Expanding liquidity available in DeFi Saver with 0x
Today we are very happy to share that we have added 0x to the list of decentralized exchanges integrated in DeFi Saver, expanding on previously available Kyber, Uniswap and Oasis.
0x has long been a prominent actor in the decentralized exchanges space and we are glad to provide our users with improved liquidity available thanks to them. The easy addition of the 0x API to DEXes integrated within DeFi Saver will translate to better rates and less slippage on all actions that require conversions, such as Boost and Repay.
The integration of 0x has also recently been made simpler thanks to the team’s release of 0x API, that can additionally help developers get quicker access to liquidity found on 0x, Kyber, Uniswap and Oasis. Under the hood, 0x API utilizes smart order routing to split up orders and fill them through a combination of both off and on-chain DEX liquidity sources to ensure we get the best price on every trade. More info can be found in their official release post.
The need for liquidity
We mentioned in our 2019 review post that our users made over $16,1 Million of volume in the past year, and this is only looking to increase in 2020 with over $2,65 Million volume already made in January alone.
Decentralized exchanges have obviously been a key part of the DeFi puzzle that is DeFi Saver and we’ve made important steps to make conversions as beneficial to our users as possible. First we moved away from relying solely on Kyber liquidity to also including Uniswap and Oasis, then we introduced a configurable slippage limit for all conversions and, finally, we have now integrated 0x. And we are already looking into more ways to improve liquidity in the future.
One of the ways users can utilize all the integrated DEXes is our built in exchange, that supports ETH, DAI, MKR, BAT and ZRX among others. Each conversion request is checked against available liquidity on all integrated DEXes and you will always get the best available rate. The DeFi Saver exchange has seen drastically increased volumes lately and we are likely to soon expand it to a separate, complete feature, too.
The other is of course by using our signature Boost and Repay options in our MakerDAO dashboard for CDP/Vault management. As a reminder, Boost lets users instantly increase leverage by generating DAI, swapping it for ETH (or BAT) and adding the newly acquired ETH to the CDP; while Repay works the other way and deleverages by taking out part of the collateral, converting it to DAI and using the DAI to pay back debt.
We are very glad that our first new integration in 2020 is for the benefit of all our current and future users. Stay tuned for more updates!😉
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