DeFi Saver Recipe Creator – an Advanced DeFi Transaction Builder

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DeFi Saver is introducing a major new feature, alongside an additional forward-facing and fully audited architectural upgrade.

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Introducing the DeFi Saver Recipe Creator

The Recipe Creator is the latest addition to the DeFi Saver toolbox, this time 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 DeFi Saver.

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What’s more, the Recipe Creator even allows users to simply tell the interface what they want and let the app prepare their recipe steps through use of natural language processing. If you want to “borrow 10,000 Dai from Compound and deposit into Aave v2” you can write that down in the app and let it create the custom recipe for you.

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.

(For some examples of potential recipes, please see the additional Examples doc.)

Experimenting Without Fees

Together with the Recipe Creator, a new Simulation mode has been added to DeFi Saver. It allows users to experiment with either 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 creates a private fork of the Ethereum mainnet for the user 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 everyone wanting to test out their created recipes or whichever strategies without having to commit actual funds right away.

Overall Architectural Upgrade

The Recipe Creator is actually a showcase feature of a whole architectural overhaul of DeFi Saver smart contracts. Whereas previously complex actions were coded as a single long sequence of actions, the new architecture consists of a number of small, separate actions

which can be combined to 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.

Automating any DeFi recipe could be on the table soon

This update is also the first big step towards allowing users to automate any wanted set of actions, something that could very likely be the most interesting news to anyone who’s heard of or used DeFi Saver as of now, but it’s something there will be more details about as the release time for these new automation options approaches.

Safety-First Approach

All 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.

Looking Forward

One of the greatest current issues with the DeFi ecosystem are the exorbitant transaction fees for any wanted action due to the highly congested Ethereum network and consequently continuously high gas prices.

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 amount 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/.

Go to the official DeFi Saver website for additional details.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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