Decentralized Exchange

OasisDEX Distributed Exchange

Author: Sohrab Khawas

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    The OasisDEX is on the Ethereum blockchain and allows anyone to exchange or transact large and small transactions. This is either through the online platform, Ethereum wallet, or the oasis application.

    It deploys the MakerOTC contract on the Ethereum blockchain as well as on both test networks “ropsten” and “kovan.” You then allow MakerOTC to access your funds and cannot send funds to the contract address directly.

    Further, you are able to connect with MetaMask or Mist.


    Creating and taking orders

    Thus users create new orders on this contract. The contract, however, has a limited life after which users can not create any new orders and the system cannot accept existing orders. This serves as a security precaution to allow system upgrades and to prevent locking of stale assets into legacy market contracts.

    Once the user creates an order, others can check the order books for suitable orders or trades they can accept which others create. The details of the order are visible through a confirmation modal sent to the user. The system does not use a matching engine so you can find and accept the best deal possible.

    Sell orders list all the sell orders traders want to sell the amount and currency as lists under ASK. Buy orders open the buy orders that other traders want to buy the amount and currency as lists under BID.

    Users can access their buy and sell orders through my orders button for the target account. The user is also able to cancel those orders.

    Account management

    The system allows users to manage and switch between accounts it detects in their Ethereum clients. You can check balances and the update for balance is instant. You can then initiate transactions from the currently open account. Then, you are able to trade tokens that are EIP-20 token standard compliant, and that list on the Maker registry. These include ETH, MKR, DGD, REP, ICN, 1ST, SNGLS, VSL, PLU, MLN and DAI tokens.

    It offers a number of advantages including a completely decentral token market that is more secure and has the ability for more liquidity in the future. The platform is also said to be lesser volatile than peer exchanges. However, users exchange amounts so far are lesser in value (currently at $203431)  than other exchanges. It also offers easy and seamless trading.

    OasisDEX also offers a strong community of users. The Maker MKR is a Decentralized Autonomous Organization (DAO) which develops the Dai Stablecoin System on the Ethereum blockchain. You can still trade MKR and Dai on the OAsisDex. In fact, OasisDex is regarded as the exchange where users can get high liquidity trading for MKR, ETH and DAI pairs.

    In terms of running, OasisDEX requires an Ethereum client to be running. Users can also use other clients such as Metamask and Mist to connect to Ethereum.

    The exchange is more suitable for smaller scale trades although one can still do big amounts at once.

    Official Website of Oasis DEX

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