The company behind DAI

The first truly decentralized stablecoin cryptocurrency on the Ethereum blockchain

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Collaboration timeframe:

April 2017 - February 2019

Team size:

2 software developers

Technology:

React, Redux, Ethereum Blockchain, Cypress

Services:

Front-end development (dapps)

MakerDAO is the company behind DAI, the first truly decentralized stablecoin cryptocurrency on the Ethereum blockchain. Dai’s value is pegged to the US Dollar and is backed by numerous collateral assets. Instead of being mediated by a central institution, its stability is maintained by a system of aligned financial incentives. The Maker Protocol also consists of MKR, a token that stakeholders use to support the system and maintain Dai.

Challenge

Before developing Dai, MakerDAO operated a cryptocurrency exchange protocol called OasisDex. Since it was developed using the Meteor framework, our client found it challenging to scale and maintain. MakerDAO’s goal was to completely reevaluate their strategy in a way that would speak to their audience of customers. In order to achieve this, they needed a team of skilled front-end developers who would rewrite the platform using a modern technology stack and keep it running in top condition.

Maker webpage describing "peer to peer crypto trading".

Maker webpage "the most trusted way to earn on your DAI".

Solution

To help MakerDAO improve their exchange platform, we augmented their development team with a team of two skilled front-end developers. Our engineers were responsible for carrying out development work on the platform, as well as some lesser known components of the MakerDAO ecosystem: Oasis Direct and Eth2Dai.

Maker webpage "Trage, borrow, and save using DAI".

Technology

Our team worked on Oasis, Oasis Direct, and Eth2Dai components which are responsible for exchanging DAI, ETH, and MKR assets. That exchange is powered by the on-chain order book which keeps track of the entire state of the exchange. To add an offer, users have to complete transactions on the Ethereum blockchain. The front-end components are true-dapps; they only show the state of the blockchain and don’t rely on any centralized back-end components. This feature makes Oasis markets unique on the cryptocurrency scene.

Contrary to standard systems, Oasis doesn’t have a back-end component and private database. All the data is stored on a public blockchain which serves as the single source of truth. Since there’s no private central component, Oasis has a truly decentralized architecture.

Maker - data and diagrams from application.

Results

Development of the exchange platform and the surrounding components
Increase in platform engagement and perceived authority among clients
Successful long-term cooperation

Rumble Fish performed beyond our wildest dreams. Their skilled developers helped us improve our exchange platform. The engineers were responsible for carrying out development work on the platform, as well as some lesser-known components of the MakerDAO ecosystem: Oasis Direct and Eth2Dai. Their knowledge and expertise allowed us to grow up even faster. They are quick to respond and always have the best solution.

Rune Christensen

Founder and CEO of MakerDAO

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P: +48 737 455 594E: hello@rumblefish.dev