May Recap by

Hello Oasis Fellows!

Even with bear market, we are keeping building and smiling! This month we were focused on development: we introduced the new stETH, voted by the Maker Governance two weeks ago; we have made improvements in the Oasis Multiply UX and we released the Stop Loss protection, which due to the unfortunate market conditions, had to be suddenly disabled for your security - but will be re-introduced soon!

Monthly Numbers

As we know, this month the market has experienced a contraction. Despite this, users have been pretty active and we saw +170% in volumes vs April. 

The increase in yield in our GUNI products, as can be seen here, did not go unnoticed this month.

There was an influx of new users, which have brought the yield down more recently. If you are in a GUNI position, you can continue to monitor your P&L on your position, and watch the change in annualized yield on the Dune dashboard.

Technical & Development Updates

  • This month the Maker community onboarded the cheapest option to borrow against  stETH, after a poll initiated by members. This stETH borrowing product has a current variable annual fee of just 0.75% and a minimum collateralization ratio of 185%. Start borrowing against your stETH now on
  • You can now adjust Oasis Multiply positions in even more ways! Last month we introduced the option to adjust the multiple while depositing extra collateral in the same transaction. This month we have also enabled:
    • Adjusting your multiple while depositing Dai
    • Adjusting your multiple while withdrawing Dai
    • Adjusting your multiple while withdrawing Collateral
  • The Stop Loss Protection was released on 9th May. However, due to extreme market conditions this was subsequently disabled. The team has been working on an improved UX and increased robustness. The improved Stop Loss Protection is scheduled for re-activation in the very near future (weeks).  

New Integrations & Partnerships

We were also invited to participate in their Community Call on May 31st, where Sam spoke about use cases and how it works under the hood.

Events team also participated in some events this month, sponsoring the first Italian Ethereum Hackfest, SpaghettETH in Milano, where Damian gave a workshop.

Later in the month, Maria spoke at the Blockchain Week Rome about DeFi, MakerDAO and

Finally, Sam, our new PM, and Damian, Full Stack Dev, presented at the Infura Community Call, on May 31st. You can enjoy the replay here.

New Team Members

We are also very happy to welcome a new member to the Oasis Team! 

Joe - CFO

Joe is a qualified Chartered Accountant and has spent 10 years working with growth stage technology companies in industries including fintech, enterprise SaaS and crypto. Previously based in London, he has supported multiple startups with scaling and has experience with the wide variety of challenges that come with an exciting growth phase. 
"It's great to be working with such a strong team and in such an exciting space, I'm very excited to see where we can take the Oasis product and the business over the next few years"

Sam - Product Manager

Sam has had an interest in blockchains and Crypto for the last 5 years and began working in the space 3 years ago. Initially working on Layer2 projects before moving to Defi. He also has a background in Fintech, Traditional Finance, Legal and Multimedia sectors. 
“I am very happy to join The team is full of intelligent, talented and ambitious people, working hard to build on their already excellent products and their stellar reputation within DeFi.”

Jacob - Software Engineer 

Jacob is a developer with 6 years of commercial experience. He works with a variety of technologies. He is interested in crypto since 2020 and loves the idea of decentralization.  
"I am happy to join the team. I found smart and open-minded people to work with.  The company is very mature and focused on delivering remarkable products"

Help Us Improve: A Quick Survey

As you know we value users’ feedback a lot and we use a feedback based approach to build our app. Thus, we ask for your help and 1 minute of your time: please fill out this super short survey - you can receive our swag!

News From The World

Before we say goodbye, as always we want to share some snapshots of what is happening around us.

  • Uniswap (UNI) released a research study in early May showcasing the ‘Dominance of Uniswap v3 Liquidity’. According to the paper, co-authored by Gordan Liao (Lead researcher at Uniswap and former economist), UNI has deeper liquidity in “several important exchange pairs” than some big centralised exchanges. For ETH against USD Uniswap has 2x more liquidity than both Binance and Coinbase, and for ETH against BTC Uniswap’s liquidity was 4.5x deeper than Coinbase. “The fact that this liquidity exceeds even major centralized players illustrates how swiftly crypto and global markets are adapting to innovations in decentralisation” Dan Robinson proclaimed in an interview. 
  • The first ever Enterprise Grade Liquid Staking Protocol is going to be launched by developers at Alluvial with early support from Coinbase Cloud and Figment. The non-custodial protocol will be requiring all contributors to enable embedded KYC/AML checks to allow enterprises a smooth integration of new technology within pre-existing compliance standards. Coinbase and Figment are both intending to provide staking services and over time the intention is for other leading operators to join, who will contribute to additional security validators on the protocol and build a multi-region/multi-cloud infrastructure. As more and more institutions are looking into the crypto space, the drive behind this project is aiming to close the industry gap and meet broader business needs. 
  • Five of South Korea’s biggest crypto exchanges have joint forces to avoid a repeat in the “Terra (Luna) incident”. The stablecoin of the Terra Ecosystem Terra USD lost its peg to the USD as Luna fell to a low, having lost 99.9% of its value by the 23rd of May. The five exchanges are the only ones in the country that have fiat Korean Won (KRW) licences. The now combined company “council” has agreed to form a consultative body that will be given the power to regulate and the power to “jointly respond to contingencies like the Luna crash in the future”. 

June 2, 2022

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