Oiler community update #1

In this new fortnightly series update, we will be sharing a high-level overview on what’s keeping the team at Oiler busy behind the scenes.

Over the past couple of months, we have been undergoing deep research and analysis on the Hashrate Forwards protocol parameters of our product. We hope to launch our Forwards AMM product as soon as possible, the target is currently around mid-September. To make it easier for our community, you can now follow our development progress on the Ropsten network, and on our official Discord and Telegram group (each main branch our development team commit will be automatically announced on our channels).

While the Hashrate Forwards research is taking shape, the Oiler development team has been busy developing and fine tuning a beautiful looking trading app.

Here’s an overview of what we have been working on over the past couple of months:

• We are working on calculating the proper collateralization levels for the pools. We have positions for calling long or calling short. When you go for a position it needs to be collateralized properly to lower the risk for the pool. We are working on finalizing the formula for this so it can later be hard-coded in Solidity
• Calculated the strike price based on the current lambda and current difficulty. This is currently being coded and tested
• Making UI improvements to chart loaders while switching screens
• Added more filters to make the app more interactive for users
• Improved the way for users to go long and short so that the app automatically provides the Etherscan link and added to the transaction list
• Currently looking at ways to improve the charts and statistics for the pool to show the health index level of positions
• Deployed a mock contract on Ropsten which allows us to query the UI at speed without having the hassle of owning any tokens
• We test released Oiler on Polygon, xDAI and RSK with the help of new contributors. We will check how this behaves over the coming weeks. This will allow us to push integrations to many chains at once in the future. This very same team deploying on sidechains has recently been tasked with L2 deployments exploration. Stay tuned as we share further progress on this in the future
• As mentioned above, we have setup the feed of commits and releases by developing release hooks to allow automatic updates on our Discord and Telegram community channel showing every development release version we commit and deploy on Rospten
• We are undergoing research on various Layer 2’s focusing on Optimistic and ZK rollups and how they can be integrated with Oiler. Further research is taking place on how Oiler can accommodate these Layer 2 solutions and what potential products can be built on top of Oiler using rollups. We are currently researching ZkSync, Arbritrum, Optimism, StarkNet and Hermez (now called Polygon Hermez). This early phase of research will help us to understand how OIL can potentially allow users to trade flow levels between Layer 2 and Layer 1 to essentially hedge on the success of a specific L2. We say ‘early research’ because currently, it does not yet define immediately the applicable products, but this will be useful for us because it will open up a foray of ideas on what we can build around these Layer 2’s. Stay tuned!
• Recently hired someone to discuss technical details of our products with the community
• We now have a team of 4 passionate Oiler’s to start initializing the set up of a nice community and governance structure. This will take some time but a work in progress is underway. Separately, as the governance and external contributor process and structure are being initialized, we envisage for the tokens to be used there

What comes after Hashrate Forwards?

The Validator cashflow product is likely to be the immediate follow up after our work is complete on Hashrate Forwards. We hope that such product allows to split the validator cashflows into 4 very distinct components: fixed yield, dynamic yield due to validators count change, MEV cashflow and tx fee cashflow. We hope to be able to test our Validator product after the launch of The-Merge testnet. The great news is that, we have a way to initialize our tests ahead of other projects on the provision that we do not have major delays on our Forwards AMMs product.

Want to test our upcoming Harshrate Forwards product? Join our Discord and apply there.

Just a sneak peak of the app. We will share another on our next update 😉

That’s it for now Oiler’s and do stay tuned for our next update in two weeks’ time.

Legal Notice:

This article and any information contained in it is subject to the Legal Notice and Risk Disclosure Statement. Please carefully review the Legal Notice as it contains important legal information, risk disclosure statement, limitations and restrictions relating to the information that we provide, third-party resources and forward-looking statements.

Links

Oiler’s Website: oiler.network

Oiler GitBook: https://docs.oiler.network/oiler-network/

Oiler’s Medium: https://medium.com/oiler-network

Oiler’s Twitter: https://twitter.com/OilerNetwork

Oiler’s Discord: https://discord.gg/bxMsvVTgJp

Oiler’s Telegram: https://t.me/oiler_official

Oiler’s Coingecko: https://www.coingecko.com/en/coins/oiler