MakerDAO is the company behind DAI, the first truly decentralized stablecoin cryptocurrency on the Ethereum blockchain. Dai’s value is pegged to the US Dollar and is backed by numerous collateral assets. Instead of being mediated by a central institution, its stability is maintained by a system of aligned financial incentives. The Maker Protocol also consists of MKR, a token that stakeholders use to support the system and maintain Dai.
Before developing Dai, MakerDAO operated a cryptocurrency exchange protocol called OasisDex. Since it was developed using the Meteor framework, our client found it challenging to scale and maintain. MakerDAO’s goal was to completely reevaluate their strategy in a way that would speak to their audience of customers. In order to achieve this, they needed a team of skilled front-end developers who would rewrite the platform using a modern technology stack and keep it running in top condition.
To help MakerDAO improve their exchange platform, we augmented their development team with a team of two skilled front-end developers. Our engineers were responsible for carrying out development work on the platform, as well as some lesser known components of the MakerDAO ecosystem: Oasis Direct and Eth2Dai.
Technology
Our team worked on Oasis, Oasis Direct, and Eth2Dai components which are responsible for exchanging DAI, ETH, and MKR assets. That exchange is powered by the on-chain order book which keeps track of the entire state of the exchange. To add an offer, users have to complete transactions on the Ethereum blockchain. The front-end components are true-dapps; they only show the state of the blockchain and don’t rely on any centralized back-end components. This feature makes Oasis markets unique on the cryptocurrency scene.
Contrary to standard systems, Oasis doesn’t have a back-end component and private database. All the data is stored on a public blockchain which serves as the single source of truth. Since there’s no private central component, Oasis has a truly decentralized architecture.
Results
- Development of the exchange platform and the surrounding components
- Increase in platform engagement and perceived authority among clients
- Successful long-term cooperation
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