Oiler Network priceOIL
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- Total supply
- 100M OIL
- Self-reported circulating supply
- 6.09M OIL
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About Oiler Network
What Is Oiler Network (OIL)?
Oiler Network is a DeFi protocol for blockchain native derivatives that provides the necessary tools for blockchain protocol trading. There are other alternative protocols in the DeFi space that offer simpler products compared to the Oiler Network, but Oiler aims to be the go-to platform for everything related to trading blockchain protocols – be it options, futures or more exotic products.
The project has acquired a specific set of properties, which the creators of the Oiler Network refer to as "blockchain native" instruments, namely, the instrument can be priced and settled without off-chain oracles (issued options are priced and settled without interacting with oracles). This is possible with the introduction of stablecoins and automated market makers (AMMs)
The Oiler Network introduces users to financial products that empower option buyers by allowing them to hedge the risks inherent in blockchains in a trustless and decentralized manner. Most of the DeFi users who will turn to the Oiler Network services are those who already have access to the blockchain protocol parameters. This include: exchanges that cover the volatile costs of withdrawing network assets; miners whose block rewards and transaction fees are volatile; and institutions that need to hedge risks.
The company was founded in 2020, and as of August 2021, the Oiler Protocol is still under development. Oiler Network has big plans to play a significant role in the DeFi market, by allowing users to trade options on blockchain parameters (gas fees or hashrate).