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Migrating your position from Summer.Fi to DeFi Saver

By migrating their position through our interface, Summer.Fi users unlock access to DeFi Saver's powerful advanced features. These features include:

  • Boost and Repayarrow-up-right - Easily increase exposure to the collateral asset or repay part of the debt in one transaction.

  • CDP Automationsarrow-up-right - such as Automated Leverage Management, automated Stop Loss/Take Profit and Boost/Repay on Target Price.

  • Loan Shifterarrow-up-right - which allows users to either shift their entire position to a different protocol, or shift their collateral/debt asset.

  • TxSaverarrow-up-right - this unique feature lets users pay for gas fees directly from their position, offers MEV protection, and a guarantee that the transaction succeeds (if not, DeFi Saver covers the gas fees).

The process is extremely straightforward, as DeFi Saver will automatically recognize if a connected wallet has a position on Summer.Fi, and provide the option to migrate.

chevron-rightShow me how:hashtag

Once you've connected your wallet to DeFi Saver, the "Portfolio" page will automatically detect your current Summer.Fi position:

Simply clicking on the "Migrate" button will trigger a pop-up window.

Here, you'll be able to select whether you'd like to migrate to an existing Safe smart wallet, or create a new one. Creating a new one is done through the DeFi Saver interface by simply approving the transaction.

To execute the migration, simply click on "Migrate". Once that transaction is signed and successful, your position will now be on a Safe smart wallet, giving you access to DeFi Saver's powerful suite of tools.

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This means that your position is no longer on a proprietary Summer.Fi proxy wallet, but rather on a Safe Smart Wallet. Safe has become one of the standard smart wallets in the industry, and ensures your position is accessible on a vast majority of leading DeFi protocols and platforms.

chevron-rightHow does the migration work? hashtag

Let's use an Aave v3 position on Summer.Fi as an example.

By utilizing DeFi Saver's custom, multi-step transaction, migrating will trigger the following set of actions to occur within a single block:

  • Flash loaning the debt asset

  • The entire debt on the Summer.Fi position is paid back

  • Permission is provided to the wallet to pull the Aave collateral tokens from the Summer.Fi proxy

  • The Aave collateral tokens are then pulled from the Summer.Fi proxy to the Safe smart wallet

  • An added step notes that the Safe smart wallet is using the pulled aTokens as collateral

  • The same E-Mode from the Summer.Fi position is set for the migrated position

  • Debt is borrowed from the migrated Aave position in order to pay back the flash loan

From the user-side, the maximum number of steps you need to take is 3:

  • Creating a new Safe smart wallet (if you don't currently have one) through the DeFi Saver interface

  • Token approval

  • Approving the migration

This simple, one-transaction migration to DeFi Saver can be done for Summer.Fi positions on the following protocols:

  • Aave V3

  • Maker

  • Spark

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