Our fully fledged @AaveAave dashboard is NOW LIVE!🥳
💻New interface for Aave portfolio management
🚀1tx Boost & Repay available for Aave for the first time ever
🤖Automation support coming soon!™️
— DeFi Saver (@DeFiSaver) August 6, 2020
DeFi Saver is well-known for their automated Maker Vault manager, protecting collateralization ratios using Aave flash loans.
This time the focus is on the Aave users themselves, offering them a new format and tools for managing their lending and borrowing positions.
The User Experience
The new Aave dashboard lays out everything from portfolio statistics, position summaries, and market details on a single page.
Rather than clicking through the different screens, all of the most important Aave details are presented in one space.
Users can simply connect to the DeFi Saver app to manage and shift liquidity across their Aave holdings.
Unique DeFi Saver Functions
The tools are known simply as “Boost” and “Repay”, which provide one-transaction alternatives to more complex manual processes for increasing or decreasing Aave positions. Both harness the power of flash loans to condense multiple steps into just a single transaction.
“Boost” enables the user to increase their leverage and exposure to an asset on Aave, by borrowing more of one asset to purchase another within a single transaction.
“Repay” provides an opposite function, enabling a user to pay off loan debt by using funds they already have within Aave – a process that would usually take three separate transactions when done manually.
Smart Wallets Only
The only catch when using DeFi Saver’s new Aave dashboard is the need for a “smart” wallet.
Regular Ethereum wallets like Metamask can only interact with one smart contract at a time, which means you can’t take advantage of the Boost and Repay functions.
To assist with usability, DeFi Saver also have their very own smart wallet, a version of MakerDAO’s tried-and-tested DSProxy smart wallet.
To migrate Aave positions to a smart wallet, users can simply use the migration tool in the DeFi Saver Aave dashboard, next to the “Account type” drop-down box.
Just as we’ve seen with asset management tools like InstaDapp, DeFi Saver users will need to open a new “account” which acts as a non-custodial holder of funds to take advantage of key features like Boost and Repay using Flash Loans in an entirely permissionless fashion.
As we begin entering into uncharted territory for DeFi tokens, tools like DeFi Saver will play a huge role in ensuring borrows are sufficiently collateralized in the event of black swans like Black Thursday. While the platform is not perfect, users taking advantage of automated features are better protected against flash crashes that could pop up at any given moment.
To stay up with DeFi Saver, follow them on Twitter.
Alejandro is a blockchain writer and consultant who has been involved in the space since early 2016. Being extremely passionate about this emerging technology, he has written content for a myriad of projects and news outlets.