DeFi Saver, a popular Ethereum DeFi management app, expands to Arbitrum and Optimism
Disclaimer: The text below is a press release that was not written by Cryptotelegraph.com.
Thursday, May 26th, 2022
DeFi Saver, one of the leading applications for creating, managing, and tracking DeFi positions on Ethereum, today announced the long-awaited launch on two leading Layer 2 networks, Arbitrum and Optimism.
Live since 2019 on the Ethereum mainnet, DeFi Saver has provided innovative DeFi asset management features and continuously expanded support for top DeFi protocols in an attempt to make complex DeFi interactions more straightforward and accessible to the average user.
Expansion to Layer 2 networks brings significantly lower transaction fees, something that’s become a growing issue for the Ethereum DeFi ecosystem. While the app initially went live at a time when network congestion on Ethereum wasn’t a thing, the increasing number of users over the past years has made the app inaccessible for an increasing number of people, something the team is very eager to rectify.
“We’re thrilled to go live on two of the currently most popular optimistic rollup networks on Ethereum, and we’re looking forward to providing our signature leverage management and automated liquidation protection features in a much more accessible environment,” said Nenad, the co-founder of DeFi Saver.
With today’s release, DeFi Saver brings its application’s signature features for the Aave v3 protocol to Optimism and Arbitrum network users. The advanced dashboard has supported the Aave protocol since v1 on the Ethereum mainnet. Fans of Aave will be able to rely on DeFi Saver signature Boost and Repay features, which allow for 1-transaction asset leveraging, now with substantially lower fees.
The Aave protocol is a non-custodial money market protocol where users can lend or deposit their assets, borrow against their collateral, and create leveraged market positions. The Aave V3 version presents Aave’s most ambitious attempt to solve some of DeFi space and the protocol’s pain points. Better capital efficiency, better risk management, interchain interactions and gas optimizations in the context of L2 expansion are some of the new version’s most significant improvements.
DeFi Saver’s launch on these networks is based on the same modular architecture that the team rolled out on the mainnet in early 2021, with the release of the Recipe Creator. Users can expect the DeFi transaction building UI to appear on Layer 2 networks very soon, too, as the number of integrated protocols there expands.
Users who haven’t moved any assets to Arbitrum or Optimism so far will also be pleased to find a new Bridge dashboard in the app. LI.FI, a bridge and DEX aggregation protocol, powers the new bridging features, ensuring that all users get the best rates during any of their bridging activities. The team is also looking to enable the bridging of whole positions in the coming months, though there is currently no ETA for this feature.
Work is also already underway on providing automation features for DeFi on both Arbitrum and Optimism, most notably automated liquidation protection for Aave v3 users. The greatly reduced transaction fees on L2s, however, allow for experimenting with new options, too, so you can expect to see new automated features such as limit orders or automated DCA strategies in the coming months, too.
Moving forward, the team plans to keep expanding support on L2s with more protocols, including both L2 native ones, as well as traditionally supported protocols such as MakerDAO and Compound, as those become available on L2s, too. Users can also expect to see an L2-focused Smart Savings dashboard in the coming months, providing aggregated and simplified access to yield farming options.
As a reminder, L2 networks aim to inherit the security of Ethereum by design while providing additional throughput and much lower transaction costs. Out of the two types of rollup networks currently in development, optimistic and zero-knowledge rollups, Arbitrum, and Optimism are the two leading EVM-equivalent optimistic rollup networks in terms of activity and TVL as of now.
DeFi Saver is an all-in-one dashboard for creating, managing, and tracking your DeFi positions with automatic liquidation protection and leverage management options. So far, the application has saved thousands of users from liquidation and helped users handle over 100,000 transactions and over $6 billion in trade volume.
Nikola Milinkovic [email protected]