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Open DeFi Notification Protocol Aims to Help Traders Manage Risk

Thursday, 21 October 2021 05:00 AM


TEL AVIV, ISRAEL / ACCESSWIRE / October 21, 2021 / Decentralized public blockchain platform Orbs has announced the launch of theOpen DeFi Notification Protocol, a product designed to supply users with free mobile notifications for consequential on-chain events.

The chain-agnostic protocol originated from theDeFi.Org Accelerator, a joint venture between Orbs, cryptocurrency exchange Binance, and wallet provider Moonstake. The Accelerator helps founders launch the next wave of innovation in decentralized finance, providing liquidity, mentorship, and exposure to market players.

The Open DeFi Notification Protocol - which is Orbs' newest contribution to the venture - leverages contributions from community members to record events such as accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes, and more.

In gaining access to such data, DeFi users including traders and liquidity providers can better manage their activities and avoid losses, particularly during periods of market volatility. With a simple 30 minute integration on Github, any DeFi project can furnish its users with free mobile notifications, a feature that may help them gain an edge on rival protocols.

‘Transparency is a hallmark of blockchain, yet reliable mobile notifications that can aid the DeFi community are virtually nonexistent,' says Orbs Co-Founder Tal Kol.

‘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.'

Although the initial beta version of the Open DeFi Notification Protocol will use a centralized node to track and display the various updates, Orbs intends to launch an updated version that utilizes the eponymous network's set of independent nodes to aid further decentralization.

With the Open DeFi Notification Protocol, users can set up any number of alerts for different defi apps, with the ability to integrate an open-source web component directly within many dApps' frontend architecture. Users simply download the mobile app "DeFi Notifications" for iOS or Android and scan their address QR in MetaMask (or the position QR in the app's UI). No registration is required. Anexample video of the Protocol working with Sushi has already been uploaded to Orbs' official YouTube channel.

‘The great thing about the Protocol is that it can work with emerging DeFi projects,' says Tal Kol. ‘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 ProtocolGithub repo.'

About Orbs

Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with EVM-based L1s and L2s such as Ethereum, Binance Smart Chain (BSC), Polygon, Solana, and Avalanche. The Orbs protocol is decentralized, executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus, and is powered by the ORBS token.

Ran Hammer
[email protected]


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