We recently introduced the Recipe Creator at DeFi Saver, so wanted to briefly share some highlights from the update with you guys as well.
DISCLAIMER: We are a DeFi first product and utility without a coin or a token, and NO intention or plan for releasing it.
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Some of you are probably familiar with the project. For those of you who are not, DeFi Saver was initially introduced as CDP Saver, an alternative management app for MakerDAO CDPs, in April 2019. Rebranded as DeFi Saver, today we integrate MakerDAO, Compound, Aave v1, and v2, and Reflexer lending protocols, as well as all the most popular decentralized exchanges, such as Uniswap, SushiSwap, Curve, Balancer, Kyber, and more, to provide some cool features for DeFiers.
Most users know us for our flagship feature Automation, first introduced in September 2019 for MakerDAO, but now available for Compound and Aave as well. Automation is a unique, trustless system for automatic liquidation protection and automatic leverage management of collateralized debt positions in DeFi lending protocols.
Currently, our Automation services manage over $800m of collateralized assets, including over 280,000 ETH (~0.25% of all ETH in circulation) and other assets such as WBTC, LINK, AAVE, UNI, etc.
There are other features we provide as well such as Loan Shifter, Smart Savings, and our signature features Boost & Repay.
Most users know us for our flagship feature Automation, first introduced in September 2019 for MakerDAO, but now available for Compound and Aave as well. Automation is a unique, trustless system for automatic liquidation protection and automatic leverage management of collateralized debt positions in DeFi lending protocols.
Currently, our Automation services manage over $800m of collateralized assets, including over 280,000 ETH (~0.25% of all ETH in circulation) and other assets such as WBTC, LINK, AAVE, UNI, etc.
There are other features we provide as well such as Loan Shifter, Smart Savings, and our signature features Boost & Repay.
TLDR:
- The Recipe Creator - an advanced defi transaction builder that lets you combine a number of actions in different protocols in 1tx (not a new concept per se as some of you are aware, but we definitely tried to make it uniquely DFS).
- Simulation mode - a useful tool to let you tinker with features and the recipes without worrying about gas fees. Turn it on and you can simulate any transactions on your private fork of the mainnet. Super handy for trying out or verifying things before deciding to commit actual funds.
- First major feature coming from our brand new architecture, with future goals being the option to automate any set of actions with customizable triggers, as well as overall preparedness for launch on the upcoming L2 networks.
Recipe Creator
The Recipe Creator is the latest addition to our toolbox, allowing users to put together various DeFi legos in the form of different actions involving multiple protocols and running them in a single transaction. Though the concept of a transaction builder isn’t really new in this space, the Recipe Creator aims to provide this functionality through an informative, approachable, and highly functional interface, as users have come to expect from our product.
The Recipe Creator currently allows users to combine flash loans from Aave and dYdX with actions from protocols that include the likes of MakerDAO, Compound, Aave v2, Reflexer, and Uniswap v2, with a gradual expansion with other major DeFi protocols planned moving forward.
Yesterday, with the addition of Aave liquidity farming we added a special little recipe that already got the community interested with many using this at the moment.
NLP
One small addition to the Recipe Creator is also a natural language processing tool that allows users to simply tell the interface what they want and let the app prepare their recipe steps. For example, you can type in “borrow 10,000 Dai from Compound and deposit into Aave v2” in the app and let it create the custom recipe for you.
Simulation Mode
Together with the Recipe Creator, we also released a new Simulation mode. It allows users to experiment and play around with both the new Recipe Creator or any other part of DeFi Saver without having to pay any fees or spend any funds at all.
The Simulation mode basically creates a private fork of the Ethereum mainnet for users at the moment they decide to turn it on, with the available choice of simulating using their existing account or a fresh account loaded with 100 ETH. This should be a perfect option for anyone looking to get comfortable with the DeFi Saver app, as well as for everyone who wants to test out their created recipes or whichever strategies without having to commit actual funds right away.
Architecture update
The interesting bit is that the Recipe Creator is actually a showcase feature of a whole architectural overhaul of our smart contracts. While previously complex actions were coded as a single long sequence of actions, the new architecture consists of a number of small, separate actions which when combined can create any advanced action, something that is now also doable by users themselves with the Recipe Creator. This new approach will allow us to be better and quicker at revisioning any existing protocol integration, while at the same time granting more freedom to the users.
Recipe Automation
Something we are working on now, that could very likely be the most interesting news to anyone who’s heard of or used DeFi Saver is the option to automate any wanted set of actions. Of course, this is something there will be more info about as the release time for these new automation options approaches.
Secured & Audited
All of the smart contracts powering the new DeFi Saver architecture have been audited by both Consensys Diligence and Dedaub as of now, both of which are teams that will likely also audit any future protocol integrations. It is important to note that the architecture doesn’t allow for any ERC-20 token approvals to be made to commonly-used contracts. Instead, the user’s smart wallet is used, thus mitigating the risk present in some protocols. Safety is the number one priority, and the goal for DeFi Saver is to protect users from both unnecessary smart contract risk as well as market risk, as was already the case with their automated liquidation protection features.
We’re very glad to share that the new architecture has also been prepared with L2 networks in mind and it will allow us to quickly launch DeFi Saver on any of the upcoming L2 networks such as Optimism, Arbitrum, and zkSync 2 once they launch publicly.
While DeFi Saver can arguably be seen as an advanced DeFi management app, the team strongly believes that DeFi should be available and accessible to everyone, regardless of the number of funds they are managing.
If you’re interested in trying the new DeFi Saver Recipe Creator you can do so at: https://app.defisaver.com/recipes/.
Additional DeFi Saver links:
- Website: https://defisaver.com/
- Blog: https://medium.com/defi-saver/
- Discord: https://discord.com/invite/XGDJHhZ
- Forum: http://forum.defisaver.com/
- Github: https://github.com/DecenterApps/defisaver-v3-contracts