The protocol allows users to be always informed about their DeFi on-chain activities.
The Open DeFi Notification Protocol is a free-for-use, community-driven project by DeFi.org and powered by the Orbs network. It provides DeFi enthusiasts with user-friendly mobile notifications for all kinds of on-chain events.
- The Open DeFi Notification Protocol supports 20 dapps across five networks, including Ethereum, Binance Smart Chain, Polygon, Fantom, and Avalanche.
- Users can download the mobile app from AppStore and Google Play.
- DeFi dapps, such as SushiSwap and Alpaca Finance, leverage The Open DeFi Notification Protocol to inform their users about critical DeFi moments.
- Blockchain networks like Ethereum and Orbs can also benefit from the protocol.
- DeFi.org recently launched a $100k devs grant for new contributions to the protocol.
Why is The Open DeFi Notification Protocol important?
As DeFi has become more popular, many DeFi teams now offer more customized services to users, such as risk alerts, price alerts, and more on their platform’s UI. Nevertheless, users don’t always stay on those dapp interfaces, and too many email notifications can be easily ignored.
That’s where The Open DeFi Notification Protocol integration comes into play. The Open DeFi Notification Protocol is a community-driven project powered by Orbs that provides users with free decentralized mobile notifications of any on-chain events.
The Defi Notification Protocol introduced an open, collaborative network in which anyone can contribute new notifications. Notably, this can equip DeFi developers and teams to serve their users better and keep users up-to-date with the latest status of their crypto portfolio. Currently, users from 20 dapps across five networks can benefit from the protocol.
Now read on if you want to know how to add new notifications to The Open DeFi Notification Protocol and use it to optimize your user experience.
Notifications for DEX-AMMs
In the DeFi world, decentralized exchange (DEX) leverages automated market makers to enable assets to be traded by using crypto liquidity pools as counterparties instead of traditional market makers.
So, how does The Open DeFi Notification Protocol benefit these DEX-AMMs? Let’s take Sushi as an example.
How SushiSwap enhances the notification system
According to DappRadar single dapp tracking, SushiSwap has $1.5 billion in Inflation Adjusted Total Value Locked (ATVL) and $361 million in market cap while supporting over ten chains.
SushiSwap users now have two types of Notifications to optimize their DeFi operations. One is the Pending Rewards notification. With this feature, users will know their reward accumulation status and claim the rewards when they are ready.
The other one is Position Value. This feature tracks the total value of users’ staking positions. It helps users to take action before any loss occurs.
Notifications for lending platforms
DeFi lending platforms provide loans to individuals and businesses without the involvement of intermediaries. Moreover, these dapps and protocols enable everyone to earn interest in cryptocurrencies.
Lending protocols can also benefit from The Open DeFi Notification Protocol to better inform users about critical DeFi moments. Let’s look at the use case of Alpaca Finance and find out how it works.
Opening a lending position carries certain risks, basically the risk of liquidation. Therefore, borrowers must ensure they do not fall under the Liquidation Threshold. Fortunately, Alpaca calculates the Safety Buffer in the Your Positions dashboard to inform users how close they are to potential liquidation.
After integrating The Open DeFi Notification Protocol, Alpaca users can have a “Position Health” notification that sends them an alert when the safety buffer drops below a specified threshold.
Notification for PoS staking
As PoS-based blockchains are far more scalable, efficient, and cost-effective than PoW-based ones, they are becoming mainstream. The PoS consensus model allows cryptocurrency owners to stake coins and create validator nodes for verifying transactions.
In order to allow stakers to track their staking activities effectively, Orbs implements PoS staking notifications using the Open DeFi Notification Protocol. It currently provides two types of notifications to Orbs stakers.
The first is Pending Reward, which informs users about their pending ORBS rewards. The other one is Unlock Cooldown, which tells users when the 14 days cooldown period is over.
Blockchain networks as a whole can also use The Open DeFi Notification Protocol to upgrade their notification systems. For example, the protocol enables users to get the latest update on Ethereum gas fees in a timely manner. For Ethereum users, the high gas fees will likely affect their transaction decisions. Therefore, it is crucial for DeFi users to learn about Ethereum gas fees quickly.
Developers Grant for New Contributions
The Open DeFi Notification Protocol is an open-source project allowing anyone to contribute and integrate notifications. With a quick and simple integration on Github, developers can provide free mobile notifications for any DeFi project for important events like accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes, and more.
Developers can find out more info here.
Become involved and contribute:
The use cases covered in this article represent only a small part of the robust protocol. The Open DeFi Notification Protocol team invites development teams to enrich this open, collaborative ecosystem with their ideas.
Developers can take an existing notification as a reference and implement it with their DeFi project. Or, they can contribute to an existing project that is already integrated with the protocol and create a new notification type.
Find more about Orbs and Open DeFi Notification Protocol:
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