Oasis Website Review
- Traders can use Oasis as a means of depositing their collateral assets within Vaults and creating Dai.
- Every piece of collateral on the Oasis network has its own Vault.
- Customers can even open and manage multiple vaults from the dashboard on offer.
- The Oasis.app website design follows a simple, minimalist design that showcases all important information at the forefront.
Oasis is essentially developed as being the go-to solution when it comes to producing, saving, or even exchanging Dai, which is the world's first decentralized stable coin which consists of three products, including Borrow, Save, and Trade.
What this essentially means is that operators are given the opportunity to create DAI through the process of locking collateral which is supported by the multi-collateral Dai Maker, which can automatically calculate the market price for using oracles and even provide a max Dai debt figure which is the maximum quantity of Dai which can be borrowed from a given loan.
Furthermore, customers are also given the opportunity to join the Maker Protocol and can deposit their collateral assets in storage rooms as a means of generating Dai through the website.
We are going to go over everything you need to know about Oasis, from its website to its functionality, as well as the pros and cons, so let's dive in.
The Oasis website is filled with bright and vibrant colors and an overall white theme with minimal color hues as a means of following a simplistic overall design language.
First, we will begin by going over the top navigation bar. On the far left side of the screen, you will find the Oasis logo. Right next to it, you can have a clear view of all of the subpages which you can expect to find, which include the Multiply page, the Borrow page, and the Assets page.
Once you hover over the Assets page specifically, you can view ETH, BTC, DAI, UNI LP, YFI, and UNI as token options.
Right next to it, on the right side of the screen, you can view the Connect Wallet button, right next to the language selector.
With the top navigation bar out of the way, as we move further down the page, we can see a clear message that Oasis aims to provide to all of its users, saying, "Deploy your Crypto into DeFi." In other words, it is clear from this very point in time that Oasis is a platform that lets users earn yield, multiply their exposure or borrow against their cryptocurrencies, and there are over 30 cryptocurrencies available.
Underneath this section of the page, you have another Collect a wallet button, followed by the top cryptos on the platform, such as ETH, BTC, UNI LP, YFI, and UNI.
Right under that menu, there are two split menus.
- First, we have Multiply on Oasis. This is a menu that provides you with the opportunity to multiply your exposure to your favorite cryptocurrency assets, where each user is given the opportunity to browse the featured products, such as ETH-B, WBTC-B, and others, where you get information such as the max-multiple, and the variable annual fee.
- Second, there is the Borrow on Oasis menu. Here, you can borrow Dai against many cryptocurrency assets and use Dai however you like. Here, you are presented with some of the options that have the lowest fees for borrowing, such as ETH-C and WBTC-C, and you have information such as the min collateral ratio as well as the variable annual fee.
Underneath that specific section of the page, you have two categories.
There is the Learn section, where you can dive a bit deeper into the Oasis application functionalities and glossary. This page is split across three other pages, including:
- Get Started
- Key Concepts
Then there is the Support section, where you are given numerous ways to contact the Oasis support team or simply learn more about the platform for yourself, including pages such as:
- Frequently Asked Questions (FAQs)
- Contact Us
Once you have gone through that specific section of the page, you can view the “Get started with Oasis.app” section.
Here, you are given numerous subpages that provide you with tutorials on how you can utilize the platform, including:
- Multiply your assets - here, you can open the Vault and, in a single transaction, open a market vault, generate DAI and spend them for more collateral.
- Borrow Dai - here; you can choose your preferred token as collateral and open a Maker vault to get DAI tokens.
- Manage your Vault - here; you can take actions on your Vault whenever you feel the need to do so.
Right before the end of the page, you are presented with a box where you can enter your email and subscribe to the newsletter as a means of staying up-to-date with the Oasis.app.
And at the very bottom of the page, or more specifically, the footer, you have multiple categories. These include the About section, which has teams, careers, privacy, and terms; the resources section, which has a blog, FAQ, the knowledge center, and oracles, and products, which features the Dai wallet, borrow and multiply.
With the main page explored, we will now be going over the history of Oasis as well as some of its functionalities so you can have a heightened perspective as well as a higher level of understanding as to how all of it works.
History of Oasis
The Oasis brand was initially created back in 2016. The first project from MakerDAO was deployed onto the mainnet and was a contract called Simple Market, which was over time branded as OasisDEX, which was a decentralized order-book-based exchange, as well as the first decentralized exchange (DEX) that ran on top of the Ethereum blockchain network. The main use-case it had at the time was to allow the exchange of MKR, which was the Maker governance token for WETH.
However, there came a point in time when the first Maker Protocol, called Single Collateral DAi and is now known as Sai, launched in December of 2017. At this point, the OasisDEX was the first one to support the exchange of Sai for both WETH as well as MKR, and in 2018, a new simple to use interface was released known as Oasis Direct.
Later on, in October of 2019, the first part of the Oasis.app was launched with Oasis Trade. This was a front-end interface developed for the OasisDEX protocol, which supported a range of new tokens which are expected to be supported by the upcoming launch of Multi Collateral Dai (MCD), which is the Maker Protocol active today.
The next development occurred in November of 2019 when we saw the full release of the Oasis.app, which was made up of three main products, which supported all the Vault functionalities under Oasis Borrow, access to the Dai Savings Rate on Oasis Save, as well as the trading functionality of the OasisDEX protocol on Oasis Trade.
Then in June of 2021, the development and running of the Oasis.app was moved out of the Maker Foundation and turned into its own entity.
There are numerous features that Oasis brings to the table that might pique the interest of new as well as experienced cryptocurrency users, and we are going to go over some of the main functionalities that it has.
Throughout Oasis Borrow, clients can essentially build Dai through a procedure where they are locking up collateral which is supported by Multi-Collateral Dai.
In order for a user to be able to open a borrow position, they need to look for the plus arrow that is located on the left side of the page, which will bring them to the collateral overview selection screen, where they can select the type of collateral their Vault will be collateralized with.
They can then select how much of the collateral type chosen they wish to lock within a position, and here, Maker will automatically calculate the market price through the usage of an oracle, which provides a max Dai Debt figure which is an indication of the maximum amount of Dai which can be borrowed from the loan in question.
Users can also clearly see all specific information regarding the overall position, such as the Collateralization Ratio, which has to be over 150%, the Liquidation price as well as the current asset price. Each user can also see a stability fee, which is the annualized debt that incurs on an outstanding loan position.
Before approving the creation of a Vault, Maker allows trades to review each metric one more time as a means of ensuring that all of the details have been properly vetted prior to opening a new position.
What each user needs to keep in mind here and pay closer attention to is the Liquidation Penalty, which is a loss that occurs if the collateral that is being used manages to fall below the 150% over-collateralization value. It is due to this reason that it is crucial for users to ensure that the vaults are opened with a minimum of 200% collateral to account for any sudden spike in volatility that could end up liquidating the position.
After a user selects the option to Open a vault, a transaction will occur in the connected wallet, which allows smart contracts to withdraw the amount of collateral that is posted and return Dai. There are also active borrow positions that can be managed through the usage of the dashboard, and all of the borrowed dai, alongside the stability fee, have to be paid back to close the position.
Any Dai which is created through the usage of Oasis Borrow can be traded as well as transferred at any point in time by the borrower, with the locked collateral getting released once the debt is repaid and the Vault is closed.
Oasis Multiply is another functionality that is available on Oasis.app. It was developed on top of the Maker Protocol and allows users to borrow Dai and create Мultiply positions that are similar to leveraged or margin positions without the need to borrow funds from a centralized counterparty.
What this means is that instead of traditional options, such as counterparties, users access Dai through the utilization of Vaults on the Maker Protocol. Here, a user deposits collateral into a Vault to self-generate Dai as a funding source as a means of purchasing more collateral, which multiplies their exposure to the asset.
Pros and Cons of Oasis
- The trading costs associated with using Oasis.app are low, as there are no platform fees charged by Oasis. The only cost here is the gas costs associated with transacting.
- Oasis Borrow and Oasis Multiply are excellent features that are not seen on many competing DEXs out there.
- All of the transactions and order book data can be checked by block explorers, which provides a high level of transparency.
- Users can accrue interest on the DAI balances directly on the exchange, and they can even get DAI loans directly through the usage of the systems in place.
- When the Ethereum blockchain network is clogged due to high traffic, this could lead to increased Oasis Trade charges.
- Oasis has considerably lower trading pairs available when compared to its competitors.
- Oasis also has lower liquidity when compared to other options out there.
The Bottom Line
The Oasis website follows a minimalist, simple user interface that will allow just about anyone, from beginners to advanced users, to utilize as many of the features on offer as possible with ease.
Oasis features numerous functionalities and features which makes it an appealing option for many cryptocurrency traders that are looking for a system through which they can borrow and has unique mechanisms in place to make it stand out from competing options. However, high Ethereum traffic could lead to heightened cost, and the trading pairs are a tad on the low side when compared to competing projects, but in any case, Oasis is a solid offering.
Frequently Asked Questions (FAQs)
What Assets Can Be Used as Collateral on Oasis?
Users can utilize many different collateral types, which are voted by the Maker Governance to the Maker Protocol, some of which include EHT and Wrapped BTC.
How Much Does Using Oasis Cost?
Opening and managing a vault on Oasis is free, except for the gas costs as well as the stability fees. The stability fee is charged on the amount of Dai which has been generated and goes directly to the Maker Protocol.
How Does a User Open a Vault on Oasis?
In order for a user to open a vault, they need to select the relevant collateral and subtype from the homepage and connect their preferred cryptocurrency wallet.