Ooki 2.0 is live on Ethereum with the latest features previously enabled in L2 deployments

Ooki brings Ooki version 2.0 to Ethereum, along with all the latest features made possible by dynamically adjusting interest rates. Following the successful passage of the OOIP-11 on-chain vote, the Ethereum deployment has been updated to use the Interest Rate v2 algorithm. Here are some examples of what can now be done on Ooki’s Ethereum deployment:

• Removed rollovers for open positions.
• Dynamically adjust rates to ensure borrowers and lenders receive optimal rates when opening new positions on Ooki.
• Aim for an 80% utilization rate and keep the pools optimally utilized.
• Variable interest model, open-ended loans instead of fixed-rate loans with a 28-day extension.
• Dynamically changing course curve.

Ooki’s dynamic interest rate mechanism aims to ensure that borrowers and lenders receive optimal interest rates when opening new positions on Ooki. Ooki’s approach to providing optimal interest rates for lenders and borrowers uses a floating interest rate with a dynamically changing yield curve. The new dynamic interest rate system is preferable because it allows liquidity pools to grow.

Overall, Ooki’s new dynamic interest rates will improve the experience for both borrowers and lenders by introducing a variety of significant overhauls to how loan and lending rates are calculated.

Ooki previously introduced dynamic interest rates on Ooki’s Arbitrum, Polygon, and BSC deployments to thoroughly test the feature before deploying it on Ethereum. Having successfully completed this phase, Ooki is now excited to extend this functionality to Ooki’s Ethereum deployment.

Dex Selector and Social Sharing

Other new features that Ooki brings to Ethereum in this release of Ooki 2.0 include the introduction of Dex Selector and social sharing.

The Dex Selector is a new tool offered to margin traders to better execute trades. This allows users to specify different DEXs and choose where their trading will take place in order to get the best trading price.

This feature supports the following AMMs: SushiSwap, Uniswap v2 and v3, Pancakeswap, and Quickswap. Planned future supported DEXes are Curve and Kyber with their newly released Aggregator. Initially, users are directed to the default AMM, and later users can manually select which AMM they prefer. The AMM selected for execution will likely depend on which AMM has the best price for that asset at the time.

flash loan

The Ooki protocol gives developers and professional users the opportunity to use it flash loan. Flash loans are an unsecured loan option for developers. Flash loans allow users to borrow instantly and easily with no security obligations provided liquidity is returned to the pool within a block of transactions. Use cases include arbitrage, collateral exchange, self-liquidation, and more.

When Ooki introduced this feature, there were no fees charged for flash loans. With today’s log update, Ooki has now started charging a fee for flash loans. As a result, Ooki players also receive the winnings from these flash loan fees.

The new lightning loan fee is 0.03%. Developers using bots need to take this new fee structure into account when developing their flash loan strategies so they can ensure their flash loan is profitable.

New trading pairs

Ooki is also pleased to announce that following a DAO governance vote, Ooki has cleared APE tokens for use in lending, borrowing as collateral, and also short or long-term margin trading. If you are an APE token holder, don’t leave your tokens sitting idle in your wallet, start generating passive income by lending them out and earning interest, or by using them as collateral for stablecoin lending use. Then deposit these stablecoins in a liquidity farming pool for passive income.

About the Ooki protocol

Ooki is a margin trading, borrowing, lending and staking protocol that enables building decentralized applications for lenders, borrowers and merchants to interact with the most flexible decentralized finance protocol on multiple blockchains. Ooki is a fully decentralized, community-driven DAO that is voted on by the community for any major changes to the protocol. Ooki users can trade on margin with up to 15x leverage through a fully decentralized trading platform.

Disclaimer: This is a paid post and should not be treated as news/advice.

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