DeFi Saver, a team best known for their automated liquidation protection services for lending protocols they’ve been working on since 2019, announced the release of a full-fledged Compound v3 integration.
DeFi Saver has supported the Compound protocol since the early DeFi days, with a dedicated dashboard, an array of advanced features, and their unique, signature automated leverage management and liquidation protection options.
Compound v3 launched a month ago with a strong emphasis on simplicity. The latest upgrade of the famous protocol’s mechanics focused on security, capital efficiency, and user experience.
The primary difference in the protocols’ functionality lies in the decision to move away from the pooled-risk model, pioneered by Compound themselves, where users could borrow any asset, to a segregated base asset model, with each deployment of Compound III featuring a single borrowable asset.
The first edition of the latest version, deployed on the Ethereum mainnet, features USDC as the base asset and the only asset users can borrow against their collateral. Future deployments will feature other base assets, like DAI and ETH, along with support plans for L2 networks.
Among other changes introduced in difference to Compound v2, Compound governance has approved the re-allocation of COMP token incentives from v2 to v3 to incentivize the initial V3 liquidity.
Decoupling from the pooled-risk model implies that the collateral supplied by one user can’t be borrowed or withdrawn by other users and therefore eliminates any interest earned on deposited collateral.
Interest can be earned for supplying and borrowing base assets. Similarly, the same applies to the COMP incentive scheme.
With the latest version being live for less than a month, the DeFi Saver team worked tirelessly to introduce the most complete Compound v3 experience to users of the famous lending and borrowing protocol, as was the case with the previous version.
First, users can rely on the same quality of experience from the get-go. A dedicated dashboard for protocol interaction features all the essential information on created v3 positions.
Along with the basic protocol actions, there is the signature DeFi Saver 1-transaction de/leveraging actions like Boost & Repay.
There is also the option of mixing all these actions within the dashboard for easier management of DeFi positions. Current market info is also available for the base and collateral assets.
Those used to the DeFi Saver experience and anyone looking to long their assets with leverage can rejoice as DeFi Saver’s unique automated leverage management and liquidation protection features have been available since day one.
Given the current volatile market conditions, staying safe from liquidation and managing risk is essential. It is available for all currently supported collateral assets: ETH, WBTC, LINK, UNI, and COMP.
Users with active positions in previously integrated protocols like Maker and Aave, as well as the previous version of the protocol, can easily migrate their entire position in a single transaction with the powerful Loan Shifter feature support included in the release as well.
Lastly, the latest DeFi Saver integration also includes support for its transaction builder interface, Recipe Creator, enabling users to create complex single transactions consisting of multiple protocol actions.
A simple, low-risk recipe to make the most of the interest and incentives offered by Compound v3 can include borrowing USDC base assets against one of the supported collateral assets, followed by a deposit to one of the integrated yield farming protocols.
To make the experience complete for all users of Compound v3, DeFi Saver also introduced a long-awaited notifications feature.
Users can pick between messaging applications like Telegram, email, and Discord to receive instant notification when their position’s ratio rises above or falls below a certain threshold.
Sought-after by users of previously integrated protocols and long overdue, in the team’s own words, the new feature will be implemented to those in the next release.
DeFi Saver is an all-in-one dashboard for creating, managing, and tracking your DeFi positions with automatic liquidation protection and leverage management options.
So far, the application has saved thousands of users from liquidation and helped users handle over 115,000 transactions and over $7 billion in trade volume.