Oasis is a platform that one can use to get the best of Maker.
Only web 3 wallets can be used to join Oasis. Hence, it is important to have Ledger Nano, Coinbase Wallet, MetaMask, and the rest of them.
When you want to connect, you will be asked to select a preferred wallet. You are good to go once you have done that.
It’s time to see what it feels like to be on this decentralized exchange platform.
This product is what makes it possible to produce DAI once you have your collaterals in place. For now, you can borrow with ETH and BAT but others such as ZRX and its likes will be added shortly.
If you would like to borrow, start by going to the page and move to the left. Locate a plus arrow which will lead you to a place where you should decide on the type of collateral to use.
After choosing the collateral you want, you would have to enter the amount too. Once you do that, the highest amount of Dai you can borrow will be displayed.
To know more about the borrowing you are about to do, move to the right of the page for extra details such as the collateralization ratio, which has to be more than 150%. Still around the same section of the page, you will be told the price when the assets will be liquidated as well as the prevailing market price. More so, the stability fee will be displayed. You will be told the price to pay for annual debt service if your loan remains unpaid.
Before giving a final approval to get a Vault, you will be asked by Maker to go through your decisions once again so that you will be sure that there is no mistake.
One of the things you would have to recheck is the amount you placed for over-collateralization. This is important to avoid liquidation penalty which you are bound to incur if the overcollateralization ratio falls below 150% at any time. Liquidation penalty is taken from your collateral but you can avoid this situation by placing the over-collateralization ratio at about 250%.
By the time your Vault is successfully created, you will notice that your wallet will lose some amount equivalent to the collateral you proposed to give while you will be given DAI.
All users who have borrowed can monitor their accounts from the dashboard. You can seize to be recognized as a borrower by paying off all the DAI that was given to you and the stability fee.
Your collateral will remain with Oasis until you have paid all the borrowed DAI. Meanwhile, you are free to trade with it or even transfer it until you think it is time to stop using the Vault.
After getting some DAI, you may be interested in knowing how it can be of benefit to you on Maker. This leads us to the discussion on Oasis Save.
If you own some DAI, you may want to save it with some Maker smart contracts for a long time and get some profits in return. This is the benefit granted by Oasis Save product.
To benefit from this, enter how much DAI you can lock for a long period and click on the “Deposit” button. You will see it reflect in your wallet if successful.
While the transaction is still in progress, you will be notified about it at the top of the page when you look to the right.
As soon as it is accepted, you will notice a change in your balance and that marks the beginning of your DAI profits.
You are free to take out some DAI whenever you wish by using the “Withdraw” button.
Are there some DAI you have no need for?
With Oasis Trade, you can use it to get Wrapped Ether (wETH) 0x (ZRX), USDC, Augur Reputation (REP) or Basic Attention Tokens (BAT).
When trying to exchange your asset with Oasis Trade, you have a choice to determine how much you would want to let go from your wallet.
In addition, Oasis Trade helps you convert your collateral to another when you want to borrow and it is also there to change your collateral to DAI when you have decided to close your borrowed position(s).
Oasis Trade will soon shock many as one of the decentralized exchanges with the highest daily trades. This will not take long once Maker adds other collaterals that can be used to obtain a loan.
Oasis is where everything is possible with DAI. With a website that is suitable for everyone regardless of experience, one is sure of benefiting from all that Oasis has to offer. This clearly explains why Oasis and Maker have been doing so well recently.
In no distant time, the features of Oasis Trade may also be adopted by other exchanges because the Dai Savings Rate feature is meant for everyone. To take advantage of one or all of the provisions made available, simply visit the follow links: Oasis Trade, Oasis Save, Oasis Borrow