Oasis.app Multiply Is Now Available for G-UNI LP Tokens
After the launch of the first G-UNI LP token as collateral for the Maker protocol in September, today the Oasis.app team brings it one step further, announcing the availability of Oasis.app Multiply functionality for G-UNI LP Dai tokens. Start earning up to 200% APY on your DAI right now, by opening a position here.
Note: this is an early release to provide you with the possibility to start enjoying the Multiply feature with G-UNIV3DAIUSDC. The functionality will be expanded shortly, but we decided to put this out as soon as possible, since as usual, we hear your needs! Read further to see what is included in today’s release.
G-UNI is the automated liquidity provision ERC-20 token for Uniswap V3, powered by Gelato. The first G-UNI token, G-UNIV3DAIUSDC was integrated as collateral in the Maker protocol on September 22nd.
This integration was already big news, since it has allowed G-UNI token holders to use wrapped Uniswap V3 positions in a decentralized protocol like Maker, for borrowing - and minting - DAI.
Oasis.app, as the front end to access the Maker Protocol, has offered a trusted entry point and a smooth UX to borrow DAI to G-UNI holders. From today, other than just borrowing, Oasis.app users can multiply their G-UNI debt positions up to 50x. And without risk of liquidation (subject to Governance of MakerDAO).
What does this mean?
You can now start earning on your DAI with a 50x G-UNIV3DAIUSDC position. For this use case Oasis.app offers a specific UX, where users can come in with DAI, and don’t have to get GUNI yourself first.
Concretely, if the current APY for the Uniswap V3 DAI/USDC is 1%, then you will be able to get 50% APY on your deposit in a multiplied G-UNIV3DAIUSDC Vault*.
To open a vault, click here, or choose the ‘Multiply’ option after clicking on G-UNIV3DAIUSDC. Then enter the amount of DAI you want to deposit, and the UI will show you the position you will create.
“I am really happy with this integration, as it is the first feature which makes it really easy to enter a position with DAI on Oasis.app, and get yield on it. There are so many ways you can use this within your crypto strategies. I’m looking forward to how our users will make use of it.” - Frank Brinkkemper, Oasis.app Project Manager
*Please note that the stability fee is paid over your debt, meaning that with the current 0.5%, you will pay 25% over your deposit in a year.
Why is this exciting?
This integration is a huge step forward for users who want to get the most out of your Dai tokens.
Being able to multiply your positions potentially allows you to earn a lot by combining interest earned in the pool and multiplying your exposure on automated liquidity provision (G-UNI) up to 50 times.
“This is an exciting integration and great validation for G-UNI as the go-to composable money lego for Uniswap V3 LP Positions. Leveraged Stablecoin LPing on Oasis.app in just a few clicks is a stellar example of how G-UNI opens the door for cutting-edge DeFi integrations that add a lot of value for users.” - Ari Rodriguez, Legendary Member of Gelato
In the below tutorial we show you how to get the most out of your G-UNI with Oasis.app Multiply.
What to expect next
Today we are releasing the possibility to open a Multiply G-UNIV3DAIUSDC position, to allow you to make use of the increased debt ceiling. For now, if you want to close your position, you will need to do so by unwrapping your G-UNIV3DAIUSDC tokens yourself. In the next few days, we will release the functionality for closing to DAI. After that we have planned some more exciting features related to G-UNI LP tokens, which you can follow on our discord, blog and twitter.
About Gelato Network
The Gelato Network is the automation layer of DeFi and beyond. Gelato is building the underlying infrastructure ensuring reliable automation on top of Web3 and with it a key part of the Web3 middleware stack, enabling trustless, automated flows of value between smart contracts. Serving a multitude of use cases, Gelato has powered limit orders, debt refinancing, and LP management across multiple chains and has partnered with the leading DeFi and blockchain projects like Instadapp, Aave, MakerDAO, QuickSwap, and more.
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November 17, 2021