Why is a smart wallet needed for using Smart Savings?

In order for the instant moving of funds between protocols to be possible, Smart Savings requires using a smart contract wallet that is in control of your funds while you’re supplying them within the Smart Savings.

Each user, or each account to be more precise, is associated with its own smart contract wallet that no one else can control and you can withdraw your funds from Smart Savings at any point in time. Overall, the experience is the same as when supplying directly to a singular protocol.

More specifically, the smart contract wallet used by DeFi Saver is our version of MakerDAO’s DSProxy, an audited and battle tested smart contract wallet that they developed for their CDP system.

In case you've ever created a smart wallet to manage your Compound or Aave positions means that you already have one associated with your account and DeFi Saver will use the exact same one. If not, you will be prompted to create one.

More about Smart Wallets can be read in the segment "General".

Last updated