Unveiling the redesigned and rebranded Oasis.app to delve into the evolving DeFi realm.
As the landscape of decentralized finance undergoes continuous transformations, platforms are elevating their standards to deliver more streamlined user experiences. Today, our focus is on Summer.fi, a platform that has recently undergone a significant rebranding and expansion to enhance its offerings.
Summer.fi: Simplifying and Securing DeFi
Formerly known as Oasis.app, Summer.fi introduces a user-friendly DeFi platform that encompasses various services, including:
Summer Borrow: Enables users to open a vault, deposit crypto collateral, and borrow against it, with the flexibility to manage the vault as needed.
Summer Multiply: Allows users to adjust their exposure to crypto collateral seamlessly in a single transaction, avoiding multiple transactions or the need for external exchanges.
Summer Earn: Lets users deposit ETH into Aave yield strategies or DAI into Maker’s Dai Savings Rate (DSR) module, offering a share of MakerDAO-generated revenues in the form of DAI.
The recent rebranding from Oasis.app to Summer.fi not only marked a visual transformation but also brought forth an expanded platform. This expansion includes support for Aave (V2 and V3 protocols) and the Optimism layer-two (L2) scaling solution.
Borrowing DAI with Summer Borrow
- Connect Your Wallet and Network: Visit Summer.fi and connect your wallet (MetaMask, Coinbase Wallet, Rainbow, etc.), selecting Ethereum or Optimism.
- Choose Borrow: Opt for “Summer Borrow,” select collateral and vault type.
- Simulate Your Position: Input collateral and optional DAI amount, simulate your position, and review Collateralization Ratio and Liquidation Price.
- Set Up a Proxy: Deploy a Proxy contract for Maker Vaults interaction, a one-time process with a gas fee (cheaper on Optimism).
- Confirm and Create Your Position: After deploying the proxy, confirm your position with another transaction involving a gas fee.
- Manage Your Vault: Over time, monitor and manage your position to avoid liquidations, adjusting collateral, generating DAI, or repaying DAI as needed.
Creating a Multiply Vault with Summer Multiply
The process aligns with setting up a Borrow Vault, with the additional step of using the toggle button to select the multiply value before establishing the Proxy contract. Note that higher multiply levels entail more risk, necessitating vigilant monitoring.
Depositing DAI into Summer Earn
- Connect Your Wallet: Visit Summer.fi and connect your wallet.
- Select the DSR Option: In the Earn dashboard, choose “Earn 3.49% on DAI” strategy.
- Deposit DAI: Input desired deposit, press “Deposit,” and confirm the transaction with your wallet.
- Track Your Position: Use the “Portfolio” tab to monitor your yield until you’re ready to withdraw your DAI.
Zooming Out
Whether you’re aiming to borrow against crypto collateral, adjust exposure to assets, or earn passive income, Summer.fi caters to your needs. The recent expansion signifies its commitment to aligning with the growing landscape of DeFi. As you dive in, remember the golden rule: always manage your positions responsibly!
