This was one of the places of the city dedicated to unloading, storage and sale of oil (ogio), both for feeding and for lighting. Other cities have similar names since oil marketing was one of the most flourishing of the Venetian Republic.
The area was also called Riva dei Sagomadori, those who verified and measured (using the water from the channel) the barrels of oil.
From the bank you can enjoy a splendid view over the Grand Canal