Today, the Oasis.Direct platform will introduce several new features and improvements, including proxy visibility, native Ledger Live support, interface additions, and more. In the blog below, we’ll dive into the various features, and as always, please leave feedback in our subreddit, twitter, Rocketchat to let us know what you think.
Giving your Proxy more visibility!
A new user is creating a Proxy by using Oasis.direct for the first time. This Proxy is a smart contract which works cross-platform. That means that a user only needs to set it up once and then are able to reuse it on other decentralised applications like the CDP Dashboard or the Voting Portal.
With the new version of Oasis.Direct, a user can now manually create a Proxy and enable tokens for trading. This will provide the user a more transparent overview of how Oasis.Direct actually works. It will also improve the security, as users now have the option to disable specific tokens for trading.
Creating a Proxy manually is not mandatory because it will be automatically created for you when proceeding with your first order on Oasis.Direct.
If a user enables a specific token on his Proxy, it will have the allowance to group several Ethereum transactions together (for example wrapping/unwrapping Ether).
Support for Legacy Ledger and Ledger Live
With the introduction of the new Ledger Live application users need to access their ethereum wallets with a new derivation path, which we call “Live Addresses”. Oasis.Direct provides access for both derivation paths, the old “Legacy Addresses” and the new “Live Addresses”. If users still use “Legacy Addresses” they can easily switch with the Button “View Legacy Addresses”.
Small Additions to the Trading Interface
The Cog Wheel Icon in the upper left corner gives the user quick access to the Advanced Settings and on the right we have added a network indicator.
In the new interface you can manually set the transaction fee and slippage limit. As a reminder, a slippage limit is the maximum allowed difference between the estimated price of the order and the actual price. The two may differ if the order book changes before your trade executes.
Additionally, the interface will update the current price if the user is inactive for some time.
Note, that for big orders, the price quoted is NOT the current best price on the OasisDEX order book, it is is rather an average price that you will get if your order was filled. This will be the same as the current best price only for orders matched with one order on the order book, but if bigger order fills more than one order, the price may differ, sometimes significantly. This difference is shown as the Price Impact.
The old interface set the Slippage Limit automatically, in the new interface you can manually set it higher or lower. If you set it to 0% you are guaranteed that you will get the price that is quoted to you (however the chance that your transaction will get rejected increases).
Additional Price Impact Warning
The goal of Oasis.Direct is to provide the best user experience possible and with that comes a new safety feature which will protect a user from proceeding with orders who could cause a significant price impact. The price impact is measured by how much the quoted average price differs from the best price on the orderbook.
It is important to remember that even with the Slippage Limit set to 0% there may be a significant price impact, especially for big orders. To recap,a price slippage occurs when the orderbook moves between the offered price on Oasis.Direct and the actual price after the transaction got confirmed on the blockchain.