Do more with Daemons
Daemons opened its doors for beta testing. Anyone interested can play with the dApp on testnet, report bugs and suggestions. Beta testers will be rewarded with DAEM tokens once the platform goes live. DApp here.
What Daemons?
Ever wondered how it feels to be a blockchain power user? Do you have an awesome idea or strategy to combine different Dapps in order to maximize yields or capital efficiency?
Introducing Daemons, a platform that allows anyone to become an advanced blockchain user. Daemons can help you create blockchain-related actions tied to certain conditions (called Scripts). You can choose a set of actions, related to everyone’s favorite Dapps, and tie them to a condition. Your request is stored and when the condition is satisfied, the script will be retrieved and executed in an “If this, then that” fashion. All this, in a non-custodial, decentralized manner.
When the strategy involves multiple steps that need to be executed, Scripts can be chained together, creating complex actions, like simple building blocks used to assemble a bigger, more elaborate structure:
Why Daemons?
Before Daemons, users with no coding experience could not automate custom actions and had to make do with pre-built actions provided by the various platforms they used. This presents a certain amount of friction between non-technical users of DeFi and smart contract functionality. Platforms and contracts are not flexible, like all pieces of sophisticated software. It requires time and know-how, to prepare, debug, audit, and test a variety of smart contracts in order to automate the simplest of actions.
As such, Daemons was inspired. To remove the boundaries towards a decentralized and personalized finance management tool. Particularly, Daemons allows you to create personalized scripts to interact with your favorite DeFi platforms, in no time, with no programming knowledge, for free. DeFi should be enjoyed by everyone, not just software developers. Everyone should have the ability to create their own strategies and have them up and running instantly, without hassle or costs.
Which Daemons?
The following examples are simple, tried, and tested financial automation that has been employed successfully in a variety of markets throughout the years. Daemons scripts can be set up to automate these strategies for your DeFi assets with a few clicks.
Simple Dollar-Cost-Average (DCA)
Time in the market is always better than timing the market. That’s why automatic dollar-cost averaging has been a very successful strategy. Daemons can help you set up your own, personal DCA strategy with a single script.
Take-Profit / Stop-Loss
Satisfied with your assets appreciating in value and would like to take some profits? Tired of the 24/7 crypto trading and want to protect yourself from a potential sudden price drawdown in order to get a peaceful, good night’s sleep? You can also do set a stop-loss threshold to trigger your hedging strategy automatically.
Aave Loans / Health Factor
Still can’t sleep? Is your Aave Loan close to liquidation and you might be caught pants-down in an overleveraged position? No worries! Setup a script that takes care of your Aave loan Health factor and takes care of your leveraged position while you enjoy sleep’s sweet embrace.
De-peg Parachute
History has shown that not all stablecoins are created equal. One might say that some are more “stable” than others, but you just can’t resist that sweet sweet yield farming. Imagine you had a Daemons script that was gonna save your capital from a major de-pegging event (e.g. the Terra UST incident). Quickly dismantle your Curve 3Pool position (USDT-USDC-UST) and exit before the smoke turns out to be a burning inferno.
Degen Strategy
If all the above scripts felt useless to you, we’ve been expecting you. Welcome, fellow degen. We all know why we are here, to push our never-ending appetite for danger, thrills, and yields to the limit! We live and thrive in these environments. Risks are not part of the game. Risks ARE the game.
You finally found where to deposit your collateral to get the best rates on a crypto loan. However, the yield farming opportunity is on another chain. You are a degen, you can’t compromise, you have to use both. Well then, you come to the right place. Not only you can do that, but you can also automatically increase your leverage each time you have the ability to do so!
The sky is the limit
Those are just mere examples of the automation made possible by Daemons. In reality, the only limit in terms of usability and strategies is your own imagination! Anyone can deploy their own strategies, set and forget. Daemons will take care of the rest. This is a new era in DeFi and you are in the right place at the right time.
This is the first of a series of articles to introduce Daemons and associated functionalities. Stay tuned for the next one!
