How Coinshift users can lend and borrow assets on AAVE.

Aave is an open-source, non-custodial liquidity protocol allowing individuals to lend or borrow digital assets. By contributing liquidity to the protocol, you have the opportunity to earn annual interest. Additionally, you can take out loans against the existing collateral, enhancing your financial flexibility.

Using AAVE through Coinshift apps can offer Treasury Managers multiple benefits, including:

  • Yield Opportunities- Treasury managers can earn interest by supplying their idle assets to AAVE's liquidity pool

  • Flexibility- Treasury Managers can borrow against deposited assets, offering financial flexibility. For example, financial controllers can supply ETH and borrow USDC for business operations and payroll, without losing the potential gains of ETH

  • Secure- Coinshift's multi-sig ensures secure transactions by requiring approval from multiple Signers, adding an extra layer of protection

We will now outline the process of how Coinshift users can interact with AAVE directly from their Safe using Coinshift Apps.

Step 1: Go to Apps and connect your Safe with AAVE

Navigate to the Apps section on your Coinshift dashboard.

Locate and click on AAVE within the Apps section.

A window will show the list of networks the dApp is live on and supported by Coinshift. You can choose a Safe belonging to any network supported by AAVE.

Select the Safe you want to use for this operation and click Open App to establish a connection between your selected Safe and AAVE.

Step 2: Create a Transaction (Supply to AAVE)

The interface will show your token options and balances available for deposit.

Click on the Supply button next to the token of your choice, and proceed to enter the deposit amount in the designated field.

For this scenario, we will use USDC to deposit into the AAVE protocol.

Approve Deposit- Note that, you need to first approve the deposit before supplying the token. This will trigger a proposal, which needs to be approved by the threshold number of Signers before the deposit is made.

After approval, click again on Supply and fill in the deposit amount.

To confirm, click on the Supply USDC button. This will prompt a proposal on Coinshift.

Note that, transaction details are presented in a clear, human-readable format (see screenshot), providing essential information for other Safe Signers to review.

A proposal will be created for the designated Signers to either Approve or Discard as necessary. Add any necessary notes and labels, if required.

Step 3: Action on Proposal

Signers can take one of three actions on a proposal:

  • Proposal Rejection- If any Safe Signer rejects the proposal, it will be discarded Off-Chain.

  • Proposal Approval and Execution- If the number of votes in favor of the proposal meets Safe's required threshold, the transaction will be submitted to the network.

  • On-Chain Transaction Rejection- Even after a proposal has been approved, it can still be turned down in the on-chain stage. This can happen if a Safe Signer initially approves the proposal, moving it into the on-chain queue, but other Safe Signers decide to use the On-Chain Rejection option to stop the transaction.

The proposal has received the necessary signatures, as shown in the screenshot below, and the transaction will be submitted to the network.

Step 4: Verify your deposit in the AAVE dashboard

Once the transaction is confirmed, you can review the details on the AAVE dashboard. Your tokens have now been successfully deposited.

Note: You can follow the similar steps outlined previously to either borrow or withdraw your assets from AAVE.

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