Dashboard & Use-case (Maker)

MakerDAO is one of the original DeFI protocols, so many users find its use-case in it the fact that it's the longest-standing decentralized stablecoin protocol.

Seeing as Maker's main focus is not capital efficiency where your collateral can earn various kinds of yield under the right borrowing conditions - Users can expect fixed, predictable stability fees instead of volatile interest to get a stablecoin ($DAI) that is integrated into a vast majority of wallets and dApps.

Maker isn't without options for capital efficiency, as users can also deposit DAI into the DSR (DAI Savings Rate), and earn yield on their supply.

Compared to protocols that offer a wide variety of markets and yield options which could be confusing and overwhelming - Maker offers a streamlined, simplified UX for minting a stablecoin against their collateral.

If this sounds like your cup of tea, let's look at how to open a position on MakerDAO:

Show me how:

Once you've navigated to the MakerDAO dashboard from the sidebar on the left, you'll end up on the "Manage" tab of the dashboard:

In addition to the "Manage" tab, you'll also have:

  • The "Automate" tab will take you to our Automation options.

  • The "Notify" tab will take you to the interface where you can set up custom-tailored notifications for your position.

  • The "History" tab will show you all of the actions performed within your current position.

Since we want to open our CDP on Maker, let's click "Create CDP":

On this screen, we'll be able to:

  • Choose which Vault we'd like to open a CDP in

Vaults represent different risk profiles for the same collateral type.

Each vault type has unique parameters such as liquidation ratio, stability fee, and debt ceiling. This lets users choose between higher leverage or greater safety.

The currently available vaults are:

  • ETH-A

  • ETH-B

  • ETH-C

  • WSTETH-A

  • WSTETH-B

  • WBTC-A

  • WBTC-B

  • WBTC-C

  • Input how much collateral we'd like to supply.

  • Input how much DAI we'd like to mint.

  • Check if we'd like to create a leveraged position (more on this a bit later).

  • See the stats of the position before opening it.

If you'd rather open a leveraged position, simply check "Leveraged":

Similar to the borrow dashboard, you'll be able to:

  • Choose which Vault we'd like to open a CDP in

  • Input how much collateral we'd like to supply.

  • Input how much DAI we'd like to mint. (which will be swapped for the collateral asset).

  • See the stats of the position before opening it.

  • Set the slippage limit for the swap

If everything seems good to go, simply click "Create":

If the transaction succeeds, you'll see the pop-up from above. You can feel free to press "Done" if you're not yet interested in turning on Automations.

If you're interested in Automations, please refer to our Knowledge Base articles that cover everything automation-related.

Now that the position is opened, the "Manage" tab will look like this:

The final part of the dashboard we'll cover are the manual management tools:

  • Boost - This tool is used to increase your exposure to the collateral asset when the safety ratio of your position increases. It does this by flash loaning the debt asset, swapping it to the collateral asset, and supplying it to your current position.

  • Repay - This tool is used to increase the collateralization ratio of your position by swapping part of your collateral asset in order to repay part of the debt.

  • Supply - This tool is used to add more collateral to your position in order to increase the collateralization ratio.

  • Withdraw - This tool is used to withdraw collateral from your position, in turn decreasing your collateralization ratio

  • Borrow DAI - This tools is used to borrow more of the debt asset from your current position, in turn decreasing your collateralization ratio.

  • Pay back DAI - This tool is used to pay back part of (or the entirety) of your debt, in turn increasing your collateralization ratio.

By clicking the "+" "Add second action" button next to the tab for your current tool, you'll be able to combine actions into a single transaction:

Before executing any of these actions, the dashboard will provide you with updated metrics for your position based on the values you've input.

You're now well equipped to efficiently manage your MakerDAO position on DeFi Saver!

We highly recommend reading through our Automation articles to get a better understanding of how you can further improve how your position is managed.

One of the main benefits of utilizing DeFi Saver's service is access to our automation options that maintain your position based on your personal inputs. MakerDAO currently supports many of DeFi Saver's automations, meaning that opening a position with it gives you access to a plethora of automations.

Automations have minimal debt requirements and their availability depends on the chain you're currently on.

Closing or Migrating your position:

The two remaining options on the dashboard that we haven't covered are Close and Transfer.

If you decide to close down your current position, the steps are extremely straightforward:

  1. Navigate to the main dashboard:

  1. Select the "Close" button:

  1. Choose how you'd like to close your position.

  2. Since closing from your position involves swaps, you can also (optionally) set the exchange route and slippage limit.

  3. Press "Close CDP".

To Transfer a position, visit the main dashboard, and click the "Transfer" button:

From there, you can choose the wallet you'd like to migrate the position to:

Once everything's good to go, click "Transfer".

Related Articles:

  • MakerDAO (Sky)

  • Dashboard & Use-case (Sky)

  • Available assets & compatibility

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