Refinancing to Morpho
Learn how to Refinance to from AAVE and Compound to Morpho
If you have a position on the native Aave v2/Compound V2 protocol and want to migrate your position to Morpho to received optimized rates, here are the steps you should follow:
- 1.Create a DSA: If you don’t already have a DeFi Smart Account (DSA), it’s time to create one. Head to Instadapp & click on ‘Create Account’
The wallet is created on-chain and requires gas to be created
2. Import your position: After creating a DSA, the next step is to migrate your position from the native Aave/Compound to Instadapp. Use the import position feature from ‘DSA Tools’ > ‘Import Positions’.
3. Use the refinancing feature: Now that your positions are migrated into Instadapp. You can make use of the refinancing feature to migrate from Aave/Compound to Morpho within Instadapp. On Instadapp, Go to ‘Utilities’ > ‘Refinance’. Select ‘Aave v2’/’Compound’ in the left panel & ‘Morpho’ in the right panel.
Specify the amount to be transferred (Click max to transfer the whole position) & click on ‘Refinance’.
Once the transaction completed your posiiton will be refinanced!
4. To migrate the entire position in 1 click: Use the refinancing strategy from the strategies section on the Aave-v2/Compound page. This strategy will fully refinance your position in full, use the Refinancing tool for partial refinancing.
Find the Refinance Strategy in the Strategies tab
Scroll to the bottom and hit migrate to finalize. The position will now be under the Morpho protocol tab!
If you already use Instadapp, & have a position on aave/compound through Instadapp’s UI. There are 2 ways you can potentially transfer your funds:
- 1.Refinance entire position: If you want to migrate your entire position from Compound or Aave to Morpho, you can do this using the refinance strategy in the strategies section.
- 2.Migrate custom amounts: If you are looking to migrate custom values and tokens, you can do so from the refinancing section. On Instadapp, Go to ‘Utilities’ > ‘Refinance’. Select ‘Aave v2’/’Compound’ in the left panel & ‘Morpho’ in the right panel. Specify the amount to be transferred & click on ‘Refinance’.
Protection Automation: You can set up protection automation to protect your positions from liquidating due to market volatility.
Authority: The DSA Authority feature lets you set multiple owners for a DSA, so that multiple addresses can manage one DSA Account:
Crosschain Transfers: Need to hop to another blockchain? You can withdraw assets from your DSA to another blockchain powered by HOP protocol: