shifter feature.
The project also includes exchange and a tool to help users earn interest on their DAI called Smart Savings, which enables one-transaction movement of funds between different protocols. DeFi Saver also combines financial products such as flash loans, asset swaps, and others combined into a single transaction through its Recipe Creator feature.
The Repay feature offered by DeFi Saver is made possible through a mechanism which allows users to increase CDP ratio and make it safer, by taking part in the collateralization process in Maker CDP by converting ETH to DAI and using it to pay back part of a debt in a single transaction. Through the Boost feature, clients of the platform can increase the amount of ETH collateral present in a Maker Vault, which happens at the cost of lowering their CDP ratio, through the generation of additional DAI, converted to ETH and added to the CDP, again in a single transaction.
DeFi Saver allows its users to interact with Compound’s permissionless lending market through the DeFi Saver App’s dashboard. The main advantages of this feature are hardware wallets support and the possibility to interact between Compound and MakerDAO. This could be used for the supply to and from a CDP, for the payback of debts from Compound DAI supply, and vice versa, once again all happening in a single transaction.
The platform’s Smart Savings feature integrates various DeFi protocol interactions into a single dashboard, providing for easy tracking of interest rates among the different protocols. This product can also be used to move funds between the available positions, thus facilitating the choice of preferred rates and combining or separating assets.
DeFi Saver offers an automated management system for collateralized debt positions to its users called Automation. The product can be configured to increase or decrease leverage as the price of the underlying collateral fluctuates, in order to provide liquidation protection. The latest version of the system can react quicker to price updates and includes support for flash loan-powered features to facilitate a better-optimized ratio adjustment.
The Loan Shifter feature provides users with the ability to switch their positions between the supported protocols and change their collateral or debt asset. Through this mechanism, clients of the platform can also merge two MakerDAO Vaults, using the same underlying collateral, into one.
The company’s Recipe Creator allows users to put together various DeFi actions aimed at different protocols and run them together with a single transaction. The feature was made possible by an update in DeFi Saver’s smart contracts, which switched from using a single long sequence of actions to utilizing a number of small, separate actions which may be combined in the creation of any advanced action desired.
The DeFi Saver app can be accessed through the company’s website, where users can find numerous tutorials on how to use the protocol. Wallets DeFi Saver supports include MetaMask, Coinbase, Fortmatic, Trezor, and Ledger. Besides connecting their personal wallet, users can also use the platform’s simulation feature, which provides them with 100 ETH to get familiar with the use of the protocol in a safe environment.
DeFi Saver fees include 0.25% of the transaction for features like Boost and Repay, the creation of Leveraged Positions, as well as the closing of such. The automation adjustment has a fee of 0.3% of the transaction size per automated adjustment. When using the company’s Loan Shifter, the fees depend on the complexity of the action requested by the user. Although there are no protocol shift fees, there is a 0.009% Aave flash loan fee. Regarding collateral and debt shifts, the fees include a 0.25% service fee and a 0.09% Aave flash loan fee. The Recipe Creator’s buy and sell features have a 0.25% fee, and all token swaps on the exchange induce a 0.125% service fee. All options on the Smart Saving dashboard do not accrue any fees.
DeFi Saver was developed by Decenter whose main focus includes building on the Ethereum platform. The DeFi Saver team is made up of the same developers who work on all Decenter projects, only they are led by Nenad Palinkašević who is a Lead Solidity Developer at Decenter, and has previously worked on Apila Care – a health care website for retirement homes. The rest of the DeFi Saver team has experience in working on various blockchain projects and takes pride in being part of the crypto world since the release of Ethereum’s whitepaper.
DeFi Saver audits can be found in the protocol dashboard on this webpage.
Besides an established close relationship with Aave, Compound, and MakerDAO since the very beginning of the DeFi Saver’s launch, the company also has close connections with other DeFi protocols such as dYdX, Liquity, mStable, Yearn, Rari, Balancer, Reflexer, and Uniswap. These collaborations allow users of the project to combine flash loans from the aforementioned protocols. The company also works with Alchemy, who helped in the development of the Recipe Creator feature offered by DeFi Saver.
The team will present their new roadmap after the ETH Denver festival in 2022. The only thing known about it so far is the presence of DeFi Saver Automation v3, expected to bring more options and strategies which the team claims will significantly expand the possibilities for automating users’ DeFi positions.
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Last updated: Dec 18, 2023
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