DeFi Saver Introduces A Native Compound v3 Extension

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DeFi Saver, a DeFi man­age­ment app best known for its auto­mat­ed liq­ui­da­tion pro­tec­tion ser­vices for DeFi lend­ing pro­to­cols, is now avail­able as a native exten­sion in the Com­pound appli­ca­tion thanks to their new­ly released exten­sions framework. 

With the improve­ments intro­duced with Com­pound v3 ear­li­er this year, the Com­pound team envi­sioned an all-new exten­sions frame­work to enable var­i­ous devel­op­er teams to build new fea­tures on top of the Com­pound pro­to­col and make it avail­able to their users direct­ly with­in the Com­pound application.

DeFi Saver has sup­port­ed the Com­pound pro­to­col since the ear­ly DeFi days with a ded­i­cat­ed man­age­ment dash­board, includ­ing a num­ber of advanced fea­tures, such as 1‑tx posi­tion unwind­ing, col­lat­er­al and debt swaps as well as their sig­na­ture auto­mat­ed liq­ui­da­tion pro­tec­tion options. 

The two teams col­lab­o­rat­ed over the past months on prepar­ing the DeFi Saver exten­sion, in order to pro­vide all Com­pound v3 users with easy access to 1‑tx posi­tion rebal­anc­ing and auto­mat­ed liq­ui­da­tion protection.

Using the DeFi Saver exten­sion, all Com­pound  users can now utilise sig­na­ture Boost and Repay options for 1‑tx posi­tion rebal­anc­ing, which can, for exam­ple, come in handy in case of mar­ket crash­es where a user may want to par­tial­ly unwind (or ‘self liq­ui­dat­ed’) part of their posi­tion to keep it from going under. 

On top of this, all users can now also con­sid­er automa­tion options in case they fear mar­ket drops while they’re not able to mon­i­tor their posi­tions active­ly. The exten­sion cur­rent­ly sup­ports the Com­pound­V3-USDC mar­ket, and the team will be look­ing to sup­port all new V3 mar­kets mov­ing for­ward, such as the Com­pound­V3-WETH mar­ket that’s like­ly com­ing soon.

The new exten­sion frame­work is made pos­si­ble thanks to the new ‘per­mit‘ func­tion that allows for the exe­cu­tion of advanced, mul­ti-step actions on user posi­tions using spe­cial ‘oper­a­tor’ con­tracts, which the Com­pound dev team intro­duced togeth­er with their lat­est v3 pro­to­col version. 

While DeFi Saver users pre­vi­ous­ly had to migrate their posi­tions to a smart con­tract wal­let to gain access to these com­plex fea­tures, this is now no longer required for Com­pound v3 users and should pro­vide for a much bet­ter user experience.

“We’re extreme­ly hap­py to have been cho­sen as one of the first teams to work on this, and we’re look­ing for­ward to see­ing what oth­er teams also come up with in the future.” – Nenad Pali­naka­se­vic, DeFi Saver co-founder.

Mak­ing the DeFi Saver appli­ca­tion and fea­tures open and avail­able to the broad­est pos­si­ble audi­ence and user base has always been one of the team’s pri­ma­ry goals. 

The team is thrilled to see those fea­tures avail­able native­ly with­in the Com­pound appli­ca­tion. Sim­ple, approach­able and opti­mal posi­tion man­age­ment was always one of DeFi Saver’s guid­ing principles.

As a reminder, DeFi Saver is an advanced all-in-one dash­board for cre­at­ing, man­ag­ing and track­ing user DeFi posi­tions with unique auto­mat­ic liq­ui­da­tion pro­tec­tion and leverage

man­age­ment options. So far, the appli­ca­tion has saved thou­sands of users from liq­ui­da­tion and han­dled over 115,000 trans­ac­tions and over $7 bil­lion in trade volume.

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Disclaimer

The infor­ma­tion pro­vid­ed in inde­pen­dent research rep­re­sents the author’s view and does not con­sti­tute invest­ment, trad­ing, or finan­cial advice. Bein­Cryp­to doesn’t rec­om­mend buy­ing, sell­ing, trad­ing, hold­ing, or invest­ing in any cryptocurrencies



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