Oasis.app Introduces Its New Feature: Multiply
Today, we are pleased to announce the launch of the Oasis Multiply functionality. What does this mean? Now, on Oasis.app you are able to immediately utilize your generated DAI to buy more collateral without having to leave Oasis.app. Also, you can now increase or decrease your exposure to your favourite cryptocurrencies by opening a Maker Vault, borrowing DAI, and using that DAI to buy more collateral - all in a single 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.
Oasis Multiply Functionalities
Oasis Multiply, which is built on top of the Maker Protocol, 1inch DEX aggregator and Aave, allows users to borrow Dai and create Multiply Positions, which are similar to leveraged or margin positions but without the need to borrow funds from a centralised counterparty.
Overall, the approach in Oasis differs from existing models because instead of traditional options, such as counterparties lending users traditional fiat money for assets (like stocks), users access Dai by utilizing Vaults on the Maker Protocol. A user deposits collateral in a Vault to self-generate Dai as a funding source to purchase more collateral, multiplying their exposure to the asset.
With Oasis Multiply, you can now use your ETH, wBTC or other Maker supported collateral types to create a Multiply position (up to 4x*) and take advantage of upward trends of the supplied collateral.
This first release of Multiply includes 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.
How does it work under the hood?
The team has decided to integrate the 1inch DEX aggregator to provide the best rates and deepest liquidity on the DeFi market for our users. In our previous version, Oasis Trade liquidity was provided by OasisDEX, but with rising gas costs and newer, more efficient AMMs, it was not convenient anymore to get liquidity from just a single source. This time we decided to integrate a more efficient solution.
“The integration with Oasis.app is another step towards a more efficient and secure DeFi space and wider adoption of innovative decentralized financial solutions,” adds Sergej Kunz, 1inch Network co-founder.
*x4 with ETH-B. We add a fee of 20 basis points (0,20%) to all the swaps that are required to perform the multiply transactions.
Security & upcoming steps
Oasis.app aims to be the most trusted app in DeFi. Therefore we applied the highest level of scrutiny when developing this new feature. The audit team at ChainSecurity have completed an audit on our Multiply contracts, which can be viewed here: Chainsecurity Audit, as well as a review by the Protocol Engineering team at MakerDAO.
As mentioned in previous posts, our main focus is and will always be providing the users with the best experience based on their feedback. This release is just the start of our continuous improvements on Oasis.app.
With regards to Multiply, we will shortly after launch be releasing profit and loss calculations for your multiply positions, allowing you to keep track of your performance while you adjust your multiple, deposit or withdraw funds.
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15 September 2021