Oasis Multiply Users Will Now Save Up to 30% in Fees Thanks To FMM Integration
One month ago the Multiply feature was added to enable users to deposit their collateral and get up to 4x on your favorite assets in leverage-like trading. We’ve had an amazing response to this feature, simplifying our users' usage of the Maker protocol.
Today we are releasing our first update of Multiply to use the Maker Protocol Dai Flash Mint Module, which will save users up to 30% in fees when using Multiply on Oasis.app.
To provide this feature, Oasis.app is relying on our integrated smart contract, using 1inch for the best swapping rates, and flash loans to perform the multiply actions.
To make sure that the collateral can be bought that is needed for the transaction, we also need to use flash loans to DAI. When we launched Multiply, we initially integrated Aave flash loans. However this meant that you, the users, had to pay 0.09% of the flash loan to Aave.
Our new feature replaces the Aave flash loan with this Flash Mint Module by MakerDAO.
This Module, developed by the Protocol Engineering Core Unit, allows anyone to mint Dai up to 500M in any transaction with the one condition that it's paid back in the same transaction. As Maker has removed the fees completely for this module, our users will benefit from these free flash mints. Therefore you no longer pay 0.09% extra for the flash loan, but instead pay 0% for the flash mint in your Multiply transactions - saving users up to 30% of their total fees.
This means that Oasis Multiply will be offering the same functionalities as before, but cheaper.
From its launch, Oasis Multiply has seen over 420 individual transactions, with over $125M of Volume.
October 25, 2021