DeFi Saver - a one-stop solution for managing decentralized finance protocols. Using the platform, you can convert Sai (old, one-sided Dai) to Dai (new, multi-sided Dai).
Contents:
- Platform description
- How to start with DeFi Saver?
- Future dapp update
- More information about DeFi Saver
Platform description
On a project, you can increase MakerDAO CDP leverage or decrease DAI debt in one transaction. Sai Holders can upgrade their funds to Dai at a fixed rate of 1:1 here. This is thanks to a special, one-of-a-kind MCD CDP (also, called a migration contract) that uses Sai as collateral and generates Dai. This means that the newly created token in MCD is supported by both Sai and ETH. Why this particular platform:
| Automated control | Setting up automatic protection against liquidation or increase in leverage at targets. |
| Make money conveniently | Use Smart Savings to access the best loan interest rates on most popular DeFi protocols quickly. |
| Interaction between Compound and MakerDAO | Add DAI to a compound sentence from a CDP directly or pay off a CDP debt from a compound sentence in a single transaction. |
One of the main elements of the platform - Compounding. This is the collateral ratio. Its value represents the global ratio of your current collateral value to your current debt and you can also see the minimum ratio for your current position.
How to start with DeFi Saver?
The steps to transform the old Sai unilateral collateral into the new Dai multilateral collateral are as follows:
- connect your wallet to any of the DeFi Saver panels, such as the MakerDAO dashboard;
- open the second available side widget for converting tokens;
- enter the amount in your account that you want to convert and renew, click the refresh button and confirm the transaction.
Then wait for the confirmation of the transaction and you will receive new Dai tokens at this moment. If you want to fix them in the Mai's Dai Savings Rate agreement or any other lending protocol in order to receive interest on your funds, then go to the Smart Savings panel.
Future dapp update
As stated in the Roadmap, the next update will show you an accelerated 1 ton leverage increase, debt repayment and recovery and automatic CDP renewal in DeFi Saver. You don't have to check for a locked version of Sai in your migration contract. Instead, the system will keep checking you and just update the entire CDP as soon as there is enough Sai.
The only requirements - that your CDP is on a standard DSProxy and that you have at least 20 Sai in debt. Over the next few months, the company plans to expand the Compound feature set to include the full set of features, already available for Maker and more others.
More information about DeFi Saver
There is no White Paper on the platform, but in the next update the company wants to add it to the platform. If you still have any questions, you can discuss them with the community on the company's Twitter. Also, you can get acquainted with the upcoming updates, promotions and participate in contests there.