We initially introduced our Smart Savings dashboard back in early 2020 as a tool to provide unified access to yield-providing protocols, which included Compound, Aave and dYdX stablecoin pools back then.
This was at a time when Idle finance just rolled out their pooled solution for an automated rebalancing between Compound and Aave and Yearn was just getting started, too (this was before the legendary birth of $YFI!).
Smart Savings always aimed to be a risk minimised tool, which is why we kept things manual and up to the user, without pooling user deposits and without ever having any kind of managerial power over those funds in any way. As always, our goal was to provide a cool interface to new defi protocols, though we do recognise that these protocols may change with time, which is why we launched a major Smart Savings revamp with Yearn, mStable and Rari* (more on that towards the end).
Today we're happy to share that we're adding another big integration to Smart Savings.
Earning yield with Convex now available in DeFi Saver
Convex is a complementary protocol to Curve, providing users with an enhanced yield on their liquidity.
Initially launched in early 2021, it has since become a staple in the broader Curve ecosystem and one of the most respected yield-enhancing protocols.
Our integration covers some of the most popular pools (sUSD pool, mUSD pool, 3pool and stETH pool) and you can now access them using https://app.defisaver.com/smart-savings/.
Note that you now go straight from DAI to earning yield through convex in 1 transaction using Smart Savings.
Convex protocol increases Curve yields by pooling deposits and boosting CRV rewards, as well as by distributing CVX token rewards. Boosting is available due to vote-locking CRV into veCRV. Convex tokenizes Curve's veCRV (non ERC-20 token) by minting their cvxCRV token in 1:1 ratio with veCRV tokens back to users.
There is no auto-compounding on Convex, so users will also have a claim option on Smart Savings that would claim all rewards in one transaction.
And, as expected, you can move funds between different pools and different integrated protocols in 1 transaction whenever wanted, too.
You can also check out this awesome Twitter thread by one of the Nikolas, and get more familiar with Convex.
Other Smart Savings updates
Since our dashboard revamp launched this New year there have been more updates worth mentioning, too.
Firstly, we've revised the APY stats tracking in order to provide users with more current, actionable data, as well as clearer input into what might just be temporary spikes.
Secondly, we've decided to remove the previously introduced Rari integration due to the potential for user funds to end up in pools affected by exploits and bank runs. The Rari Yield Aggregator we previously integrated was an older generation product that also lacked proper gas optimizations and we'll be looking to revisit this once an expected newer Rari aggregator is released.
Moving forward, one of our main new features for Smart Savings will be to provide a simple deposit history overview for users in order to make tracking earnings easier.
As always, for all feedback and questions join us and the rest of the community in the DeFi Saver discord.