Getting a loan with your crypto assets as collateral in decentralised finance (DeFi) has been made so easy, with protocols such as MakerDAO, Compound, Aave, and Alpaca Finance leading the way. On-chain, all things look smooth as billions of dollars make it into these protocols around trending prospects like yield farming.
But as events have shown, taking loans, especially with the kind of leverage thrown around the DeFi ecosystem, does come with risks. It’s not taken long for crypto lending to become sort of a buzz word for all that has gone wrong in recent months, particularly after some leading centralised companies hit massive turbulence amid the crypto crash.
To help DeFi platforms provide a system that allows one to continuously check the health of their loan, defi.org open sourced a solution that among others, give customers mobile alerts 24/7 and in real time.
The Open Notifications Protocol
The Open DeFi Notification Protocol, a decentralised and free notifications system from defi.org that offers the solution to the risk of liquidation problem.
The open initiative, powered by Orbs network, gives DeFi users access to mobile alerts on on-chain events, via a ‘position health” that they can keep tabs on to stay ahead of liquidation risk.
The video below shows how to download the app and set up the Notification Protocol. The app is available on Google Play and the Apple AppStore.
Alpaca Finance is among the first DeFi protocols to integrate the Notification Protocol, both on the BNB Chain and Fantom networks. The lender has seen over 1,000 active notifications set up since the integration in early February.
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