The Open DeFi Notifications Protocol has integrated Frax, the first fractional stablecoin protocol on Ethereum, with over $1.32b in TVL.
Frax users can rest easy knowing that their positions are monitored 24/7 and that they will receive real-time notifications to help them manage their risk.
The Open DeFi Notification Protocol App is available on both Apple AppStore and Google Play.
The Open DeFi Notification Protocol by defi.org is a community led initiative to provide users with decentralized and free mobile notifications for on-chain events.
Frax is one of the largest algorithmic stablecoin protocols on the Ethereum network, with their stablecoin, $FRAX, additionally implemented on 12 other chains. The decentralized protocol allows users to help stabilize $FRAX, earn yield, swap, and lend on their all-in-one platform.
In order to borrow on Frax, borrowers must post collateral. Taking collateralized loans carries certain risks, primarily the risk of liquidation. Borrowers need to ensure they do not cross their borrow limit, which can trigger the liquidation of their collateral.
As we all know, the crypto market is very volatile. Extreme price movements can decrease the notional value of a collateral’s token or increase the value of the borrowed currency (or both), increasing the risk of liquidation. At times such as these, borrowers can experience sleepless nights, having to monitor their position status regularly.
Well, not anymore!
Using the Open DeFi Notification Protocol, Frax users can set up a “Position Health” notification which will issue an alert when your position gets close to your specified Loan-to-value ratio (LTV). In this way, users have 24/7 monitoring of their position status and can take immediate action in order to mitigate the risk of liquidation.
In addition to this, Frax farmers can set up a “Pending Reward” notification which will notify the user when there are enough rewards in the veFXS pool to claim.
The Open DeFi Notification Protocol is an open initiative to provide users with decentralized and free mobile notifications for on-chain events.
Frax joins other top DeFi lending protocols, such as Aave, Venus, and Alpaca Finance, supported by the Open DeFi Notification app, with liquidation risk notifications being one of the most popular use cases by the app users.
The addition of Frax makes for an impressive lineup of leading DeFi projects who have already been integrated into the Open DeFi Notification app for the benefit of their users, including among others: Aave, Uniswap, SushiSwap, QuickSwap, PancakeSwap and more…
All in all, the app supports over 20 protocols across 6 networks: Ethereum, BSC, Polygon, Fantom, Cronos and Avalanche!
The Protocol has been implemented fully by the Orbs network and will be executed by the Orbs Guardians, making this the 1st fully decentralized implementation of a notification protocol.
Become involved and contribute: https://github.com/open-defi-notification-protocol
Learn more about the Open DeFi Notification Protocol here.
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The Open DeFi Notification Protocol is a beta version that is still under active development, and all underlying digital assets, blockchain networks and DeFi platforms are also subject to ongoing development, and as such, the protocol or the underlying platforms:
(a) may contain bugs, errors and defects,
(b) may function improperly or be subject to periods of downtime and unavailability,
(c) may result in total or partial loss or corruption of data or a delay or a failure to send or receive expected notifications.