Orbs’ Open DeFi Notification Protocol Aims to Help Traders Manage Investment Risks

Reading Time: 2 minutes

Orbs, a public blockchain infrastructure designed for mass usage apps and close integration with EVM-based L1’s and L2’s, has just announced it has rolled out the Open DeFi Notification Protocol, a product designed to make traders’ lives easier by providing them with free mobile notifications for consequential on-chain events.

This new solution is the latest contribution made by Orbs to the DeFi.Org Accelerator, a joint venture between Orbs, crypto exchange Binance and wallet provider Moonstake.

In particular, the product uses contributions from members of the community in order to record events including accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes and a lot more. Due to the fact that users, including traders and liquidity providers, have easy access to this data, they can easily manage their activities and avoid losses, particularly when the volatility in the market is specially high.

The integration takes no more than 30 minutes on Github, any decentralized finance (DeFi) project can offer its users free mobile notifications, allowing them stand out of their competitors.

Orbs Co-Founder Tal Kol has said:

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

In spite of the fact that the initial beta version of the Open DeFi Notification Protocol will rely on a centralized node to track and display the multiple updates, Orbs has plans to deploy an updated version based on the eponymous network’s set of independent nodes to aid further decentralization.

The protocol enables users to set up alerts for different DeFi apps and to integrate an open-source web component directly within many dApps’ frontend architecture. To do so, users just have to download the mobile app “DeFi Notifications,” which is available for iOS and Android, and scan their address QR in MetaMask (or the position QR in the app’s UI). There is no need to register.

Tal Kol has 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.”