The ease and benefits of creating a dapp on Oasis
The Oasis Network provides dapp developers with an EVM-compatible foundation to launch dapps. Plus, the financial and tech support needed to make ideas a reality. Moreover, once established, Oasis dapps in all categories go on show to DappRadar’s one million-plus monthly audience of engaged users.
Using dapps on the Oasis Network as a guide, we can plot a course to success for dapp developers looking to build the next Web3 unicorn on Oasis. This includes development, support, and launching a product into the market.
Emerald, the Oasis EVM compatible ParaTime on the Oasis Network, allows for full EVM compatibility and easy integration of EVM-based dapps. This includes dapps from product categories like DeFi, NFT, Metaverse, and gaming. In addition, the ecosystem features a cross-chain bridge to enable interoperability. As a result, this makes the network scalable and ideal for DeFi. Oasis stands out with its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and also its integrated defense against miner extractable value (MEV).
For developers looking to build dapps with ease of use, high levels of security, and scalability in mind, the Oasis Network would be a good choice. The Oasis blockchain ecosystem can provide the support and resources required to take a project from the idea stage to a fully operational decentralized application. Additionally, Oasis is already home to several cross-chain platforms such as TofuNFT, WePiggy, and Wormhole. It welcomes developers looking to expand the audiences of their current projects by launching on Oasis Network.
Global audience
Since integrating Oasis Network dapps on February 8, 2022, to the World’s Dapp Store, users of DappRadar have landed on Oasis Network dapp rankings almost 7,000 times. That’s nearly 500 users a day becoming familiar with and potentially connecting their wallets to Oasis dapps.
The network’s leading token swapping and yield farming platform, YuzuSwap has seen almost 8,000 wallets connect to it and complete more than 182,000 transactions in the last 30 days, gathering over $52 million in TVL along the way. So while DeFi dapps certainly garner the most attention on Oasis, other categories such as NFTs and collectibles are growing significantly, finding traction over the last 30-days.
Complete not compete
Blockchains require specific dapps to flourish to create a sustainable environment. For example, without Uniswap in the early days, there would have been no way for ERC-20 token holders to utilize their tokens. Without projects like DAI and MakerDAO trailblazing the stablecoin idea on Ethereum, things would be very different today. Additionally, without OpenSea, all those NFT collections would not have had a marketplace.
The idea in Web3 that dapps complement and collaborate for a greater good far outweighs the head-to-head competition. A complete ecosystem is as, if not more important than simply having thousands of copy and paste dapps all competing for the same eyeballs. This is a trend we saw emerge in 2021 as countless almost identical DEXs and yield farming platforms arrived. These offered mouth-watering rewards, however, these projects would vanish within weeks.
Therefore for dapp developers looking to build on Oasis, there are a few core questions to ask:
- How will a dapp add value and utility for users?
- Has a project like ours already launched and found traction?
- Can we do what they do, but better?
- Can we compliment an already existing and popular service?
Answering these questions from the start will help refine an idea. Alongside help from Oasis and DappRadar through their $500,000 accelerator fund, dapp developers can get to work knowing they have support to make their ideas reality.
Category matters
Given the user demographics of the Oasis Network community, a finance application will be best placed to successfully launch and gain attention while also potentially adding another layer to the network, such as stablecoins or leverage trading. Remember that finance dapps can include play-to-earn and GameFi dapps that tap into the same mechanics.
Who’s winning on Oasis?
Below are the top-performing dapps on the Oasis Network ranked by how many unique active wallets connected to them in the last 30 days. A metric which alongside trading volume can give strong growth indicators for a dapp.
TofuNFT: First mover advantage
TofuNFT is interesting because they have secured a first-mover advantage on Oasis as the network’s only NFT marketplace to trade Oasis collectibles. A move working for them as 1,650 wallets connected to the marketplace on Oasis in the last 30 days. This is also the reason for the OasisApes NFT collection moving up the ranks as people are available to buy and trade on Tofu. Something which echoes earlier comments about collaboration and a complete ecosystem.
The case of ValleySwap
ValleySwap is the latest entrant, having launched its smart contracts on Oasis on February 9, and has already gained significant traction. Activity didn’t kick off until a week after the official launch on February 17. On that day they launched several liquidity pools and announced a partnership with EVODeFI. EVODeFi is crucial as it’s a bridging service that lets users move USDC, USDT, ETH, and BTC from BSC, Polygon, Fantom, Avalanche, Cronos, Solana, Ethereum, and more to Oasis.
These two moves helped push TVL on ValleySwap to over $4.5 million in the 24 hours after launch, growing to more than $20 million at writing.
Rewards bring users
As with all token exchange dapps, liquidity is critical. For example, the dapp needs enough funds in reserve to facilitate trades of tokens. DeFi dapps set up liquidity pools offering rewards to entice users to fill them up and provide the liquidity required for a decentralized exchange to function. In return, liquidity providers gain rewards. Couple that with the ability of users to bring in tokens from other networks using the EVODeFi bridge, and a recipe for success appears to have been created.
Liquidity pools on ValleySwap were enticing and offered users massive APR on ROSE/USDT and sizable gains on USDT/USDC and BTC/USDT. Notably, the fact that the two-sided stablecoin pool is the most liquid means trading in and out of stablecoins on Oasis and, specifically, ValleySwap has been made easier and cheaper.
Moreover, the performance of ValleySwap in the last few weeks placed it in a position to go firmly after DuneSwap’s second place. However, DeFi dapps can suffer from an initial burst of activity as farms, pools, and staking rewards come online. After this time, users have little need to return except to harvest rewards so overall activity can fall.
Therefore, any DeFi platform needs to attract users with more offers and solid tokenomics. Hence, on some DeFi platforms, we see IDOs and whitelist token sales as they can periodically attract huge audiences, helping support the growth of the dapp in the long term.
At the time of writing, we see that looking through a seven-day lens, ValleySwap has overtaken DuneSwap in terms of active users. It will be more telling if they can hold that position over the coming 30 days.
YuzuSwap helps TVL climb past $100M on Oasis
Looking at YuzuSwap, which allows users to add liquidity and earn rewards, swap in and out of tokens, and trade incentivized pairs to earn rewards. We see the classic rush of users described previously as a potential downfall of DeFi platforms. A massive surge upon launch and decreasing user activity ever since. Nonetheless, the platform’s initial performance is enough to give it the lead. Like all things, users tend to gravitate towards the winners.
Active wallets connecting to YuzuSwap peaked at 6,800 on January 12, with another smaller spike occurring on January 19, lining up perfectly with the official launch on February 11. Things went well, and the platform hit $20 million TVL in just 3 hours. The launch of YuzuSwap even made headlines as the total TVL of the Oasis Network jumped past $100 million thanks to YuzaSwap. ROSE, the native token of the Oasis Network, continued climbing despite unfavorable market conditions.
The rapid rise in the value locked on YuzuSwap can be explained by the platform’s initial high annual percentage yields (APY). At launch, liquidity miners could earn 800% to 21,000% across four incentivized token pairs. As normal, the figures have since decreased as more liquidity arrived.
Moreover, the increasing price of ROSE and the availability of lucrative and supporting rewards on the YuzuSwap platform wasn’t announced inside a vacuum and helped attract more attention to Oasis Network, its dapps, and ROSE token as hungry investors came across a new opportunity.
Unlike ValleySwap, YuzuSwap is formed as a DAO and has its own YUZA governance token. The YUZA token adds another layer of attraction for investors who know that exchange tokens can bring excellent returns if the exchange becomes the leader or a significant player on the network. For example, Uniswap’s native token UNI debuted at around $3.50 then climbed to almost $40 in the six months after launching.
500,000 reasons to build dapps on Oasis Network
The DappRadar x Oasis Accelerator Program’s mission is to find ambitious teams from the DappRadar developer community and support them in building on the Oasis Network. Key areas of interest are DeFi, P2E gaming, and privacy solutions. During the program, the teams will be offered support to ensure successful integration, community engagement, and fundraising.
The selected teams will get a grant of up to $50,000 in ROSE, the Oasis Network’s native token, each. In addition, they will get an opportunity to launch their project with the Oasis Foundation’s and DappRadar’s direct support.
The selection committee, consisting of team members from the Oasis Foundation and DappRadar, will evaluate teams based on their track record, team composition, idea, stage of development, and roadmap before selecting the best 10 for the program starting in April 2022.
The program offers teams mentoring and guidance in all areas such as developer support, marketing & fundraising events, training workshops, legal and business advisory via partners, and office hours. The selected teams will join the Oasis Community and get a guaranteed listing on the DappRadar Oasis tracking page. At the end of the program, they will also get an opportunity to pitch their dapps to a broad network of investors and get extra funding from the Oasis $200 Million Ecosystem Fund.
Key Dates:
- Applications open: 9 February – 3 April 2022
- Accelerator Start: 11 April 2022
- Workshops, Mentoring, and Dapp development: 11 April – 10 July 2022
- Fundraising & networking support to the teams: 11 July – 30 September 2022
- Demo Day: 2 September 2022
How to Apply
Submit your application by midnight CET on April 3, 2022. If you’re a member of the DappRadar community and working on projects such as DeFi, P2E gaming, or data privacy solutions, we want to support you.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
