MakerDAO on KeepKey: Discover DeFi

KeepKey users can now complete MakerDAO contract actions.

ShapeShift
Jul 3 · 2 min read

At KeepKey, we’re excited to continue to bring you the most exciting updates to our tech. With our latest firmware version, v6.2.0, KeepKey has upgraded support for interacting with MakerDAO while using the KeepKey integration with MyEtherWallet.

MakerDAO is a decentralized system of Ethereum contracts that work together to provide permissionless, limited-trust collateralized loans. DeFi, or decentralized finance, is one of the most groundbreaking innovations in blockchain technology since Bitcoin.

Collateralized Debt Positions, or CDPs, are loans in DAI taken out against ETH collateral that is then locked up in a smart contract. They differ from traditional loans in that they are overcollateralized and limited-trust. Outside of a “black swan” event, no-one can move your ETH from the CDP without your permission (you just need to keep your CDP above the liquidation ratio).

This latest MakerDAO upgrade brings ease of use to confirming these contract actions, in a way that no other hardware wallet gives you: clear text without having to manually parse contract data. With KeepKey’s built-in exchange functionality, you can also trade MKR and DAI on ShapeShift to pay back your loan.

Comparing contract data manually on MakerDAO actions is now a thing of the past as the device clearly explains the details.

Try It Out:

  1. Update your firmware.
  2. Close the KeepKey Client.
  3. Visit myetherwallet.com.
  4. Choose Access My Wallet → Hardware Wallet → KeepKey.
  5. Search for MakerDAO under the Dapps menu.
  6. Choose what you would like to do.
    Each of the contract actions for depositing and withdrawing ETH collateral, as well as generating and paying back DAI are supported.

7. Sign the contract action on your KeepKey.

Update your firmware to v6.2.0, and try it out at MyEtherWallet.com.

We are continuing to evolve and develop KeepKey, with our new client launching soon. We’d love to hear your feedback. Leave a comment below and let us know what you’d like to see next.

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