The Open DeFi Notification Protocol Now Supports Single Finance

Eran Peled
Eran Peled

|

16 days ago

blog

The Open DeFi Notifications Protocol has integrated Single Finance, one of the leading farming, lending, and leveraging protocols.

Single Finance users can now farm more effectively, knowing their position status at all times, by receiving instant alerts around the clock if their position is liquidated or their stop-loss has been hit.

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.

The Best Way to Monitor Your Farms

Single Finance is a protocol on Cronos, Fantom and Polygon that facilitates DeFi strategies, farming, leverage, and lending all in one place.

Single finance users can perform leveraged yield farming on the platform with undercollateralized loans, including Market Neutral Strategies and leveraged long/short farming. The interest rate will depend on the amount borrowed and the utilization rate of the pool. As crypto markets are volatile, the borrower can set up a stop-loss to protect their capital. Upon capital protection, Single Finance’s Bot automatically closes the farming position and converts all assets to USDC. If the borrower does not set up a stop-loss, they run the risk of liquidation, in which they’re forced to sell their holdings to repay their borrowed funds.

Using the Open DeFi Notification Protocol, Single Finance users can set up a “Position Stop-loss/Liquidate” notification. This will issue an alert when traders positions are either liquidated or reach their stop-loss. In this way, users have 24/7 monitoring of their leveraged farm’s status and can take the necessary actions to manage them as market conditions change.

App

A Notification Standard for Leading DeFi Projects

The Open DeFi Notification Protocol is an open initiative to provide users with decentralized and free mobile notifications for on-chain events.

Single Finance 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 Single Finance 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 20 protocols across 5 networks: Ethereum, BSC, Polygon, Fantom and Avalanche!

Ecosystem

Devs Grant for New Contributions

DeFi.org recently launched a $100k developer grant program, in collaboration with DappRadar, focusing on teams contributing new projects to the Notification protocol.

Grant

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.

For more info and developers resources see here.

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.

Proudly born in the defi.org accelerator, join our Telegram channel for more updates!

Please Note

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.

Any use of any platform, application and/or services described here is at your own risk and you are solely responsible for all transaction decisions. For more information, please see the Terms of Use and Privacy Policy.

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