Finance
DeFi Saver integrates Safe to bring account abstraction to DeFi
Global Banking & Finance Review®
Company
Delaware, USA, March 28th, 2024, Chainwire
In a move to greatly improve the user experience of DeFi users in the Ethereum ecosystem, DeFi Saver integrated native support for Safe smart accounts and multisigs.
DeFi Saver, one of the leading apps for creating, tracking, and managing DeFi positions on Ethereum just announced they’ve integrated account abstraction leader Safe, to take the experience of DeFi users to the next level. This comes on the back of Safe’s recently announced milestone of more than $100 billion in digital assets secured on Safe smart accounts, with more than 40 million transactions conducted on Safe infrastructure.
The update means that DeFi users of protocols such as Aave, Compound, Morpho Blue, Spark, CurveUSD and Liquity will be able to manage their positions more efficiently, through use of options that bundle or batch multiple actions into one single transaction using the power of the Safe smart accounts. This includes features such as leveraging up or unwinding in one transaction, doing collateral and debt swaps, moving whole active positions between different protocols, various automation features, but also even simpler things such as depositing collateral and borrowing funds in one, single transaction. All of this results in unnecessary steps being abstracted away from DeFi users and traders.
Besides all the advanced features that are made possible through use of a smart account, this update also allows DeFi users to greatly increase their security through the use of Safe multisigs, which are the security standard for asset ownership. Starting today, all current and new users can enjoy native multisig support at DeFi Saver moving forward.
Another important aspect for both teams is the composability and portability that users will enjoy. Since Safe is widely supported in DeFi apps and frontends, this means that all DeFi Saver users will be able to check and manage their positions through other apps. And, vice versa, all existing Safe users can now seamlessly connect to the DeFi Saver app and make use of the plethora of tools available.
“We believe that composability and portability are some of the greatest, most important aspects of DeFi and yet this primitive is being ignored by many teams opting to build small, proprietary, walled garden systems. That’s why we chose Safe and intend to keep building on the open, permissionless building blocks.” said Nenad Palinkasevic, the co-founder of DeFi Saver.
Lukas Schor, co-founder at Safe, commented, “Smart Accounts are critical infrastructure and we think that for DeFi mass adoption, we need the security of smart accounts, but also the UX benefits to already integrate within the top DeFi projects today. We welcome this move by DeFi Saver to accelerate the transition to smart accounts and Safe ecosystem.”
Moving forward, the teams also highlighted that this change will allow great improvements to the user experience in DeFi through continued batching of multiple actions into single transactions, but also through features such as sign-only modes where all transactions would be handled for the users in the background, providing a quicker and smootherexperience.
About DeFi Saver
DeFi Saver is a management application for decentralized finance protocols best known for their advanced leverage management features and automated liquidation protection options. Having initially started as a MakerDAO-focused dapp in the early days of DeFi, they quickly expanded support to more protocols, as well as multiple L2 networks. Today, DeFi Saver lets you utilize protocols such as Aave, Compound, Morpho Blue, Spark, CurveUSD and Liquity, across Ethereum mainnet, Arbitrum, Optimism and Base.
Website, Twitter, Discord, Blog, GitHub, Docs
About Safe
Safe (previously Gnosis Safe) is an onchain asset custody protocol, securing ~$100+ Billion in assets today. It is establishing a universal ‘smart account’ standard for secure custody of digital assets, data, and identity. With Safe{Wallet}, its flagship web and mobile wallet, and Safe{Core} account abstraction infrastructure, Safe is on a mission to unlock digital ownership for everyone in web3, including DAOs, enterprises, retail, and institutional users.
Website, Twitter, Discord, Blog, GitHub, Docs
Filip Josipovic
Defi Saver Inc.
filip@decenter.com
Account abstraction is a concept in blockchain technology that simplifies user interactions by allowing multiple actions to be bundled into a single transaction, enhancing user experience and efficiency.
Safe multisigs are multi-signature wallets that require multiple approvals for transactions, enhancing security for asset ownership and management in decentralized finance.
DeFi, or decentralized finance, refers to financial services that operate on blockchain technology, allowing users to conduct transactions without traditional intermediaries like banks.
Digital assets are any assets that exist in a digital form, including cryptocurrencies, tokens, and other forms of digital currency that can be traded or used for transactions.
Composability in DeFi refers to the ability of different decentralized applications to interact and integrate with each other, allowing users to create complex financial products and services.
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