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QuickNode > Case Studies > Oikos on QuickNode: Enhancing Transaction Speed and User Experience in DeFi

Oikos on QuickNode: Enhancing Transaction Speed and User Experience in DeFi

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Technology Category
  • Application Infrastructure & Middleware - Blockchain
  • Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
  • Cement
  • Construction & Infrastructure
Use Cases
  • Construction Management
  • Smart Contracts
Services
  • System Integration
  • Testing & Certification
About The Customer

Oikos is a startup DeFi exchange that aims to bring the benefits of DeFi to Latin America and the world. Through its decentralized exchange platform, Oikos enables crypto-native and unbanked users to trade without liquidity limitations using Oikos-powered smart contracts. These contracts touch a range of underlying assets, from fiat and crypto currencies to commodities and stocks. Oikos migrated their platform from a different chain to Binance Smart Chain, a popular cryptocurrency in the DeFi community, which saw significant growth.

The Challenge

Oikos, a DeFi application using Binance Smart Chain, aimed to bring the benefits of DeFi to Latin America and the world. The platform allows users to trade without liquidity limitations through Oikos-powered smart contracts. However, Oikos faced significant challenges when they migrated their platform from a different chain to Binance Smart Chain. They were using a self-hosting solution to connect to Binance Smart Chain, which led to data falling out of sync, nodes going down, and inconsistent information across different nodes. This negatively impacted the user experience, with trades taking up to 6 hours and in some cases, resulting in lost customers. To be successful, Oikos realized they needed a reliable connection to Binance Smart chain and a node service that could keep up.

The Solution

After researching multiple infrastructure partners, Oikos switched to QuickNode. QuickNode’s product offering, which leverages multiple geographically distributed nodes across multiple clouds, was the fastest responding, lowest latency option Oikos found. They were able to test this upfront using QuickNode’s transparent speed comparison tool. The support across multiple chain types and the transparent, scalable pricing structure were other reasons influencing Oikos’ decision. They were able to set up QuickNode’s solution instantly to begin testing and integration. With QuickNode’s fast, always-on infrastructure, Oikos saw immediate improvements in latency. Transactions that previously took almost 6 hours to confirm were recorded within 2-3 minutes, a more than 100x improvement in transaction time. This significantly improved the overall customer experience and allowed Oikos to fully migrate from self-hosting nodes to a QuickNode powered infrastructure.

Operational Impact

  • The switch to QuickNode resulted in significant operational benefits for Oikos. The improved transaction time enhanced the overall customer experience, driving customer retention and potentially increasing trading volume. Furthermore, the migration to QuickNode's infrastructure freed up engineering and developer resources, allowing the team to focus more on developing their core product and delivering value for end-users. As Oikos’ founder, Manuel Corona, commented, 'We were so amazed by the increased performance. Before learning about QuickNode, we used to manage our node in-house. It quickly became evident that it is not feasible. To be honest, moving to QuickNode was one of the best decisions we ever made.'

Quantitative Benefit

  • Transactions that previously took almost 6 hours to confirm were recorded within 2-3 minutes, a more than 100x improvement in transaction time.

  • Oikos was able to fully migrate from self-hosting nodes to a QuickNode powered infrastructure.

  • QuickNode’s product offering was the fastest responding, lowest latency option Oikos found.

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Case Study
IoT System for Tunnel Construction
The Zenitaka Corporation ('Zenitaka') has two major business areas: its architectural business focuses on structures such as government buildings, office buildings, and commercial facilities, while its civil engineering business is targeted at structures such as tunnels, bridges and dams. Within these areas, there presented two issues that have always persisted in regard to the construction of mountain tunnels. These issues are 'improving safety" and "reducing energy consumption". Mountain tunnels construction requires a massive amount of electricity. This is because there are many kinds of electrical equipment being used day and night, including construction machinery, construction lighting, and ventilating fan. Despite this, the amount of power consumption is generally not tightly managed. In many cases, the exact amount of power consumption is only ascertained when the bill from the power company becomes available. Sometimes, corporations install demand-monitoring equipment to help curb the maximum power demanded. However, even in these cases, the devices only allow the total volume of power consumption to be ascertained, or they may issue warnings to prevent the contracted volume of power from being exceeded. In order to tackle the issue of reducing power consumption, it was first necessary to obtain an accurate breakdown of how much power was being used in each particular area. In other words, we needed to be able to visualize the amount of power being consumed. Safety, was also not being managed very rigorously. Even now, tunnel construction sites often use a 'name label' system for managing entry into the work site. Specifically, red labels with white reverse sides that bear the workers' names on both sides are displayed at the tunnel work site entrance. The workers themselves then flip the name label to the appropriate side when entering or exiting from the work site to indicate whether or not they are working inside the tunnel at any given time. If a worker forgets to flip his or her name label when entering or exiting from the tunnel, management cannot be performed effectively. In order to tackle the challenges mentioned above, Zenitaka decided to build a system that could improve the safety of tunnel construction as well as reduce the amount of power consumed. In other words, this new system would facilitate a clear picture of which workers were working in each location at the mountain tunnel construction site, as well as which processes were being carried out at those respective locations at any given time. The system would maintain the safety of all workers while also carefully controlling the electrical equipment to reduce unnecessary power consumption. Having decided on the concept, our next concern was whether there existed any kind of robust hardware that would not break down at the construction work site, that could move freely in response to changes in the working environment, and that could accurately detect workers and vehicles using radio frequency identification (RFID). Given that this system would involve many components that were new to Zenitaka, we decided to enlist the cooperation of E.I.Sol Co., Ltd. ('E.I.Sol') as our joint development partner, as they had provided us with a highly practical proposal.
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