How can I use DefiSaver when the vault is close to the liquidation price?
Hey, congalooze, you can use the Repay option in our MakerDAO dashboard to prevent liquidation - DeFi Saver
Using Repay will allow you to pay back some of the debt using your locked in collateral.
The outcome of a Repay is that you will have less collateral, but also less debt and a higher collateralization ratio, meaning that your vault will be safer.
Try entering any test amount for a Repay and the UI will show you what the effects of it will be.
I get it. Here’s the question, an important one, right now if withdrawl more than 44 eth from the vault itself, I hit 150%. In repay it says that I can use up to 444 ETH. Is this where the flash loan occurs? The DAI get paid back to the vault before the ETH gets withdrawn? If I just used they vault itself, I’m not creating that much of a spread. But if I use Repay I can payback way more without being liquidated. I really Really appreciate you helping me here. I’m freaking out
That’s exactly it, yes! A flash loan is used to get the funds for debt paid back as the 1st step, instead of withdrawing funds from the CDP.
That’s how you can Repay much more (or even the full debt), whereas if you just tried to withdraw ETH in order to swap to DAI, you would be limited by the minimum collateralization ratio.
Nikola, you and this app saved me millions of dollars. It saved me from ruin. Totally incredible. Thank you from the bottom of my heart.
Very glad to hear that! Welcome to DeFi Saver and talk more soon
Nikola, you saved me from liquidation in my Maker vault. I’m forever grateful. I’m the CIO at Arcane Bear. We provide valued added daily youtube content and weekly content to the members of our Bear family at Arcanebear.com I was wondering if we could connect via zoom. I’d like to create some content around DefiSaver and help to amply your product.
Hey, once again
You’re most welcome, of course, really glad that liquidation was prevented.
In terms of connecting, can we perhaps meet on discord or telegram first? You can find me as nikola_j in the DFS discord server, for example.