Oiler community update #2

Welcome back Oilers!

The team mostly focused on frontend and backend optimization — adding new functionality to the UI and optimizing the backend stability and performance. Server-based backend parts were refactored to use Cloud-Functions for greater stability and performance. Our research and solidity team focused on finding new ways of protocols interactions and mitigating front-running and market manipulations.

Here’s an update on some of the other areas we achieved but not limited to over the past couple of weeks:

• Refactored the undefined option object handling. Fixed bugs on the Options side where it had many Options at the start of the application when a user go to the Options page, whether it was the Hashrate or BaseFee, the application was clocking and showing undefined values. We solved this by adding multi-calls and by limiting how much of the Options are fetched at any single point of time. We now need to make sure the paginations are ready by wiring it to the current functionality
• Changed the way the application fetches NFTs from the database. The application is now fetching only NFTs that the user owns — the MetaMask account that is connected to the application will only be shown
• Completed the pagination for the NFTs by connecting the component with the logic
• Moved the Trading API to Google’s Cloud-Function. The trading API was running on Digital Ocean and we decided to use the Cloud-Function, this essentially allows us to scale the application in the future
• Implemented, tested and merged the Forwards functionalities in relation to the contract calls that connects the application to the Solidity contracts
• Connected input actions such as swapping, withdraw, writing etc. in order to show the amount of assets held
• Fixed the expiration date and strike price on TV chart. There was a bug on the strike price and was not showing properly on the Forwards
• Added and implemented a Settle button for each position that is past the expiry in order to settle functionality for the Forwards

• Added a Add/Remove Liquidity button functionality
• Modified and tested the Liquidity modal
• Replaced the BUY with SELL inside the Trade modal — this was an adjustment in the modal by reversing the order

• Added “Not participated” view to the Staking page (https://staking.oiler.network) for better user experience

Most of the functionalities has been implemented and the team will focus on the testing side over the coming weeks.

What’s next?

The research team is now deeply exploring the protocol and markets in order to find all possible ways it can be manipulated or exploited — that will take some time until we’re all confident of our findings.

The following are just some of the items we are working on:

• The team is exploring the idea of switching the collateral to ETH/WETH instead of USDC due to the products intrinsic nature of blockchain parameters. Oiler relies on blockchain parameters, hence, having a blockchain native currency (ETH) as a collateral in essence reflects the nature of native derivatives more broadly
• Provide smart contract logic for liquidating a contract and for for adding/removing liquidity
• Research and complete the re-implementation on how the smart contracts should behave
• Clean the Cloud-Functions architecture and create a guideline
• Work on the SDK for the smart contracts and settle the functions
• As the Frontend is almost ready, the team will work on the integration, compatibility and elasticity of the application — this will allow us the freedom to change the smart contracts without the need for making big changes on the frontend side
• Continue to make progress on L2 and sidechains deployment exploration

Until next time, stay tuned for our next update!

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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