Oiler OIL Price

What is Oiler (OIL)?

Oiler Network, a decentralized finance (DeFi) protocol, is set to revolutionize blockchain native derivatives trading by providing comprehensive tools for trading blockchain protocols. Founded in 2020 and led by CEO and Co-CTO Tomasz Kajetan Stańczak, Oiler Network aims to be the go-to platform for trading options, futures, and other exotic products related to blockchain protocols.

Blockchain Native Instruments:

Oiler Network introduces a unique set of "blockchain native" instruments that can be priced and settled without relying on off-chain oracles. This is achieved through the use of stablecoins and automated market makers (AMMs). These instruments empower option buyers, allowing them to hedge risks associated with blockchain parameters in a trustless and decentralized manner.

Key Features:

The Oiler Protocol, still under development as of August 2021, plans to play a significant role in the DeFi market by enabling users to trade options on blockchain parameters such as gas fees and hashrate. The platform's initial tools include binary options for hashrate, block gas limit, and block times, all fully collateralized with a fixed payout of 1 USDC.

Trading Options:

Oiler's binary options cover a range of blockchain parameters, including gas options for hedging against Ethereum gas price changes, hashrate options to help miners insure against block reward fluctuations, capacity options based on gas limitations, and ice age options to hedge risks related to block timing fluctuations affecting miners' earnings.

Token Information:

The native token of Oiler Network is OIL, an ERC-20 token with a maximum total supply of 100,000,000. The distribution is as follows: 36.8% to the foundation, 20% to the ecosystem, 12.5% to the team, 10% to liquidity, 7% to advisory, and 2.8% to private offering. The OIL token was distributed through a Balancer Liquidity Bootstrapping Pool (LBP) to ensure fair token distribution.

Security Measures:

The Oiler Protocol focuses on security by allowing option writers to sign American Binary Options as a risk mitigation tool. The platform operates on an oracle-less architecture, eliminating the need for off-chain data and reducing technical risks associated with oracles. Security audit reports, including LBP audit, vesting audit, and staking audit, are available on GitHub.

Where to Trade OIL:

Following the Balancer LBP, the OIL token is tradable on Uniswap (V2), providing users with a decentralized exchange for Oiler Network's native token.

Conclusion:

Oiler Network stands at the forefront of DeFi protocols for blockchain native derivatives, offering a secure, decentralized, and efficient platform for trading options on various blockchain parameters. With a strong team led by experienced professionals, Oiler Network aims to reshape the landscape of decentralized finance and empower users in the ever-evolving blockchain ecosystem.

What is unique about Oiler (OIL)?

Oiler Network is unique for being a decentralized finance (DeFi) protocol specializing in blockchain native derivatives, allowing users to trade options on parameters like gas fees and hashrate, all settled without off-chain oracles. Its innovative approach empowers users to hedge risks in a trustless and decentralized manner.

Who are the founders of Oiler (OIL)?

Oiler Network was founded in 2020 by CEO and Co-CTO Tomasz Kajetan Stańczak, a seasoned professional with over a decade of experience in financial services and technology teams. The leadership team also includes key members like Antonio Sabado, Victor Naumik, and Grégoire le Jeune, bringing diverse expertise to the project.

Who are the backers/investors of Oiler (OIL)?

The project launched its native token (OIL) through a Balancer Liquidity Bootstrapping Pool (LBP), ensuring a fair distribution of tokens.

What is the consensus mechanism of Oiler (OIL)?

Oiler Network employs an oracle-less architecture and provides option writers with the ability to sign American Binary Options as a risk mitigation tool, enhancing security by eliminating off-chain data and reducing technical risks. Security audit reports are available on GitHub.