Oasis.app, founded in 2019, enables users to interact with the Maker Protocol.
The decentralized finance (DeFi) platform allows its users to borrow Dai and get the most out of their crypto assets.
What is the Maker Protocol?
The Maker Protocol is one of the largest decentralized applications (dApps) on the Ethereum blockchain.
It is also the first DeFi application to be built on Ethereum. It is a decentralized credit platform that offers users access to the stable coin DAI.
Within the Maker Protocol, users can mint stable coins that are backed by collateral.
Stable coins are low-risk cryptocurrencies, as they hold the same monetary value as the fiat currency it is based on. For example, Dai is soft pegged to the fiat U.S. dollar with a 1:1 value.
Usually, a stable coin depends on a central system that holds physical fiat currency to support its value.
The Maker Protocol is unique in that it offers the first decentralized U.S dollar-backed coin called DAI: DAI is backed by digital assets versus physical fiat currency. To obtain DAI, one needs to lock up another token, e.g. ETH or wBTC on a Maker smart contract.
Now more than 25 collaterals are supported by the protocol. The wallet used to send the collateral token will then receive DAI.
Maker Vaults
The Maker Protocol offers Maker Vaults that are decentralized, non-custodial, and permissionless debt positions. Users are able to generate DAI by locking assets as collateral in the vault using Oasis Borrow. A vault lets users increase their exposure to various types of collateral.
For more information on the benefits of a Maker Vault, visit the Oasis.app Knowledge Base.
Oasis.app functionalities
Oasis.app gives users the chance to buy, send, and manage their DAI in one place.
Oasis.app is compatible with MetaMask, Trezor, Ledger Nano, Wallet Connect, Coinbase Wallet, and more.
There are two products that Oasis.app offers: Borrow and Dai Wallet. The Borrow function is the primary product of the platform. Dai Wallet gives users access to the Dai Savings Rate as well as the opportunity to purchase DAi with either a debit or credit card.
Oasis Borrow
Users can create DAI by locking their favorite collateral with Oasis Borrow. This functionality supports ETH, wBTC, and more than 25 other tokens.
Oasis Borrow allows users to open a Maker Vault, deposit crypto collateral assets and generate DAI.
The Borrow function was redesigned earlier in 2021 with a new UI, improved gas efficiency, and other changes.
The changes followed a major update and were based on feedback from community members.
Some of the new functions include:
- Liquidation price and collateralization ratio preview
- Merged transactions for improved gas efficiency
Dai wallet
The Oasis Dai Wallet is a one-stop shop for anyone looking to explore the stablecoin. Within the wallet, users have a hassle-free experience of managing, buying, and sending DAI.
The Oasis DAI Wallet is currently free to set up and use. Users will however be subjected to pay transaction fees, among other costs like gas fees.
From Dai an option to open a vault with Oasis.app. Here users can borrow DAI and multiply the exposure on their collateral.
Connect your wallet to Oasis.app and begin your journey with DAI here.
Oasis.app launches the Multiply feature
In September 2021, Oasis.app launched multiply functionality. With this, users can utilize their DAI to buy more collateral within the Oasis.app.
They are also able to increase or decrease their exposure to various cryptocurrencies by opening a Maker Vault. Users can also borrow DAI and use the stable coin to buy more collateral within one transaction.
“You can deposit your collateral now, and get up to 4x on your ETH, for example, in leverage-like trading all while maintaining the security of the Maker protocol,” says Oasis.
Oasis Multiply was built on the Maker Protocol and 1inch DEX aggregator. Users can borrow DAI and create Multiply Positions.
Oasis explains that Multiply Position is similar to leveraged or margin positions but without having to borrow money from a centralized counterpart.
Two months from its launch, there are 678 Multiply Vaults with $240 million of collateral locked on Oasis.app.
According to Oasis.app, Multiply has the following features:
- Opening a multiply position without the need of a pre-existing Vault
- Converting a regular position (existing Borrow Vault) to a multiply position
- Increasing your risk without adding new collateral
- Decreasing your risk without adding new collateral or sourcing Dai on the market for when prices are dropping
- One-click vault closing without the need for any Dai or Collateral, allowing you to quickly get out of a position before you get liquidated.
The future of Oasis.app
The Oasis.app team is focused on building features based on user feedback.
Plans include profit and loss calculations, integrating new partners to pivot the UI, introducing automated investing strategies, and much more.
“The aim is to become a one-point entry to deploy your capital into DeFi, being the Oasis for your assets,” Oasis.app said.
Oasis.app is the home of DAI
Oasis.app is undeniably the first and most prominent point of entry for all things DAI. Users can access a myriad of features within one space, such as borrowing and multiplying.
To stay updated with the protocol visit: Website | Discord | Twitter |
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