Introducing the DeFi Saver Recipe Creator
Our new transaction builder is now LIVE — allowing users greater freedom and setting up first building blocks for countless automated options.
Today we’re extremely happy to share our latest major feature, the DeFi Saver Recipe Creator, that you can try at: https://app.defisaver.com/recipes/
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.
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 100 Dai from Aave v2, sell DAI for UNI” you can write that down in the app and let it create the custom recipe for you.
The Recipe Creator currently includes support for MakerDAO, Compound and Aave v2 actions, as well as flash loans from both Aave v2 and dYdX and swaps using the 0x aggregating API.
In the coming weeks we’ll be adding Reflexer and Uniswap V2 LP actions, too, with a gradual expansion with other major DeFi protocols planned moving forward.
Experimenting using the new Simulation mode
Together with the Recipe Creator, we’re also introducing a new Simulation. It allows anyone to experiment with either the new Recipe Creator or any other part of the app without having to pay for 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 app, as well as everyone wanting to test out their created recipes or whichever strategies without having to commit actual funds right away.
Commemorative NFTs
As part of our Recipe Creator launch we have prepared some limited edition NFTs that will be distributed to early users — though we’ll keep the specific eligibility details secret for a few more days.
Our beta testers will be receiving the Kitchen Builder NFT as a token of appreciation, and, really, we want to thank everyone for continued feedback and support with everything we do.🙏
Overall architectural upgrade
The Recipe Creator is actually a showcase feature of a whole architectural overhaul of our 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 all 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, but that’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 and the Recipe Creator have been audited by Consensys Diligence and Dedaub, both of which are teams that will likely also audit any future protocol integrations.
For anyone interested, you can find these audit reports on our Github.
Safety is our number one priority, and the goal is to protect users from both unnecessary smart contract risk and market risks, with our 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 upcoming L2 network launches in mind and it will allow us to quickly launch DeFi Saver on Optimism, Arbitrum or zkSync 2 once they launch publicly.
While DeFi Saver can arguably be seen as an advanced DeFi management app, we strongly believe 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 now find it at: https://app.defisaver.com/recipes/.
Stay connected:
🌍: DeFiSaver.com
💬: Official Discord
📢: Official Twitter
🗣️: DeFi Saver Forum