Creating a CDP/Vault with DeFi Saver is a fairly straightforward process. To begin, please navigate to https://app.defisaver.com/makerdao/create-cdp.
Once you're there, these are the steps you need to take:
- Select your wanted collateral type - currently ETH, BAT, USDC, WBTC, ZRX and KNC are supported in MakerDAO
- Input the amount of collateral you want to deposit
- Select the amount of DAI debt you want to generate
(Note: There is a minimum of 20 DAI debt in MakerDAO. You can either have 0 DAI debt or ≥20 DAI debt. Nothing between 0 and 20 is allowed by the protocol.)
Normal vs Leveraged CDP/Vault
When creating a CDP/Vault at DeFi Saver you have the choice of creating an instantly leveraged position. If you're unsure what the difference is, here is a comparison:
- Normal: All generated DAI is sent to your account and you can do with it whatever you like.
- Leveraged: All generated DAI is instantly used to obtain more ETH for your position using one of the integrated decentralized exchanges. Consequently, you do not receive any DAI on your wallet account.
Please note that there is a 0.25% service fee for creating an instantly leveraged CDP/Vault.