Introducing CDP Saver – the complete CDP management and protection solution

April 29, 2019

After five months of development and testing of revision after revision on the Kovan testnet, we are proud to announce that CDP Saver is now live on the Ethereum mainnet.

CDP Saver is a fully functional CDP dashboard with advanced, yet accessible features, including Repay, Boost and a CDP Marketplace. The most notable feature, Repay, lets you increase your CDP’s ratio and make it safer by taking part of the collateral out of the CDP and using it to pay back a part of the Dai debt all within a single transaction.

You can head over to CDPSaver.com to try everything out now, or continue reading for more details.

CDP Saver as the complete solution

Although its name suggests one function only, CDP Saver is actually a complete solution for optimal CDP management. Once you connect your wallet using either MetaMask, Trezor or Ledger, the application will load all your existing CDPs in the Dashboard or guide you to create your first one in case you don’t own any CDPs yet.

CDP Saver dashboard screenshot

The CDP Saver Dashboard provides an intuitive, easy to use set of features needed for optimal CDP management all within a singular screen. Each of the inputs you make will show the consequential changes in real time. But this is not what we consider the best part of CDP Saver.

Repay and Boost features

Repay and Boost are the highlights of CDP Saver as they allow you to complete complex, multi-step actions in basically one click and a single transaction.

The Repay feature allows you to draw some of your ETH collateral from the CDP and use it to pay back part of the Dai debt. Doing this will decrease your liquidation price and increase the CDP’s ratio, making your CDP safer from liquidation. This process is also known as graceful unwinding. Using CDP Saver, the whole process, including the required conversions, is done in a single transaction making it cost effective and extremely simple to use for the end user.

Boost, on the other hand, is the opposite of Repay. Boosting a CDP draws more Dai in order to buy more ETH that will then also be added to the CDP. Doing this will increase your liquidation price and decrease the CDP’s ratio, but it’s a very attractive mechanism if you’re looking to long ETH using CDPs. As with Repay, all the steps are completed in a single transaction.

Monitoring and automated protection are coming next

The CDP Saver we are introducing today is just the initial release and the application will be updated with additional features over the coming months. The current version has all the great features we wanted to develop and include, such as Repay and Boost, however they are only available for manual activation by the user.

We plan to introduce monitoring features with notification options in the next update and then wrap everything up with the automatic liquidation prevention option in the update after that. Together with automated protection, we also plan to introduce a target ratio that CDP Saver would automatically maintain for you. We cannot provide exact dates for these next updates, but at this point we believe it will take us slightly under a month for each.

Trustlessness matters

We at Decenter value decentralization and trustlesness greatly and we’ve gone great lengths in order for CDP Saver to be in line with these principles, as we have with all our previous projects.

Both Repay and Boost are made possible thanks to Kyber Network with whom we worked closely while developing CDP Saver. In fact, all of the conversions that the CDP Saver does are done using Kyber Network. No centralized exchanges are ever utilized by CDP Saver.

Additionally, in regards to trustlessness, CDP Saver will never require a user to transfer their ownership of the CDP for any of the features to work. The automatic CDP protection will work using the MakerDAO’s proxy contract.

These are CDP Saver’s current smart contracts (list updated May 21 2019):

All of the smart contracts have been internally audited by our security audits team.

CDP Marketplace

The CDP Saver Marketplace lets users offer their CDPs for sale at a discounted price versus their actual value in case they are facing potential liquidation and/or cannot repay their debt in a timely fashion. This would allow potential buyers to obtain a CDP that they can continue managing or pay off right away for a profit.

CDP Saver marketplace screenshot

Putting a CDP on sale doesn’t affect the ownership of the CDP. It still belongs to you and you can still interact with it in the Dashboard. The ownership is only transferred to the buyer once their buy transaction is confirmed. Please note that CDP Saver has a 1% fee on CDP sales.

Updates and feedback

If you have any more questions about CDP Saver, please don’t hesitate to reach out to us, we will gladly update this post if needed, although we are also looking into creating a separate knowledgebase. We would love to hear any feedback you have for us, too.

For CDP Saver updates we invite you to follow @DecenterTeam and @CDPSaver on Twitter, and we will also post all news in the MakerDAO subreddit.

Note: CDP Saver has been rebranded to DeFi Saver in the meantime and is now available at https://defisaver.com. Trying to open CDPSaver.com will forward you to DeFiSaver.com, so please don’t be concerned by that. The twitter handle has also been updated to @DeFiSaver.

Nikola Janković