In Brief:
- Open DeFi Notification Protocol launched by Orbs, a decentralized public blockchain platform.
- DeFi users, traders, and liquidity providers now manage their activities more effectively and avoid losses during volatile market conditions.
Orbs, a decentralized public blockchain platform, has launched the Open DeFi Notification Protocol, which will give users free mobile notifications regarding consequential events occurring on the blockchain.
The protocol, which is chain-agnostic, stems from the DeFi.Org Accelerator, which is a joint venture between Orbs, Binance, and Moonstake.
Moreover, the Accelerator provided founders with mentorship, liquidity, and exposure to market players in order to launch the next wave of innovation in DeFi (decentralized finance).
Orbs’ new contribution to the aforementioned venture is the Open DeFi Notification Protocol. This protocol leverages community contributions to record events such as rewards, price swings, near liquidations, stop losses, upgrades, new governance votes, and many others.
Such data will help DeFi users, traders, and liquidity providers manage their activities more effectively and avoid losses during volatile market conditions.
Tal Kol, Orbs Co-founder said, “Transparency is a hallmark of blockchain, yet reliable mobile notifications that can aid the DeFi community are virtually nonexistent. 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.”
The initial beta version of the protocol uses a central node to track and display updates. Therefore, Orbs intends to launch an updated version that uses the eponymous network’s set of independent nodes to further decentralize the system.
Kol explains this as, “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.”
DeFi projects are now able to add free mobile notifications to their projects with a simple 30-minute integration on Github; this certainly is an advantage over rival protocols.
Aside from all of this, Open DeFi Notification Protocol will allow users to configure any number of alerts directly within several dApps’ front ends – and integrate a web component directly into the DeFi app.
The users only need to download the mobile app, “DeFi Notifications”, for iOS and Android, or scan their address QR in MetaMask (or the position QR in the app’s UI). Furthermore, there is no need for registration.
