What Is Oiler Network (OIL)?
Oiler Network is building a suite of financial products that will allow traders to hedge the risks inherent in blockchains in a trust less and decentralized manner. Most of the DeFi users who will turn to Network solutions are those who are already exposed to the volatility of various blockchain protocol parameters. For instance, exchanges that cover the volatile costs of withdrawing network assets miners/validators whose block rewards and transaction fees are volatile; and other institutions that need to hedge risks.
Oiler Network Storage Key Points
|Coin Name||Oiler Network|
|Circulating Supply||6,087,582.00 OIL|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
DeFi vaults allowing Ethereum main net base fee trading
Pitch Lake uses Stark Net STARKs to calculate time-weighted averages of base fee (TWAPs) in a given month to be used for cash settlement of base fee option contracts. Access to verified Ethereum main net block headers is achieved with the help of Fossil that uses the Cairo architecture. Pitch Lake is built around the design principle of oracle-less ness.
Oiler Network All input data to the option protocol are obtained from Ethereum main net and processed through Fossil. No external data feed or oracle is needed to mint, price or settle an option contract. Liquidity is rolled-over continuously, and strike, collateral and reserve price calculations are done fully automatically using Fossil.
What is Starknet?
Oiler Network is an Ethereum L1 settled L2 operated and developed by Stark Ware Industries Ltd. Currently Stark net is a so called zkRollup, you can read more about roll ups and scaling solutions here. Stark net zkRollup supports general purpose Smart Contracts written in Cairo Lang. Smart contracts on Stark net are interoperable which means they can call each others and access their storage. Stark net by default does not have a mechanism that allows it’s smart contracts to read data from Ethereum, for that reason Fossil has been built.
What is a storage slot?
As mentioned above smart contracts have storage. The Storage structure of an Ethereum smart contract is a key-value store, where the key is also called a slot and has it’s corresponding value that can change over time. Storage slots are a deterministic numeric value, you can read more about how those are computed here. The smart contract storage is committed in a form of a hash to its corresponding accounts.
What is a Merkle Patricia Tree?
Oiler Network are data structure derived from standard Merkle trees. These are widely used in Ethereum to commit large amounts of data to a single hash, you can read more about MPTs here. Any ethereum block has it’s header which does not include transactions and receipts making it much much smaller than the entire block. Ethereum block headers have a size of ~1kb. An Ethereum block hash is computed by hashing the RLP serialized header with keccak256.
Fossil takes advantage of the fact that Ethereum commits it’s state, receipts and transactions to MPT, that makes proving existence of accounts, storage slots values, receipt and transactions possible. You can read more about these tries here.
Fossil smart contracts architecture
Fossil is a set of smart contracts deployed on both ethereum L1 and Starknet L2. In order to access data from Ethereum, Fossil’s L2 contracts must be provided with an L1 block hash which is enough to recreate data till the genesis block on Ethereum. Once a block hash is provided and written in the L2 smart contract storage it’s corresponding block can be recreated by validating a submitted header. Ethereum block headers contain trie roots and parent hashes, such data allows to access the provided block’s state, transactions, receipts and repeat that process for the next block and so recursively till genesis.
This is because the block step limit on Stark net is too low and large requests may fail if they require too many steps. Oiler Network are in contact with Starkware and are awaiting for them to increase the step limit in the near future, at which time they will complete e2e testing and officially launch Fossil. Check out your Swagger API Docs to see all of your currently supported endpoints. If you are interested in building with the Fossil API, they can give you API access for testing purposes prior to the official launch.
The concept of the Oiler Network Flash Loan is very similar to the concept of ERC20 asset Flash Loan it is an unconsolidated loan that allow the borrowing of an NFT, as long as the borrowed NFT is returned before the end of the transaction(together with the loan cost paid to the pool). Flash-loaned NFTs would behave in many cases exactly like you were the owner of them (you can flash-loan them every single time when you would normally use the NFT).