Oasis Borrow is the front-end application for creating and interacting with Vaults. Users can open a Vault, generate and repay Dai, track collateral prices, send and receive tokens, and monitor global Dai and Vault statistics through this application.
As a web3 application, accessing Oasis requires a compatible wallet. For the most up to date list simply visit the Oasis site, the prompt to connect a wallet will provide you with all the current options. The most popular wallets like MetaMask, Trezor, Ledger, Coinbase wallet, Portis, My Ether Wallet are compatible and you can also use WalletConnect to interface with every wallet that supports this method. When using your wallet, you are interacting with the Maker Protocol. Oasis Borrow provides a non-custodial infrastructure for your activities on the Maker Protocol layer.
Go to Oasis.app/borrow and click on Connect a wallet. Select the wallet you want to connect. Click on create a new Vault on the top right of the page. If it is the first time, a pop up will come up and you’ll have to sign to allow access to the app.
Select the collateral you want to use. Choose the amount you want to deposit and the amount of Dai you want to create, the dashboard will show you a simulation of Liquidation Price and Collateralization Ratio.
Click on Create a Proxy and Confirm. Next, you need to set the allowance for your Proxy. Now you can see a summary and you can confirm the Vault creation.
You can also follow along in the following video:
Note: in the video waiting times are shortened and they seem very short, don’t worry if you have to wait longer!