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Waymont Smart Actions are onchain actions that can be executed based on user-defined triggers.
With Smart Actions, users automate monitoring risk triggers (ie. bad debt, depegs, pricing, etc.) and specify and pre-sign transactions (ie. withdraw, sell asset, etc.) that will mitigate their exposure to such risks. This is achieved with no additional smart contract risk.
Smart Actions significantly shifts risk/reward in favor of Waymont users and gives them a onchain edge. Some use cases:
- Manage leverage based on health factors and interest rates.
- Withdrawing assets if a protocol hack is detected.
- Efficiently aggregating yields without smart contract risks.
- Automating monthly payments, e.g., sending 1000 USDC for rent.
An example: A user enables the "Aave Hack Detection" Smart Action from their dashboard. At the time of deposit into Aave, they are prompted to sign 2 transactions:
- Transaction 1: To deposit into Aave and,
- Transaction 2: To withdraw from Aave if a hack is preemptively detected by Waymont's security partners
Transaction 1 is dispatched to the blockchain and executed. Transaction 2 is held by Waymont, but not yet executed. For this Smart Action, the trigger is "if a hack is preemptively detected by Waymont's security partners." The action is "withdraw from Aave."
Since the signatures and transactions are onchain, the user knows that in the worst case scenario Waymont will only be able to withdrawal their funds back to their user-controlled address. However, now, the user can get out of the protocol before it is compromised.
You can almost think of Smart Actions as similar to IFTTT, but with extreme composability and customizability.
Waymont users have automatic access to Smart Action from their Waymont Dashboard. Users are able to request new Smart Action from Concierge, which can quickly offer support based on your needs.