A Trove is where you take out and maintain your loan. Each Trove is linked to an Ethereum address and each address can have just one Trove. If you are familiar with Vaults or CDPs from other platforms, Troves are similar in concept.
Troves maintain two balances: one is an asset (ETH) acting as collateral and the other is a debt denominated in LUSD. You can change the amount of each by adding collateral or repaying debt. As you make these balance changes, your Trove’s collateral ratio changes accordingly.
You can close your Trove at any time by fully paying off your debt.
When you create a Trove using DeFi Saver, you’re creating it on a Smart Wallet. If you already have a Trove that was created using other Liquity frontends, you can still manage it at DeFi Saver, though you won’t have access to any of the advanced features. You would have to close your existing Trove and open a new one on DeFi Saver to use our advanced management features.