Open a Multi-Collateral Vault with MakerDAO

2 min read

If you’d like to open a Vault using our MakerDAO Dapp, you will need a wallet you can access with our interface. If you do not have one yet, check out our guide on how to set up a new wallet.

Opening Your Vault

Step 1. Unlock your wallet on our site by selecting ‘Access My Wallet’, then choosing the method of access you prefer.

Step 2. Head to our Dapps section to the left of your Wallet Overview page, then select ‘MakerDAO’.

Step 3. Select ‘Create a Vault’ to get started.

Step 4. Set the amount of ETH you would like to offer as collateral. Remember to leave some wiggle room to account for the shifting markets. 200% and above is usually a safe bet.

• Before you generate your vault, you’ll need to select ‘Create Proxy’.
• Make sure to confirm the transactions on your device, if you’re using one.

Step 5. The MakerDAO page will shift to show new details about your holdings.

Earning Interest With DAI

Step 1. Head to the MakerDAO Dapp page and select ‘DAI Savings’.

Step 2. Choose ‘Set’ to set allowance for Maker to interact with your DAI.

• You will need to ‘Deploy Proxy’ if it’s your first time. Select ‘Setup’ in the top area of this section.

Step 3. Choose how much DAI you’d like to deposit. Interest rates are accrued annually.

Step 4. To withdraw, you can follow the same procedure, but select ‘Withdraw’.

Closing Your Vault

Step 1. When you’re ready, head back to the Dapps section and select ‘MakerDAO’.

Step 2. Click ‘Manage Your Vault’ to see your holdings.

Step 3. You will need to pay your DAI back in order to withdraw your ETH. Under ‘DAI Position’, select ‘Pay back >’.

• You will have to ‘Approve’ the DAI amount in order to pay it back, which will count as a separate transaction.
• Please wait for both transactions to post as ‘Success’ before continuing.

Step 4. Once approved and paid back, you can withdraw your ETH. Under ‘ETH Collateral’, select ‘Withdraw >’.

Step 5. Your vault doesn’t actually close, but remains empty and ready should you ever need to use it again.

Here’s a video showing the process: