On January 31, the OasisDEX.com and Oasis.Direct front ends were shut down, and we as the Maker Foundation announced plans to create a new Oasis—a decentralized exchange to support and trade the tokens used in Multi-Collateral Dai (MCD). At the same time, a new frontend, eth2dai.com, was launched, using the existing OasisDEX protocol. Our vision then was to provide an all-in-one DeFi hub whereby users can not only trade and borrow crypto assets, but also access CDPs, the Dai Savings Rate (DSR), and on- and off-ramps. Today, we still have a lot of work to do to realize that goal, but we now have the necessary knowledge to move forward in our journey in phases.
The ever-evolving landscape of global regulations combined with the complex technical realities of a hub of this type means the Maker Foundation must continue to be prudent as we move forward. Phase one, coming within the next two weeks, will be the release Oasis Trade, an updated version of eth2dai.com that will support the trading of ETH and other tokens considered by the community to be used as collateral for the upcoming launch of MCD. Eventually, Oasis Trade, which is built on the underlying OasisDEX protocol, will support a multitude of collateral assets backing the Dai token.
The name change to Oasis Trade has been made to clearly distinguish the Maker Foundation-operated frontend from the open-source OasisDEX protocol. A core element of the protocol is that it is truly decentralized and permissionless. It includes a non-custodial setup and a fully on-chain order book, has no central operator, and runs using open-source software. As such, it is a true protocol, confirmed by the fact that it is used by multiple actors who create and utilize a substantial liquidity pool.
The graphic above illustrates the evolution of Oasis Trade, beginning with OasisDEX and later eth2dai.com, and how anyone can build frontends, keeper bots, and DeFi smart contracts that utilize the protocol and, thereby, contribute to the liquidity in the DeFi ecosystem.
if you have questions about MCD or questions for the Oasis team as you await the launch of Oasis Trade, please post them to the MakerDAO Forum.