Bitcoin, Blockchain & Cryptocurrency News

Open DeFi Notifications Protocol Promises to Simplify DeFi Management for Users

Orbs, a decentralized public blockchain platform today announced the launch of the Open DeFi Notification Protocol. The newly unveiled offering is designed to provide users with free mobile notifications for consequential on-chain events, the announcement states.

Orbs Unveils Open DeFi Notifications Protocol

Public blockchain infrastructure for mass usage of applications Orbs recently shared details about the Open DeFi Notification Protocol.

For the uninitiated, the Open DeFi Notification Protocol is a chain-agnostic protocol that has its roots in the DeFi.Org Accelerator which is a joint venture between Orbs, leading crypto exchange Binance, and crypto wallet provider Moonstake.

To date, the DeFi.Org Accelerator has aided in the launch of a number of innovative projects in the DeFi space, provided liquidity, valuable mentorship, and exposure to market players.

Notably, the Open DeFi Notification Protocol is Orbs’ latest contribution to the venture. The protocol essentially leverages contributions from community members to record events such as  accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, and new governance votes, among others.

By obtaining access to the aforementioned data points, DeFi users such as traders and liquidity providers would be in a better position to manage their activities and avoid losses that are often heightened during increased market volatility.

The protocol makes it easy for any DeFi project to provide free mobile notifications to its users. To enable this, the project is only required to undergo a 30 minute long integration on Github.

Commenting on the development, Tal Kol, Co-founder, Orbs, said:

“Transparency is a hallmark of blockchain, yet reliable mobile notifications that can aid the DeFi community are virtually nonexistent.”

Adding:

“Our talented team has created a user-friendly protocol that functions almost like a reactive DeFi assistant, alerting users to the possibility of impending liquidations, significant price swings, contract upgrades and the like. We are positive it will make a huge impact.”

Aiming Toward Complete Decentralization

While the initial beta version of the Open DeFi Notification Protocol uses a centralized node to track and display the different updates, Orbs intends to eventually launch an updated, decentralized version of the protocol that leverages the network’s set of independent nodes for further security.

The Open DeFi Notifications Protocol allows users to set up any number of alerts for various DeFi apps. The users can also integrate an open-source web component directly within dApps’ frontend architecture.

To do this, users only need to download the mobile app “DeFi Notifications” for iOS or Android and scan their address in QR in MetaMask web wallet. The protocol requires no registration.

Interested users can check this example video of the Protocol working with Sushi.

Tal Kol added:

“The great thing about the Protocol is that it can work with emerging DeFi projects. All that’s required is the implementation of a simple JavaScript web3 class, to extract the notification from the on-chain data. This is then contributed via PR to the Protocol Github repo.”

Published by
Aisshwarya Tiwari

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