An introduction to Oasis — a platform for decentralized finance (DeFi) that enables users to trade tokens, borrow Dai, and earn savings — all in one place.
On November 18th, 2019, the MakerDAO system was upgraded to Multi-Collateral DAI (MCD). Traditional Dai is now called Sai, and the Multi-Collateral DAI is known as DAI. The term Collateralized Debt Position (CDP) is also being replaced with the term “Vault” under the MCD system. In order to access MCD and Maker Vaults, users are requested to navigate to Oasis where they can Trade, Borrow, and Save Multi-Collateral Dai.
What is Oasis?
Oasis is a decentralized finance (DeFi) application that runs on the Ethereum blockchain. It consists of three services: Oasis Trade, Oasis Borrow, and Oasis Save. Each of which allows token transactions, Dai borrowing (issuance), and Dai deposits respectively. Oasis is built on top of audited and formally verified smart contracts created by MakerDao, the industry leader in secure decentralized finance.
Anyone can use Oasis to trade tokens, borrow against them, and earn savings using Dai. The platform is decentralized, non-custodial, and accessible. You do not need an account to use Oasis. However, you will need an Ethereum wallet such as HB Wallet.
Oasis is free to use. You will only have to pay Gas and other fees associated with the Maker Protocol, such as Stability Fees.
Oasis Trade
Also known as the “new Oasis”, Oasis Trade represents the first step toward creating an all-in-one decentralized finance (DeFi) hub whereby users can trade crypto assets, earn savings by locking up Dai in the Dai Savings Rate (DSR), and access Multi-Collateral Dai CDPs.
Oasis Trade is an upgraded version of eth2dai.com, built on the OasisDEX Protocol. The platform supports the trading of —and provides liquidity for— ETH and other collateral types under ERC20 tokens, such as BAT, REP, WETH, ZRX, and USDC currently.
While the OasisDEX Protocol supports trades of any ERC20 token, Oasis Trade offers tokens that help increase the adoption of Dai and the Maker Protocol, and grow the DeFi ecosystem.
Oasis Borrow
Oasis Borrow is the interface through which users may access the Maker Protocol and secure their collateral assets (ETH and BAT currently, as approved through a Maker Governance Executive Vote) in Vaults to generate Dai.
Users are able to open multiple Vaults from the Borrow dashboard since each collateral asset deposited will have its own Vault.
It’s essential for Single-Collateral Dai (Sai) holders to note that the CDP Portal will not grant you Multi-Collateral Dai. MCD is only generated through Vaults.
Oasis Save
Oasis Save is the portal that enables the Dai Savings Rate mechanism in MCD, allowing users to earn savings on locked Dai. Oasis Save does not enable the lending of Dai. Instead, it provides user access to the Maker Protocol, where one may lock their Dai in a smart contract, “turn on” DSR mode, and accumulate more Dai at the Dai Savings Rate. Since locked Dai is under the user’s total and independent control, to stop receiving the DSR, users just withdraw their Dai.
Improvements to Oasis Tomorrow
Cryptocurrencies, especially stablecoins like Dai, allow people to achieve financial independence, regardless of their circumstances, geographical restrictions, and without any interference from a bank.
There’s a lot of talk in the crypto space about how DeFi is disrupting the financial industry. But that assertion doesn’t tell the whole truth. DeFi is actually augmenting the present financial system, and it’s doing so in two big ways. First, it’s taking what currently exists and making it better and more accessible. Second, it’s drawing brand new technology into the economy. In other words, DeFi supports existing finance because it creates new economic opportunities for individual and business users. DeFi allows us all to talk about transparent finance and improved security as ways to help what ails the current system, not to destroy it.
- MakerDAO, 16th November 2019.
In the future, additional steps toward creating an ultimate all-in-one DeFi hub will be taken. It's a possibility that Oasis will include features developed outside of Maker but that use Dai, for example. This will allow deeper integrations with other DeFi projects.
[Download HB Wallet to access Oasis]