Argent’s first DeFi launch: Maker CDPs

This feature is not supported in Argent anymore, but this blog shows just one of the ways smart contract wallets make DeFi easier for you.

Opening a Maker CDP just got much easier. You can now open one directly within your Argent wallet in just a few taps. All mobile, no fiddly web browsers. (It’s iOS only for now but will be on Android too).

If you’re not familiar with Maker, this means you can borrow Dai, a stablecoin worth $1, using your ETH as collateral. This lets you keep your exposure to ETH while gaining a stable asset better suited to spending.

We’ve made it fast, very fast.

How have we done this?

Fortunately, as a smart contract wallet, we can integrate with Maker at smart contract level. This helps you because it’s:

• Simpler: We can minimize the steps you go through by using smart contracts to automate a lot of the process.
• Cheaper: You don’t pay or even think about gas. As with the rest of our wallet, we use meta-transactions.

A couple of other things we’d like to highlight:

1. Easier to close: If you have no DAI in your wallet but sufficient ETH it will automatically trade ETH for DAI and trade ETH for MKR and close the loan.
2. Easy risk assessment: To open a CDP you need to assess the level you want to borrow for the level of collateral. We’ve made it super simple to assess whether your collateral to loan ratio is too low.

We’re more excited than ever that Ethereum can be the foundation for a fairer financial future. The space is booming — with nearly $500m locked up in it — and we want to be your hub for exploring it.

We’ll have another big DeFi announcement shortly.

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