If you’re a Blocmates fan, chances are you’ve read about Radix DLT, the integrated technology solution addressing common issues that create barriers to DeFi, in our previous articles.
Or perhaps you know it as “the only decentralised network where Web3 and DeFi developers can build quickly (rapid finality) without the constant threat of exploits and hacks” — rightly so.
Whatever you know, Radix as the layer-1 protocol is ever-expanding. The public smart contract, ‘code-name’ Radix’s Babylon, launches on Radix on July 31st, and one of the protocols on the network — Ociswap — has released an interesting update.
But let me not get ahead of myself. Let’s track back and focus on this project building on the Radix stack.
What is Ociswap?
Ociswap is a DEX developed on the Radix Network to offer a faster, smoother and inexpensive trading experience on Radix. Currently, it’s being developed as the main page of Radix and will provide users with all the necessary tools to navigate, research, and perform trades.
Think of it as the ‘Google’ of liquid assets information on the Radix network.
Stay with me; I’ll explain.
Just as Google provided you and me with a ‘central search portal’ to search for and filter information across the Web2 ecosystem of websites, Ociswap is your ‘portal’ to search, filter and trade any liquid asset on the Radix network.
Since Radix is already designed for the decentralised web economy, you can find almost all liquid assets available on DeFi and Web3 on Radix. It’s that powerful!
But why am I so hyped up about the new updates from Ociswap? I’ll tell you.
1. User-friendliness and ease of use
What makes Ociswap really exciting is its user-friendliness and the fact that it works well on mobile devices. It’s designed to serve as a seamless and user-friendly gateway to the Radix ecosystem, catering to both beginners and experienced traders.
Each liquid asset will have its own page with analytics tools, allowing you to make data-driven trading decisions. Providing liquidity and earning is also easy. For lay users, this will be simplified into a few clicks. For professional LPs, various strategies will be designed to incentivise them to experiment and increase their earnings.
And if you have any questions along the way about the platform or Radix in general, a chatbox called Ocibot is available on the dApp to provide assistance 24/7.
Auto-compounding refers to automatically reinvesting the earnings made from providing liquidity back into the liquidity provider’s position, increasing earnings over time. This feature will be available on Ociswap.
If you’re concerned about auto-compounding, given how challenging it is to combine it with the active oversight needed to ensure liquidity is concentrated, rest easy.
The Ociswap team developed bots to automate the compounding process, ensuring that the liquidity provider generates the best possible yield. This in turn saves LPs time, effort, and money that would otherwise be spent on doing it manually.
3. Freedom to choose your own fee levels
How cool would it be to choose your own fee levels when trading on a DEX? Well, now you can with Ociswap dynamic fee levels.
As a market practice, exchanges often use different fee levels to encourage competition between pools and adjust rewards based on how much money is available. This is not the case with Ociswap.
The DEX will let LPs choose their own fee levels instead of sticking to predetermined ones. This gives you as an LP the freedom to use different strategies, puts more pressure on trading fees and boosts your earnings — an activity that will ensure fees are low and liquidity high.
When fees are lower, more people are attracted to the exchange. As a result, there is more money available for trading, which creates a positive cycle of growth and efficiency. It benefits the entire system because there are more users and more liquidity in the market.
4. Concentrated liquidity
Concentrated liquidity means having your assets within a specific price range. This is a smarter way to use your money compared to having them in an unlimited price range.
After Babylon, Ociswap will offer concentrated liquidity.
This means there will be deeper pools of money to allow for bigger trades with smaller price differences and fewer unexpected changes. Concentrated liquidity will make pricing for assets on Ociswap more accurate and improve your trading experience overall.
5. Introduction of Limited Orders
Formally, Ociswap has always executed trade orders using order books as an AMM. However, the new Ociswap platform will be able to perform limited orders using a combination of smart contracts and Radix technology.
With limited orders, Ociswap will only execute a trade when the market price reaches a predetermined level. For example, if you place a buy order, the trade will happen only when the asset price decreases to the desired limit. And vice versa when you place a sell order (i.e. the trade will occur when the price increases to the set limit).
Now this one is super exciting.
Once Radix’s Babylon is launched, developers building on the protocol will be able to use Ociswap’s features by embedding a swap widget into their own projects. This means that apps built on Radix can offer their users a seamless experience without needing to navigate to a separate platform.
By allowing developers to third-party embedding, Ociswap will attract more users from other projects and increase liquidity on the platform. It’s a win-win. This will further narrow the price differences between assets, making trading even more efficient.
I don’t know about you, but I can’t wait for Ociswap to launch. We know that’s not far ahead since it will be released alongside Radix’s Babylon update. Ociswap will enhance the trading experience for both new sophisticated traders, making it easy for anyone to start DEX trading.
To learn more about this awesome project, visit their website, or join their communities on Telegram or Discord. Even better, you can experience Ociswap for yourself by downloading your Z3US.com browser wallet for Chrome, Firefox or Brave, visiting Ociswap.com and making a swap.